The Payment Contract serves as a fundamental legal instrument under German law for establishing and documenting payment obligations between parties. It is commonly used in various business contexts where regular or one-time payment obligations need to be formally documented, whether for goods, services, or other commercial arrangements. The contract incorporates requirements from the German Civil Code (BGB), the German Payment Services Supervision Act (ZAG), and relevant EU regulations including PSD2. This document is essential for businesses operating in Germany or engaging in payment obligations subject to German law, providing legal certainty and clear enforcement mechanisms for payment terms. The Payment Contract typically includes detailed provisions on payment methods, timing, default consequences, and compliance requirements, making it suitable for both domestic and international business transactions where German law applies.
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1. Parties: Identification and details of the contracting parties, including legal form and registration details as required under German law
2. Background: Context of the payment arrangement and relationship between the parties
3. Definitions: Key terms used in the contract, including payment-specific terminology
4. Payment Terms: Core payment obligations, amounts, currency, and payment schedule
5. Method of Payment: Specified payment methods, account details, and payment processing procedures
6. Payment Due Dates: Specific timing of payments and what constitutes timely payment
7. Default and Late Payment: Consequences of late payment, including interest rates and penalties as per German law
8. Security and Data Protection: Measures for secure payment processing and compliance with GDPR
9. Term and Termination: Duration of the payment obligation and conditions for termination
10. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
1. International Payments: Additional terms for cross-border payments, currency conversion, and international banking requirements
2. Recurring Payments: Specific terms for regular, recurring payment arrangements
3. Force Majeure: Provisions for payment obligations during extraordinary circumstances
4. Third-Party Payment Processors: Terms relating to payment service providers or intermediaries
5. Dispute Resolution: Alternative dispute resolution procedures for payment-related conflicts
6. Set-off Rights: Terms regarding the right to set off mutual payment obligations
7. Bank Guarantees: Terms for any required payment guarantees or security deposits
1. Payment Schedule: Detailed breakdown of payment amounts and dates
2. Bank Account Details: Complete banking information for all parties
3. Service Level Agreement: Performance standards for payment processing and related services
4. Compliance Documentation: Required anti-money laundering and know-your-customer documentation
5. Fee Schedule: Breakdown of any additional fees, charges, or processing costs
6. Payment Processing Procedures: Detailed operational procedures for payment processing
7. Security Protocols: Technical requirements and security measures for payment processing
Relevant legal definitions
Agreement
Banking Day
Business Day
Confidential Information
Default Interest
Due Date
Electronic Payment
Force Majeure Event
Interest Rate
Invoice
Late Payment
Payment
Payment Account
Payment Date
Payment Instructions
Payment Method
Payment Obligation
Payment Period
Payment Provider
Payment Schedule
Payment Security Procedures
Payment Services
Payment System
Payment Terms
Permitted Payment Method
Principal Amount
Processing Fees
Recipient Bank
Remittance Information
SEPA Payment
Service Fees
Settlement Date
Target Account
Transaction
Transaction Currency
Value Date
Working Day
Banking Day
Business Day
Confidential Information
Default Interest
Due Date
Electronic Payment
Force Majeure Event
Interest Rate
Invoice
Late Payment
Payment
Payment Account
Payment Date
Payment Instructions
Payment Method
Payment Obligation
Payment Period
Payment Provider
Payment Schedule
Payment Security Procedures
Payment Services
Payment System
Payment Terms
Permitted Payment Method
Principal Amount
Processing Fees
Recipient Bank
Remittance Information
SEPA Payment
Service Fees
Settlement Date
Target Account
Transaction
Transaction Currency
Value Date
Working Day
Clauses
Payment Terms
Payment Method
Late Payment
Default Interest
Payment Security
Data Protection
Confidentiality
Force Majeure
Assignment
Set-off
Bank Details
Currency
Payment Schedule
Interest
Fees and Charges
Term and Duration
Termination
Representations and Warranties
Anti-Money Laundering
Dispute Resolution
Governing Law
Jurisdiction
Notices
Entire Agreement
Severability
Amendment
Waiver
Third Party Rights
Counterparts
Electronic Execution
Payment Method
Late Payment
Default Interest
Payment Security
Data Protection
Confidentiality
Force Majeure
Assignment
Set-off
Bank Details
Currency
Payment Schedule
Interest
Fees and Charges
Term and Duration
Termination
Representations and Warranties
Anti-Money Laundering
Dispute Resolution
Governing Law
Jurisdiction
Notices
Entire Agreement
Severability
Amendment
Waiver
Third Party Rights
Counterparts
Electronic Execution
Relevant Industries
Financial Services
Banking
Retail
E-commerce
Technology
Manufacturing
Professional Services
Healthcare
Real Estate
Telecommunications
Construction
Logistics
Utilities
Insurance
Relevant Teams
Finance
Legal
Procurement
Treasury
Accounts Payable
Accounts Receivable
Compliance
Risk Management
Commercial Operations
Contract Management
Payment Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Accounts Payable Manager
Accounts Receivable Manager
Financial Controller
Payment Operations Manager
Procurement Manager
Contract Manager
Legal Counsel
Compliance Officer
Credit Controller
Business Development Manager
Commercial Director
Risk Manager
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