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Payment Schedule Agreement

Payment Schedule Agreement Template for Indonesia

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Key Requirements PROMPT example:

Payment Schedule Agreement

"I need a Payment Schedule Agreement for monthly installment payments of IDR 500,000,000 for machinery purchases between PT Sejahtera Manufacturing and PT Indo Equipment, with payments starting March 2025 and including provisions for early payment discounts."

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Document background
The Payment Schedule Agreement is a crucial document used in Indonesian business and financial transactions when parties need to formalize arrangements for structured payments over time. This document is particularly relevant when dealing with installment payments, debt restructuring, or any situation requiring scheduled financial obligations. It must comply with Indonesian legal requirements, including the Civil Code (KUHPerdata), banking regulations, and electronic transaction laws where applicable. The agreement typically arises from various commercial contexts, such as large purchases, service contracts, or loan arrangements, where payments need to be made in predetermined installments. It includes essential details about payment terms, methods, default provisions, and remedies, making it a vital tool for financial planning and risk management in Indonesian business operations.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement

2. Background: Context of the agreement, including reference to any principal agreements or obligations giving rise to the payment schedule

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

4. Payment Amount and Currency: Total amount payable and currency specifications

5. Payment Schedule: Detailed breakdown of payment installments, including amounts and due dates

6. Payment Method: Specified payment mechanisms and account details

7. Late Payment Consequences: Interest rates, penalties, and consequences for missed or late payments

8. Default Provisions: Circumstances constituting default and resulting consequences

9. Force Majeure: Provisions for unforeseen circumstances affecting payment capability

10. Amendments: Process for modifying the payment schedule or agreement terms

11. Governing Law and Jurisdiction: Confirmation of Indonesian law application and jurisdiction

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Arrangements: Include when collateral or guarantees are required to secure the payment obligations

2. Currency Exchange Provisions: Include for international payments requiring currency conversion

3. Electronic Payment Terms: Include when electronic payment systems are specifically required

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

5. Third-Party Guarantor: Include when a guarantor is involved in securing the payments

6. Debt Restructuring Mechanism: Include when flexibility for payment restructuring may be needed

7. Insurance Requirements: Include when payment protection insurance is required

Suggested Schedules

1. Schedule A - Detailed Payment Schedule: Comprehensive table of payment dates, amounts, and running balances

2. Schedule B - Payment Instructions: Detailed banking information and payment processing requirements

3. Schedule C - Interest Calculation Method: Formula and examples for calculating interest on late payments

4. Appendix 1 - Supporting Documents: Copies of relevant documents referenced in the agreement

5. Appendix 2 - Contact Details: List of authorized representatives and contact information for payment-related communications

6. Appendix 3 - Payment Notification Forms: Standard forms for payment notifications and confirmations

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
Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Technology

Professional Services

Energy

Infrastructure

Agriculture

Mining

Healthcare

Education

Relevant Teams

Finance

Legal

Treasury

Credit Control

Accounts Receivable

Risk Management

Commercial Operations

Contract Administration

Business Development

Corporate Finance

Relevant Roles

Chief Financial Officer

Finance Manager

Account Manager

Credit Controller

Financial Controller

Treasury Manager

Legal Counsel

Contracts Manager

Risk Manager

Collections Manager

Accounts Receivable Manager

Business Development Manager

Commercial Director

Project Finance Manager

Corporate Finance Manager

Industries
Indonesian Civil Code (KUHPerdata): The fundamental law governing contracts, obligations, and agreements in Indonesia. Particularly relevant are Book III on Obligations and Article 1320 on the validity requirements for agreements.
Law No. 7 of 2011 on Currency: Regulates the use of Indonesian Rupiah as legal tender and requirements for monetary transactions within Indonesia.
Law No. 23 of 1999 on Bank Indonesia: Governs payment systems and monetary transactions in Indonesia, including regulations on payment mechanisms and settlement systems.
Law No. 19 of 2016 on Electronic Information and Transactions: Relevant for electronic payment arrangements and digital documentation of payment schedules, including the legal recognition of electronic signatures and records.
Indonesian Commercial Code (KUHD): Applies to commercial transactions and payment arrangements between businesses, including provisions on commercial obligations and debt.
Government Regulation No. 82 of 2012 on Electronic System and Transaction Operation: Provides detailed regulations on electronic transactions, relevant for digital payment systems and electronic documentation.
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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