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Memorandum Of Agreement For Payment

Memorandum Of Agreement For Payment Template for Indonesia

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Memorandum Of Agreement For Payment

"I need a Memorandum of Agreement for Payment between my manufacturing company and a supplier who has agreed to accept payment of an outstanding debt of IDR 500 million in monthly installments starting March 2025, with a 5% annual interest rate."

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Document background
The Memorandum of Agreement for Payment serves as a crucial document in Indonesian business transactions where structured payment arrangements need to be formalized. It is commonly used when parties need to document payment obligations arising from business transactions, debt restructuring, or settlement agreements. The document must comply with Indonesian Civil Code (KUHPerdata) and relevant financial regulations, particularly regarding currency usage and payment terms. It provides legal certainty by clearly defining payment obligations, schedules, and consequences of default, while ensuring enforceability within the Indonesian legal system. This type of agreement is particularly important in commercial transactions where significant financial obligations need to be properly documented and managed.
Suggested Sections

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

2. Background: Context of the agreement, including the circumstances leading to the payment obligation

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

4. Payment Obligation: Clear statement of the total amount owed and acknowledgment of the debt

5. Payment Terms: Details of payment schedule, installment amounts, and payment methods

6. Interest: Interest rates applicable to the payment arrangement and calculation method

7. Default Provisions: Consequences of default and remedies available to the creditor

8. Representations and Warranties: Statements of fact and assurances from both parties

9. Notices: Process and contact details for formal communications between parties

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

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security and Collateral: Details of any security or collateral provided to secure the payment obligation

2. Early Payment Provisions: Terms and conditions for early payment or prepayment of the debt

3. Force Majeure: Provisions for unforeseen circumstances affecting payment ability

4. Assignment: Rights and restrictions regarding the transfer of payment obligations

5. Guarantor Provisions: Terms relating to any guarantors of the payment obligation

6. Currency Exchange: Provisions for handling currency conversion if payments involve foreign currency

7. Tax Provisions: Allocation of tax responsibilities and withholding requirements

Suggested Schedules

1. Payment Schedule: Detailed schedule of payment dates and amounts

2. Interest Calculation Method: Detailed methodology for calculating interest

3. Security Details: Description and documentation of any security or collateral

4. Bank Account Details: Specified bank accounts for making and receiving payments

5. Outstanding Amount Calculation: Breakdown of the total amount owed including principal and any accrued interest

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 Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Technology

Agriculture

Mining

Import/Export

General Commerce

Healthcare

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Compliance

Risk Management

Commercial

Corporate Secretariat

Credit Control

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Financial Controller

Accounts Receivable Manager

Credit Manager

Treasury Manager

Legal Counsel

Corporate Lawyer

Compliance Officer

Risk Manager

Commercial Director

Business Development Manager

Contract Administrator

Company Secretary

Managing Director

Industries
Indonesian Civil Code (KUHPerdata): The fundamental law governing contracts in Indonesia, particularly Book III on Obligations, which covers contract formation, validity requirements, and contractual obligations
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 agreement is to be executed electronically
Law No. 24 of 1999 on Foreign Exchange Flow: Regulates international payment transactions and foreign currency usage in agreements involving cross-border payments
Bank Indonesia Regulation No. 17/3/PBI/2015: Regulates mandatory use of Rupiah for transactions conducted within Indonesia's territory
Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations: Relevant for understanding the legal framework regarding default and debt settlement procedures
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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