The Late Payment Agreement is essential in Indian business operations where parties need to formalize arrangements for settling overdue payments. This document is typically used when a debtor acknowledges a debt but requires additional time or restructured terms to fulfill the payment obligation. It serves as a crucial tool for debt management, particularly in scenarios involving commercial transactions, supplier payments, or service fee settlements. The agreement must comply with Indian legislation, including the Indian Contract Act 1872, Interest Act 1978, and for MSME creditors, the MSME Development Act 2006. It includes specific provisions for interest calculations, payment schedules, and default consequences, while providing legal protection for both creditor and debtor under Indian jurisdiction.
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1. Parties: Identification of the creditor and debtor with complete legal names and addresses
2. Background: Context of the original debt, acknowledgment of the outstanding amount, and reason for entering into this agreement
3. Definitions: Definitions of key terms used in the agreement including 'Due Date', 'Default Interest', 'Outstanding Amount', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding amount and its origins
5. Payment Terms: Detailed payment schedule, installment amounts, and payment methods
6. Interest Calculations: Specification of interest rates, calculation method, and application periods
7. Default Provisions: Consequences of missing payments, including default interest and acceleration clauses
8. Representations and Warranties: Standard declarations by the debtor regarding ability to pay and validity of debt
9. Notices: Process and addresses for serving formal notices between parties
10. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
1. Security Provisions: Include when the debt is secured by specific assets or collateral
2. Guarantor Provisions: Required when a third party is guaranteeing the debt repayment
3. Insurance Requirements: Include when specific insurance is required to secure the debt
4. Early Payment Provisions: Optional terms for early repayment and any associated discounts
5. Force Majeure: Include when parties want to account for unforeseen circumstances affecting payment ability
6. Assignment Clause: Include when either party may need to transfer rights under the agreement
7. Electronic Payment Terms: Include when specific electronic payment methods are to be used
1. Schedule 1 - Payment Plan: Detailed breakdown of payment installments, dates, and amounts
2. Schedule 2 - Outstanding Debt Calculation: Detailed calculation of the total outstanding amount including original debt, interest, and any penalties
3. Schedule 3 - Security Details: Description of any assets or collateral securing the debt
4. Appendix A - Original Debt Documentation: Copies of original invoices, contracts, or other documents evidencing the debt
5. Appendix B - Communication Records: Record of relevant correspondence regarding the debt and payment negotiations
Relevant legal definitions
Agreement
Outstanding Amount
Original Due Date
Revised Due Date
Payment Schedule
Interest Rate
Default Interest Rate
Business Day
Creditor
Debtor
Original Contract
Payment Date
Installment Amount
Default Event
Acceleration Event
Security
Guarantor
Force Majeure Event
Notice
Banking Day
Effective Date
Payment Method
Permitted Payment Currency
Interest Period
Default Notice
Cure Period
Working Day
Original Debt
Accrued Interest
Late Payment Charges
Principal Amount
Security Interest
Authorized Representative
Breach
Governing Law
Outstanding Amount
Original Due Date
Revised Due Date
Payment Schedule
Interest Rate
Default Interest Rate
Business Day
Creditor
Debtor
Original Contract
Payment Date
Installment Amount
Default Event
Acceleration Event
Security
Guarantor
Force Majeure Event
Notice
Banking Day
Effective Date
Payment Method
Permitted Payment Currency
Interest Period
Default Notice
Cure Period
Working Day
Original Debt
Accrued Interest
Late Payment Charges
Principal Amount
Security Interest
Authorized Representative
Breach
Governing Law
Clauses
Acknowledgment of Debt
Payment Terms
Interest Rate
Default Interest
Security
Representations and Warranties
Default and Acceleration
Payment Schedule
Debt Amount
Interest Calculation
Payment Method
Early Payment
Force Majeure
Assignment
Notices
Breach
Remedies
Dispute Resolution
Governing Law
Jurisdiction
Amendment
Severability
Entire Agreement
Waiver
Confidentiality
Further Assurance
Costs and Expenses
Counterparts
Electronic Execution
Guarantees
Payment Terms
Interest Rate
Default Interest
Security
Representations and Warranties
Default and Acceleration
Payment Schedule
Debt Amount
Interest Calculation
Payment Method
Early Payment
Force Majeure
Assignment
Notices
Breach
Remedies
Dispute Resolution
Governing Law
Jurisdiction
Amendment
Severability
Entire Agreement
Waiver
Confidentiality
Further Assurance
Costs and Expenses
Counterparts
Electronic Execution
Guarantees
Relevant Industries
Manufacturing
Retail
Construction
Information Technology
Financial Services
Professional Services
Healthcare
Real Estate
Wholesale Trade
Transportation and Logistics
Education
Hospitality
Agriculture
Mining and Resources
Relevant Teams
Legal
Finance
Accounts Receivable
Credit Control
Treasury
Risk Management
Commercial Operations
Procurement
Debt Recovery
Corporate Affairs
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Controller
Accounts Receivable Manager
Legal Counsel
Corporate Lawyer
Credit Risk Manager
Collections Manager
Treasury Manager
Financial Controller
Debt Recovery Specialist
Company Secretary
Commercial Director
Business Development Manager
Procurement Manager
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