Delayed Payment Agreement for Hong Kong

Delayed Payment Agreement Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that formalizes an arrangement between a creditor and debtor to modify existing payment obligations. The agreement establishes new payment terms, including revised payment schedules, potential interest charges, and consequences of default, while ensuring compliance with Hong Kong's contractual and financial regulations. It includes provisions for enforcement, dispute resolution, and optionally, security arrangements or third-party guarantees, all structured within Hong Kong's legal framework.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Delayed Payment Agreement

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc

What is a Delayed Payment Agreement?

The Delayed Payment Agreement is a crucial document used when a debtor requires modification of existing payment obligations due to financial constraints or strategic business decisions. This agreement, governed by Hong Kong law, provides a formal framework for restructuring payment terms while protecting both creditor and debtor interests. It is commonly used in various business scenarios, from supplier-customer relationships to service contracts, where the original payment terms need adjustment. The document includes essential elements such as debt acknowledgment, revised payment schedules, interest calculations, and enforcement mechanisms, all compliant with Hong Kong's legal requirements. It serves as a risk management tool for creditors while offering debtors a structured path to fulfill their obligations, often helping to maintain important business relationships during temporary financial challenges.

What sections should be included in a Delayed Payment Agreement?

1. Parties: Identifies and defines the parties to the agreement - typically the creditor and debtor

2. Background: Recitals explaining the context of the original debt and the reason for the delayed payment arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Original Debt Acknowledgment: Details of the original debt amount, date incurred, and confirmation of the debt's validity

5. New Payment Terms: Specifies the revised payment schedule, including amounts, dates, and payment methods

6. Interest and Charges: Details of any interest or additional charges applicable to the delayed payment arrangement

7. Default Provisions: Consequences of missing payments or breaching the agreement terms

8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement

9. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction

10. Notices: How formal communications between parties should be made and delivered

11. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability

What sections are optional to include in a Delayed Payment Agreement?

1. Security Arrangements: Include when the delayed payment is secured by assets or collateral

2. Guarantee Provisions: Include when a third party is guaranteeing the debt

3. Early Payment Provisions: Include when early payment options or discounts are offered

4. Confidentiality: Include when parties wish to keep the arrangement confidential

5. Insurance Requirements: Include when specific insurance must be maintained against the secured assets

6. Cross-Default Provisions: Include when the agreement should be linked to other financial obligations

7. Force Majeure: Include when parties want protection against unforeseen circumstances affecting payment ability

What schedules should be included in a Delayed Payment Agreement?

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and methods

2. Schedule 2 - Original Debt Documentation: Copies or details of the original debt agreements or invoices

3. Schedule 3 - Security Details: Details of any security or collateral provided (if applicable)

4. Schedule 4 - Guarantee Agreement: Copy of the guarantee agreement if a third-party guarantor is involved

5. Appendix A - Calculation of Interest: Methodology and examples of interest calculations if applicable

6. Appendix B - Contact Details: List of authorized contacts and their details for both parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Genie AI

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions
Relevant Industries

Financial Services

Manufacturing

Retail

Construction

Real Estate

Technology

Professional Services

Healthcare

Education

Import/Export

Logistics

Wholesale Trade

Hospitality

Entertainment

Relevant Teams

Legal

Finance

Accounts Receivable

Accounts Payable

Treasury

Credit Control

Risk Management

Commercial Operations

Procurement

Corporate Secretary

Compliance

Relevant Roles

Chief Financial Officer

Finance Director

Credit Controller

Accounts Receivable Manager

Treasury Manager

Financial Controller

Credit Risk Manager

Legal Counsel

Contracts Manager

Commercial Director

Chief Operating Officer

Accounts Payable Manager

Collections Manager

Business Development Manager

Risk Management Officer

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Direct Credit Authorisation Form

A Hong Kong-compliant banking form that authorizes regular automated credit transfers into a designated bank account.

find out more

Authorization Letter For Senior Citizen To Claim Money

A Hong Kong-compliant legal document authorizing a designated person to claim money from bank accounts on behalf of a senior citizen.

find out more

Authorization Letter For Salary Claim

A Hong Kong law-compliant document authorizing a designated person to collect salary payments on behalf of an employee.

find out more

Authorization Letter For Motorcycle Use

A Hong Kong-compliant authorization letter granting permission to operate a motorcycle, detailing parties involved, usage terms, and duration.

find out more

Authorization Letter For Claiming Cash Assistance

A Hong Kong-governed authorization letter enabling a designated person to collect cash assistance on behalf of a beneficiary.

find out more

Authorization Letter For ATM Card

A Hong Kong-compliant authorization letter granting specified individuals permission to use an account holder's ATM card under defined terms and conditions.

find out more

Authorization Letter To Collect Money

A Hong Kong law-governed letter authorizing a designated person to collect money on behalf of another party, establishing a limited agency relationship for fund collection.

find out more

Authorisation Letter For Vehicle

A Hong Kong-compliant legal document that authorizes a designated person or entity to operate or manage matters related to a specific vehicle under Hong Kong law.

find out more

Third Party Agreement (Construction)

