The Simple Payment Agreement Contract is designed for use in situations where clear, structured payment obligations need to be established between parties under Irish law. This document is commonly used for recurring payments, installment arrangements, or single significant payments where formal documentation is required. It incorporates key provisions required by Irish contract law and payment regulations, including the Late Payment in Commercial Transactions Regulations 2012 and the European Communities (Payment Services) Regulations 2018. The agreement is suitable for both business-to-business and business-to-individual transactions, providing a framework for payment terms, methods, schedules, and remedies for non-compliance. It can be customized to include various security measures and specific payment conditions while maintaining its enforceability under Irish jurisdiction.
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1. Parties: Identification and details of the parties entering into the agreement
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Core payment obligations including amount, currency, and payment schedule
5. Payment Method: Specified method(s) of payment and payment processing details
6. Late Payment: Consequences of late payment including interest rates and penalties
7. Duration: Term of the agreement and payment obligations
8. Notices: How formal communications between parties should be made
9. Governing Law: Confirmation of Irish law as governing law and jurisdiction
10. Execution: Signature blocks and execution formalities
1. Security: Include when additional security for payments is required, such as guarantees or charges
2. Force Majeure: Include when parties want to address payment obligations during extraordinary circumstances
3. Early Payment Provisions: Include when early payment discounts or options are available
4. Dispute Resolution: Include when specific dispute resolution procedures are needed beyond court jurisdiction
5. Data Protection: Include when personal data processing is involved in payment processing
6. Assignment: Include when either party needs the right to assign payment obligations
7. Set-off Rights: Include when parties want to address rights to set off mutual payment obligations
1. Payment Schedule: Detailed schedule of payment amounts and due dates
2. Bank Account Details: Specified bank account information for payments
3. Late Payment Interest Calculation: Formula and examples for calculating late payment interest
4. Security Details: Details of any security arrangements if applicable
5. Form of Payment Notice: Template for payment notices or invoices
Relevant legal definitions
Agreement
Business Day
Commencement Date
Confidential Information
Default Interest Rate
Due Date
Early Payment
Effective Date
Event of Default
Force Majeure Event
Interest Rate
Late Payment
Notice
Outstanding Amount
Parties
Payment
Payment Account
Payment Date
Payment Method
Payment Period
Payment Schedule
Payment Terms
Payee
Payer
Principal Amount
Security
Term
Working Day
Business Day
Commencement Date
Confidential Information
Default Interest Rate
Due Date
Early Payment
Effective Date
Event of Default
Force Majeure Event
Interest Rate
Late Payment
Notice
Outstanding Amount
Parties
Payment
Payment Account
Payment Date
Payment Method
Payment Period
Payment Schedule
Payment Terms
Payee
Payer
Principal Amount
Security
Term
Working Day
Clauses
Payment Terms
Payment Method
Payment Schedule
Late Payment
Default Interest
Security
Force Majeure
Representations and Warranties
Confidentiality
Data Protection
Notices
Assignment
Amendment
Severability
Entire Agreement
Governing Law
Jurisdiction
Dispute Resolution
Termination
Set-off Rights
Currency
Electronic Payment
Bank Details
Interest
Costs and Expenses
Payment Method
Payment Schedule
Late Payment
Default Interest
Security
Force Majeure
Representations and Warranties
Confidentiality
Data Protection
Notices
Assignment
Amendment
Severability
Entire Agreement
Governing Law
Jurisdiction
Dispute Resolution
Termination
Set-off Rights
Currency
Electronic Payment
Bank Details
Interest
Costs and Expenses
Relevant Industries
Financial Services
Professional Services
Real Estate
Construction
Manufacturing
Retail
Technology
Healthcare
Education
Consulting
Telecommunications
Transportation and Logistics
Relevant Teams
Legal
Finance
Accounts Payable
Accounts Receivable
Treasury
Commercial
Procurement
Credit Control
Risk Management
Operations
Contract Administration
Relevant Roles
Finance Manager
Account Manager
Contract Administrator
Legal Counsel
Treasury Manager
Credit Controller
Financial Controller
Commercial Director
Procurement Manager
Accounts Receivable Manager
Accounts Payable Manager
Business Development Manager
Operations Manager
Company Secretary
Risk Manager
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