The Contract To Pay Back Money Owed is a vital legal instrument under German law used to formalize and structure existing debt obligations between parties. This document is particularly useful when there's a need to convert an informal lending arrangement into a formally documented agreement, or when restructuring existing payment obligations. It combines elements of debt acknowledgment (Schuldanerkenntnis) under §781 of the German Civil Code with detailed repayment terms, making it enforceable under German law. The agreement is commonly used in both business and personal contexts, providing clear terms for debt repayment, interest calculations, and default provisions. It's essential for risk management and can be crucial for both creditors seeking payment security and debtors requiring clear repayment structures.
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1. Parties: Identification and details of the creditor and debtor, including full legal names, addresses, and any registration numbers for legal entities
2. Background: Context of the debt, including its origin, initial amount, and any previous arrangements
3. Definitions: Key terms used in the agreement including 'Debt Amount', 'Interest Rate', 'Payment Date', and other relevant terms
4. Acknowledgment of Debt: Formal acknowledgment of the exact amount owed, including any interest accrued to date
5. Repayment Terms: Detailed terms of repayment including payment schedule, payment method, and consequences of early or late payment
6. Interest: Specification of any interest rates applicable, how interest is calculated, and when it is charged
7. Default Provisions: Consequences of default, including default interest rates and acceleration clauses
8. Representations and Warranties: Basic statements by the debtor regarding their ability to pay and the validity of the debt
9. Notices: How and where formal communications between parties should be made
10. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
1. Security: Details of any collateral or security provided for the debt - include when there is specific property or assets securing the debt
2. Guarantor Provisions: Terms relating to any guarantors of the debt - include when a third party is guaranteeing the debt
3. Insurance Requirements: Any required insurance to be maintained by the debtor - include when the debt is secured by specific assets
4. Early Repayment: Terms for early repayment options and any associated fees or benefits - include when early repayment is specifically allowed
5. Debt Restructuring Options: Provisions for potential future restructuring of the debt - include when flexibility might be needed
6. Assignment Rights: Rights to assign or transfer the debt - include when debt transferability is important
7. Force Majeure: Provisions for unforeseen circumstances affecting repayment - include in longer-term repayment agreements
1. Schedule 1 - Debt Calculation: Detailed breakdown of the total debt amount, including principal, accrued interest, and any fees
2. Schedule 2 - Payment Schedule: Detailed repayment schedule showing dates, amounts, and allocation between principal and interest
3. Schedule 3 - Security Details: Details of any security or collateral (if applicable)
4. Appendix A - Copy of Original Debt Documentation: Copies of original agreements or documentation evidencing the debt
5. Appendix B - Payment Instructions: Detailed banking or payment information for making repayments
Relevant legal definitions
Agreement
Business Day
Creditor
Debt Amount
Debtor
Default Event
Default Interest Rate
Due Date
Effective Date
Guarantor
Interest Rate
Original Debt
Party/Parties
Payment Date
Payment Schedule
Permitted Payment Method
Repayment Period
Security
Term
Working Day
Outstanding Balance
Acceleration Event
Notice
Banking Day
Enforcement Event
Applicable Law
Force Majeure Event
Early Repayment
Payment Currency
Secured Assets
Business Day
Creditor
Debt Amount
Debtor
Default Event
Default Interest Rate
Due Date
Effective Date
Guarantor
Interest Rate
Original Debt
Party/Parties
Payment Date
Payment Schedule
Permitted Payment Method
Repayment Period
Security
Term
Working Day
Outstanding Balance
Acceleration Event
Notice
Banking Day
Enforcement Event
Applicable Law
Force Majeure Event
Early Repayment
Payment Currency
Secured Assets
Clauses
Acknowledgment of Debt
Repayment Terms
Interest
Default
Security
Representations and Warranties
Payment Mechanics
Early Repayment
Force Majeure
Assignment
Notices
Amendments
Severability
Entire Agreement
Governing Law
Jurisdiction
Guarantee
Set-Off
Costs and Expenses
Termination
Default Interest
Acceleration
Records and Calculations
Currency
Further Assurance
Waiver
Counterparts
Confidentiality
Time of Essence
Repayment Terms
Interest
Default
Security
Representations and Warranties
Payment Mechanics
Early Repayment
Force Majeure
Assignment
Notices
Amendments
Severability
Entire Agreement
Governing Law
Jurisdiction
Guarantee
Set-Off
Costs and Expenses
Termination
Default Interest
Acceleration
Records and Calculations
Currency
Further Assurance
Waiver
Counterparts
Confidentiality
Time of Essence
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Technology
Education
Small Business
Non-Profit Organizations
Agriculture
Hospitality
Transportation & Logistics
Relevant Teams
Legal
Finance
Credit Control
Treasury
Risk Management
Compliance
Accounts Receivable
Debt Recovery
Corporate Affairs
Administration
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Accounts Receivable Manager
Collections Specialist
Financial Controller
Legal Counsel
Compliance Officer
Risk Manager
Treasury Manager
Debt Recovery Specialist
Corporate Lawyer
Business Development Manager
Account Manager
Small Business Owner
Loan Officer
Credit Analyst
Finance Administrator
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