The Credit Invoice agreement is essential for businesses operating in Canada that extend credit to their customers for goods or services. This document is particularly relevant in business-to-business transactions where regular purchases are made on credit terms. The agreement ensures compliance with Canadian federal and provincial regulations, including the Excise Tax Act for GST/HST requirements and provincial sales tax legislation. It includes comprehensive terms for credit limits, payment schedules, interest calculations, and default procedures. The document is structured to protect the creditor's interests while providing clear terms for the debtor, incorporating necessary tax documentation requirements and provincial legal considerations. It's commonly used in ongoing business relationships where regular invoicing occurs and credit terms need to be formally established.
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1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration numbers
2. Background: Context of the credit arrangement and business relationship between the parties
3. Definitions: Key terms used throughout the agreement, including payment terms, credit limit, and interest-related definitions
4. Credit Terms: Details of the credit facility, including credit limit, approval process, and conditions for credit extension
5. Payment Terms: Payment schedule, methods of payment, and currency specifications
6. Interest Calculation: Interest rate, calculation method, and compounding periods in compliance with the Interest Act
7. Invoicing Requirements: Format, delivery method, and required content of invoices including tax details
8. Default and Remedies: Events of default, consequences, and available remedies
9. Governing Law: Specification of Canadian law and applicable provincial jurisdiction
10. Notices: Method and addresses for formal communications between parties
1. Security Provisions: Include when the credit arrangement requires security or guarantees
2. Insurance Requirements: Include when specific insurance coverage is required to secure the credit
3. Early Payment Discounts: Include when offering discounts for early payment
4. Credit Limit Review: Include when periodic review of credit limits is required
5. Electronic Invoicing Terms: Include when electronic invoicing will be used
6. Multiple Currency Provisions: Include for international trade or multi-currency arrangements
7. Collection Costs: Include when the debtor needs to bear collection costs
8. Personal Guarantee: Include when personal guarantees are required from company directors
1. Schedule A - Credit Application Form: Standard form for credit application and assessment
2. Schedule B - Payment Schedule: Detailed payment timeline and amounts
3. Schedule C - Interest Rate Calculator: Formula and examples of interest calculations
4. Schedule D - Required Invoice Information: Template and requirements for invoice format
5. Schedule E - Security Documentation: Forms and requirements for any security arrangements
6. Appendix 1 - Contact Information: Key contacts for both parties including accounting departments
7. Appendix 2 - Tax Registration Details: GST/HST and provincial tax registration information
Relevant legal definitions
Agreement
Applicable Law
Business Day
Credit Limit
Credit Period
Credit Application
Creditor
Currency
Customer
Default Interest Rate
Due Date
Early Payment Discount
Event of Default
Financial Statements
Force Majeure
GST/HST
Guarantor
Interest Rate
Invoice
Late Payment
Material Adverse Change
Notice
Outstanding Balance
Payment Terms
Provincial Sales Tax
Purchase Order
Security
Standard Interest Rate
Statement of Account
Tax
Term
Working Capital
Applicable Law
Business Day
Credit Limit
Credit Period
Credit Application
Creditor
Currency
Customer
Default Interest Rate
Due Date
Early Payment Discount
Event of Default
Financial Statements
Force Majeure
GST/HST
Guarantor
Interest Rate
Invoice
Late Payment
Material Adverse Change
Notice
Outstanding Balance
Payment Terms
Provincial Sales Tax
Purchase Order
Security
Standard Interest Rate
Statement of Account
Tax
Term
Working Capital
Clauses
Credit Terms
Payment Terms
Interest Rate
Security
Tax Compliance
Default
Remedies
Invoicing
Credit Limit
Financial Reporting
Representations and Warranties
Information Rights
Early Payment Discount
Late Payment
Collections
Force Majeure
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Termination
Amendment
Entire Agreement
Severability
Waiver
Electronic Communications
Currency
Set-off Rights
Further Assurance
Payment Terms
Interest Rate
Security
Tax Compliance
Default
Remedies
Invoicing
Credit Limit
Financial Reporting
Representations and Warranties
Information Rights
Early Payment Discount
Late Payment
Collections
Force Majeure
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Termination
Amendment
Entire Agreement
Severability
Waiver
Electronic Communications
Currency
Set-off Rights
Further Assurance
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Construction
Professional Services
Technology
Industrial Supply
Agriculture
Mining
Transportation and Logistics
Healthcare Supply
Energy
Relevant Teams
Finance
Legal
Commercial
Sales
Credit Control
Accounts Receivable
Treasury
Risk Management
Collections
Procurement
Relevant Roles
Chief Financial Officer
Finance Director
Credit Controller
Accounts Receivable Manager
Commercial Director
Sales Manager
Legal Counsel
Contract Manager
Treasury Manager
Risk Manager
Financial Controller
Credit Risk Analyst
Collections Manager
Business Development Manager
Procurement Manager
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