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Payment Terms Agreement

Payment Terms Agreement Template for Ireland

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Key Requirements PROMPT example:

Payment Terms Agreement

"I need a Payment Terms Agreement under Irish law for my software company that provides SaaS solutions, establishing 30-day payment terms with quarterly billing cycles and including provisions for late payment interest at 8% above the ECB base rate."

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Document background
The Payment Terms Agreement is a crucial commercial document used in Irish business operations to establish clear, legally-binding payment arrangements between parties. It is particularly relevant when businesses need to formalize their payment obligations, whether for ongoing services, regular supply arrangements, or other commercial transactions. The agreement ensures compliance with Irish law, including the European Communities (Late Payment in Commercial Transactions) Regulations 2012 and related EU directives. It typically includes detailed provisions on payment timing, methods, late payment consequences, and dispute resolution procedures. This document is essential for businesses seeking to maintain consistent cash flow, minimize payment disputes, and establish clear financial obligations while operating within the Irish legal framework.
Suggested Sections

1. Parties: Identification of the parties entering into the agreement, including full legal names, registration numbers, and registered addresses

2. Background: Context of the agreement, including the business relationship between the parties and purpose of the payment terms

3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology

4. Payment Terms: Core payment obligations, including amounts, currencies, and payment schedules

5. Payment Methods: Approved methods of payment and associated procedures

6. Due Dates and Timing: Specific timing requirements for payments, including cut-off times and processing periods

7. Late Payment Consequences: Interest rates, penalties, and other consequences of late payment in accordance with Irish law

8. Invoicing Requirements: Requirements for invoice format, content, and submission procedures

9. Dispute Resolution: Procedures for handling payment disputes and discrepancies

10. Term and Termination: Duration of the agreement and circumstances for termination

11. Governing Law and Jurisdiction: Confirmation of Irish law as governing law and jurisdiction for disputes

Optional Sections

1. Early Payment Discounts: Terms for early payment incentives and discount calculations - include when early payment options are offered

2. Credit Terms: Specific credit arrangements and conditions - include when credit facilities are part of the agreement

3. Security and Guarantees: Requirements for payment security or guarantees - include for high-value or high-risk arrangements

4. Electronic Payment Systems: Specific terms for electronic payment platforms or systems - include when specific electronic payment methods are mandated

5. International Payments: Additional terms for cross-border payments - include when international transactions are involved

6. Volume Discounts: Terms for volume-based payment adjustments - include when bulk payment arrangements are offered

7. Force Majeure: Provisions for payment obligations during extraordinary circumstances - include for long-term or high-value agreements

8. Data Protection: Provisions regarding payment data handling and GDPR compliance - include when personal data is processed

Suggested Schedules

1. Schedule 1 - Payment Rates and Charges: Detailed breakdown of payment amounts, rates, and any associated charges

2. Schedule 2 - Payment Processing Procedures: Step-by-step procedures for payment processing and reconciliation

3. Schedule 3 - Authorized Representatives: List of personnel authorized to approve or process payments

4. Schedule 4 - Invoice Templates: Standard templates and requirements for invoice submission

5. Schedule 5 - Service Level Agreement: Performance metrics for payment processing and related services

6. Appendix A - Bank Account Details: Secure document containing banking information for payments

7. Appendix B - Compliance Requirements: Specific regulatory requirements and compliance procedures

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
Applicable Law
Banking Day
Business Day
Commencement Date
Confidential Information
Credit Period
Default Interest Rate
Due Date
Early Payment Discount
Electronic Payment
Force Majeure Event
Invoice
Late Payment
Payment Amount
Payment Currency
Payment Method
Payment Schedule
Payment Terms
Parties
Processing Fee
Purchase Order
Reference Rate
Relevant Interest Rate
Settlement Date
Statement of Account
Statutory Interest
Term
Territory
Transaction
Valid Invoice
Working Day
Relevant Industries

Financial Services

Retail

Manufacturing

Technology

Professional Services

Healthcare

Construction

Wholesale Distribution

E-commerce

Telecommunications

Logistics

Energy

Agriculture

Real Estate

Education

Relevant Teams

Finance

Accounts Payable

Accounts Receivable

Legal

Procurement

Treasury

Commercial

Operations

Risk Management

Compliance

Credit Control

Relevant Roles

Chief Financial Officer

Finance Director

Accounts Payable Manager

Credit Controller

Financial Controller

Treasury Manager

Commercial Director

Procurement Manager

Contract Manager

Accounts Receivable Manager

Legal Counsel

Risk Manager

Business Development Manager

Operations Director

Compliance Officer

Industries
European Communities (Late Payment in Commercial Transactions) Regulations 2012: Sets out rules regarding payment terms in commercial transactions, including maximum payment periods and compensation for late payment. Implements EU Directive 2011/7/EU.
Central Bank Act 1997: Regulates payment systems and settlement services in Ireland, providing framework for payment service providers and institutions.
Statute of Limitations 1957 (as amended): Establishes time limits for bringing claims related to payment disputes and debt recovery.
European Union (Consumer Protection) Regulations 2020: Implements EU directives on consumer protection, relevant if payment terms might involve consumer transactions.
Irish Contract Law (Common Law): General principles of contract formation, enforcement, and remedies under Irish common law system.
European Communities (Payment Services) Regulations 2018: Implements EU Payment Services Directive 2 (PSD2), regulating payment services and providers in Ireland.
Consumer Protection Act 2007: Provides protection for consumers in commercial transactions, including payment terms and unfair practices.
European Union (Anti-Money Laundering) Regulations 2021: Relevant for payment terms involving significant sums or regular payments, ensuring compliance with AML requirements.
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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