The Standard Trade Credit Agreement is essential for businesses operating in India that engage in regular trade transactions requiring credit facilities. This document is specifically designed to comply with Indian commercial law and financial regulations while facilitating business operations through structured credit arrangements. It becomes necessary when companies establish ongoing trading relationships involving deferred payments or credit terms. The agreement covers crucial aspects such as credit limits, payment schedules, security arrangements, and default remedies, all within the framework of Indian legislation including the Indian Contract Act, 1872, and relevant financial regulations. It's particularly vital for businesses seeking to formalize their credit relationships while ensuring legal protection and clarity in their trade arrangements.
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1. Parties: Identification of the credit provider and the borrower, including full legal names, registration details, and addresses
2. Background: Context of the trade credit arrangement and the business relationship between the parties
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Credit Facility: Details of the credit facility including credit limit, nature of facility, and purpose
5. Payment Terms: Payment conditions, credit period, and payment methods
6. Interest and Charges: Interest rates, calculation methods, and additional charges
7. Security: Details of any security or guarantees required
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Ongoing obligations of the borrower during the term of the agreement
10. Events of Default: Circumstances constituting default and consequences
11. Remedies: Rights and remedies available to the credit provider in case of default
12. Term and Termination: Duration of the agreement and termination provisions
13. Notices: Communication methods and contact details for formal notices
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
15. General Provisions: Standard boilerplate clauses including assignment, amendments, and severability
1. Credit Insurance: Include when trade credit insurance is required as part of the arrangement
2. Foreign Exchange Provisions: Required for international trade credit arrangements
3. Electronic Trading Platform: Include when credit facility is linked to specific e-commerce or trading platforms
4. Group Company Guarantees: When parent company or group company guarantees are provided
5. Subordination Provisions: Include when there are multiple creditors and priority needs to be established
6. Information Technology: Include when specific software or systems are used for credit management
7. Force Majeure: Detailed force majeure provisions if required for specific industries or circumstances
1. Credit Limit Schedule: Detailed breakdown of credit limits and sub-limits
2. Pricing Schedule: Detailed pricing structure, interest rates, and fee calculations
3. Security Details: Specific details of security arrangements and assets
4. Form of Drawdown Notice: Template for requesting credit utilization
5. Conditions Precedent: List of documents and conditions to be satisfied before facility becomes effective
6. Permitted Payment Methods: Approved payment methods and processing details
7. Compliance Certificates: Templates for periodic compliance reporting
8. Key Contacts: List of authorized representatives and contact details
Relevant legal definitions
Agreement
Applicable Law
Business Day
Credit Facility
Credit Limit
Credit Period
Conditions Precedent
Default Interest
Event of Default
Effective Date
Financial Indebtedness
Financial Statements
Force Majeure Event
Group Company
Guarantee
Interest Period
Interest Rate
Material Adverse Effect
Outstanding Amount
Payment Date
Permitted Security Interest
Purchase Order
Related Party
Relevant Jurisdiction
Security
Security Documents
Specified Products
Subsidiary
Tax
Trade Documents
Transaction
Utilization
Working Day
Credit Insurance Policy
Compliance Certificate
Drawdown Notice
Financial Year
Insolvency Event
Invoice
Late Payment
Maximum Credit Period
Parent Company
Payment Terms
Secured Obligations
Security Provider
Termination Event
Trade Terms
Applicable Law
Business Day
Credit Facility
Credit Limit
Credit Period
Conditions Precedent
Default Interest
Event of Default
Effective Date
Financial Indebtedness
Financial Statements
Force Majeure Event
Group Company
Guarantee
Interest Period
Interest Rate
Material Adverse Effect
Outstanding Amount
Payment Date
Permitted Security Interest
Purchase Order
Related Party
Relevant Jurisdiction
Security
Security Documents
Specified Products
Subsidiary
Tax
Trade Documents
Transaction
Utilization
Working Day
Credit Insurance Policy
Compliance Certificate
Drawdown Notice
Financial Year
Insolvency Event
Invoice
Late Payment
Maximum Credit Period
Parent Company
Payment Terms
Secured Obligations
Security Provider
Termination Event
Trade Terms
Clauses
Interpretation
Credit Facility
Purpose
Availability
Conditions Precedent
Utilization
Repayment
Interest
Fees and Charges
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Enforcement
Payment Mechanics
Set-off
Assignment and Transfer
Confidentiality
Notice Requirements
Amendments and Waivers
Severability
Counterparts
Third Party Rights
Force Majeure
Indemnification
Insurance
Dispute Resolution
Governing Law
Jurisdiction
Entire Agreement
Term and Termination
Default Interest
Cross Default
Change of Control
Financial Statements
Compliance with Laws
Anti-corruption
Data Protection
Record Keeping
Credit Facility
Purpose
Availability
Conditions Precedent
Utilization
Repayment
Interest
Fees and Charges
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Enforcement
Payment Mechanics
Set-off
Assignment and Transfer
Confidentiality
Notice Requirements
Amendments and Waivers
Severability
Counterparts
Third Party Rights
Force Majeure
Indemnification
Insurance
Dispute Resolution
Governing Law
Jurisdiction
Entire Agreement
Term and Termination
Default Interest
Cross Default
Change of Control
Financial Statements
Compliance with Laws
Anti-corruption
Data Protection
Record Keeping
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Import/Export
Distribution
Industrial Supplies
Consumer Goods
Automotive
Electronics
Textiles
Pharmaceuticals
Agriculture
Construction Materials
Chemical Industry
FMCG
Relevant Teams
Legal
Finance
Credit Control
Treasury
Risk Management
Compliance
Commercial
Sales
Procurement
Accounts Receivable
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Commercial Director
Treasury Manager
Risk Manager
Financial Controller
Credit Control Officer
Accounts Receivable Manager
Legal Counsel
Compliance Officer
Business Development Manager
Sales Director
Procurement Manager
Contract Manager
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