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Full Payment Agreement

Full Payment Agreement Template for Indonesia

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Key Requirements PROMPT example:

Full Payment Agreement

"I need a Full Payment Agreement for my technology company to receive a one-time payment of 500,000,000 IDR from a Malaysian buyer for software services, with payment due by March 15, 2025, including provisions for electronic transfer and foreign currency conversion."

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The Full Payment Agreement is a crucial document used in Indonesian business and financial transactions where one party commits to making complete payment to another party for goods, services, or other obligations. This agreement type is commonly used in various scenarios including business transactions, asset purchases, debt settlements, and service contracts. The document must comply with Indonesian Civil Code requirements and relevant financial regulations, particularly regarding currency use and payment methods. It includes essential provisions for payment terms, security arrangements, default consequences, and dispute resolution mechanisms. The agreement is designed to protect both parties' interests while ensuring enforceability under Indonesian law, making it a vital tool for businesses and individuals engaging in significant financial transactions within Indonesia.
Suggested Sections

1. Parties: Identification and details of the parties entering into the agreement, including their legal status and addresses

2. Background: Context of the agreement, including the underlying transaction or obligation that gave rise to the payment obligation

3. Definitions: Definitions of key terms used throughout the agreement

4. Payment Amount and Currency: Specific details of the total payment amount and the currency of payment

5. Payment Terms: Details of payment schedule, method of payment, and payment instructions

6. Payment Conditions: Any conditions that must be met before or during payment

7. Default and Remedies: Consequences of default and available remedies for the creditor

8. Representations and Warranties: Standard representations and warranties from both parties regarding their capacity and authority

9. Notices: Process and requirements for formal communications between parties

10. Governing Law and Jurisdiction: Confirmation of Indonesian law as governing law and jurisdiction for disputes

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

Optional Sections

1. Security: Include when the payment is secured by collateral or guarantees

2. Interest: Include when interest is applicable to late payments or installment arrangements

3. Foreign Exchange: Include when payments involve foreign currency transactions

4. Tax Provisions: Include when tax implications need to be specifically addressed

5. Electronic Payments: Include when payments will be made through electronic means

6. Force Majeure: Include when specific events that might affect payment capability need to be addressed

7. Early Payment Provisions: Include when early payment options or discounts are available

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and due dates if multiple payments are involved

2. Bank Account Details: Specific banking information for making payments

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

4. Form of Payment Notice: Template for payment notifications or receipts

5. Supporting Documents: Copies of relevant underlying agreements or documents creating the payment obligation

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Default Event
Default Interest
Due Date
Effective Date
Electronic Payment
Force Majeure Event
Governing Law
Interest Rate
Notice
Outstanding Amount
Parties
Payment
Payment Amount
Payment Currency
Payment Date
Payment Instructions
Payment Method
Payment Schedule
Payor
Payee
Relevant Authority
Rupiah
Security
Security Document
Taxes
Transaction Documents
Working Hours
Bank Account
Banking Day
Confidential Information
Material Adverse Effect
Permitted Payment Method
Representatives
Relevant Industries

Banking & Financial Services

Real Estate

Manufacturing

Retail

Construction

Technology

Professional Services

Agriculture

Mining

Import/Export

Healthcare

Education

Relevant Teams

Legal

Finance

Treasury

Accounts Payable

Accounts Receivable

Compliance

Risk Management

Corporate Secretariat

Commercial

Credit Control

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Treasury Manager

Accounts Payable Manager

Accounts Receivable Manager

Contract Manager

Risk Manager

Corporate Secretary

Financial Controller

Business Development Manager

Commercial Director

Credit Manager

General Counsel

Industries
Indonesian Civil Code (KUHPerdata): The fundamental law governing contracts in Indonesia, particularly Book III on Obligations, which covers contract formation, validity, and enforcement
Law No. 7 of 2011 on Currency: Regulates the use of Indonesian Rupiah in transactions and payment obligations within Indonesia
Law No. 19 of 2016 on Electronic Information and Transactions: Governs electronic transactions and digital signatures if the payment agreement involves electronic payment methods
Bank Indonesia Regulation No. 17/3/PBI/2015: Regulates mandatory use of Rupiah for transactions in Indonesia, including payment obligations
Law No. 8 of 1999 on Consumer Protection: Provides protection for parties involved in commercial transactions and payment obligations
Government Regulation No. 82 of 2012: Regulates the implementation of electronic systems and transactions, relevant for payment mechanisms and records
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

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