A Hong Kong law-governed agreement between main contractor and third party for construction works, defining responsibilities, scope, and terms.

find out more

Virtual PPA

Hong Kong law-governed Virtual Power Purchase Agreement for renewable energy procurement, structured as a financial derivative with settlement based on price differences.

find out more

Authorization Letter For Money Claim

A Hong Kong law-governed document authorizing a designated person or entity to pursue and collect specific money claims on behalf of the authorizer.

find out more

Authorization Letter For Cav Request

A Hong Kong legal document authorizing an individual or entity to handle Certificate of Authentication and Verification (CAV) processes on behalf of the authorizer through the Hong Kong High Court.

find out more

Credit Card Invoice

A Hong Kong-compliant financial document detailing credit card transactions, fees, and payment obligations for a specific billing period.

find out more

Salary Declaration Letter

A Hong Kong-compliant official letter from an employer confirming an employee's salary and employment details for various administrative and financial purposes.

find out more

Eft Agreement

A Hong Kong law-governed agreement establishing terms and conditions for electronic funds transfer services between financial institutions and their customers.

find out more

Authorization Letter To Claim Scholarship Allowance

A Hong Kong-compliant authorization letter enabling a designated person to claim a scholarship allowance on behalf of a student recipient.

find out more

Authorization Letter For Claiming Cheque

A Hong Kong-compliant legal document authorizing a designated person to collect a specific cheque on behalf of the rightful recipient.

find out more

Resolution By Trustees

A formal document under Hong Kong trust law recording trustees' decisions and deliberations in their capacity as fiduciaries of a trust.

find out more

Authorization Letter To Pick Up Parcel

A Hong Kong-compliant formal letter authorizing a designated person to collect a parcel on behalf of the intended recipient.

find out more

Authorization Letter To Use Credit Card

A Hong Kong-compliant formal letter authorizing a specified party to use the credit card owner's card for defined transactions, subject to local banking and privacy regulations.

find out more

Authorization Agreement

A Hong Kong law-governed agreement that establishes and defines the scope of authority granted by a principal to their authorized representative.

find out more

Online Contract Agreement

A Hong Kong law-governed agreement establishing terms and conditions for online services or digital products, ensuring compliance with local electronic transaction regulations.

find out more

Release Of Guaranty Form

A Hong Kong law-governed document that formally releases a guarantor from their obligations under an existing guarantee agreement.

find out more

Sight Lc And Usance Lc

A Hong Kong law-governed banking instrument that provides payment security in international trade through either immediate (sight) or deferred (usance) payment arrangements.

find out more

Collection Agency Demand Letter

A Hong Kong-compliant formal demand letter from a collection agency to debtors for outstanding payment recovery.

find out more

Return Invoice

A Hong Kong-compliant document that formally records and processes the return of goods or services, including refund details and tax adjustments.

find out more

Delayed Payment Agreement

A Hong Kong law-governed agreement that restructures existing payment obligations between creditor and debtor, establishing new payment terms and conditions.

find out more

Authorization Letter To Claim Allowance

A Hong Kong-compliant legal document authorizing an agent to claim and collect specific allowances or benefits on behalf of the principal.

find out more

Authorization Letter For Legal Purposes

A Hong Kong law-compliant document authorizing an agent to act on behalf of a principal in specified legal matters.

find out more

Authorization Letter For Deed Of Sale

A Hong Kong legal document authorizing a representative to execute a deed of sale on behalf of the principal, subject to Hong Kong property and powers of attorney laws.

find out more

Payroll Confirmation Letter

A Hong Kong-compliant formal document confirming an employee's salary and compensation arrangements, including statutory requirements and payment terms.

find out more

Payout Agreement

A Hong Kong law-governed agreement establishing terms and conditions for financial payouts between parties, including payment details and regulatory compliance requirements.

find out more

Deposit Application Form

A Hong Kong-compliant form for establishing deposit accounts with banks, incorporating HKMA requirements and essential customer information.

find out more

Debit Authority Letter

A Hong Kong-compliant banking document that authorizes a bank to debit funds from a specified account for regular or one-time payment arrangements.

find out more

Consent To Disclose Personal Information

A Hong Kong law-governed consent form for authorized disclosure of personal information, ensuring compliance with PDPO requirements.

find out more

Authorization To Release

A Hong Kong law-governed document authorizing the release of specific information or records from one party to another, ensuring compliance with local privacy laws.

find out more

Passport Authorization Letter For Minor

A Hong Kong-compliant legal document authorizing handling of passport matters for a minor, typically used for passport applications or renewals.

find out more

Letter Of Authorization For Visa Application

A Hong Kong-compliant legal document authorizing a representative to handle visa application processes on behalf of the authorizer.

find out more

Credit Card Debt Settlement Agreement

A Hong Kong law-governed agreement between a financial institution and credit card holder establishing terms for settling outstanding credit card debt.

find out more

Bank Standby Letter Of Credit

A Hong Kong law-governed bank guarantee instrument that provides payment assurance to beneficiaries upon presentation of compliant documents, subject to specified terms and conditions.

find out more
See more related templates

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it

2 Docs LeftAccess Now