The Full Payment Agreement is a crucial legal instrument used in New Zealand business transactions where definitive payment obligations need to be established and documented. This document is particularly relevant in situations involving substantial financial commitments, settlement of debts, or structured payment arrangements. It provides comprehensive coverage of payment terms, security arrangements, and enforcement mechanisms, all aligned with New Zealand legal requirements including the Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and other relevant legislation. The agreement is designed to protect both parties' interests by clearly defining payment obligations, timelines, and consequences of default, while ensuring compliance with New Zealand's regulatory framework.
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1. Parties: Identifies and defines all parties to the agreement with their full legal names and addresses
2. Background: Explains the context and purpose of the agreement, including any relevant history or circumstances leading to its creation
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
4. Payment Obligations: Details the total amount to be paid, payment schedule, and method of payment
5. Payment Terms: Specifies the timing, currency, and manner of payments, including any installment arrangements
6. Interest and Late Payments: Outlines interest rates applicable to late payments and consequences of default
7. Security: Describes any security arrangements or guarantees securing the payment obligations
8. Default and Remedies: Specifies what constitutes default and the remedies available to the creditor
9. Representations and Warranties: States the representations and warranties made by each party regarding their capacity and authority
10. Notices: Specifies how formal notices between parties should be given and when they are deemed received
11. General Provisions: Contains standard boilerplate clauses including governing law, entire agreement, and amendment procedures
1. Guarantee: Required when a third party guarantees the payment obligations
2. Set-off Rights: Included when parties want to establish rights to set off mutual debts
3. Tax Provisions: Needed when GST or other tax implications need to be specifically addressed
4. Assignment: Include when parties want to specifically permit or restrict the assignment of rights under the agreement
5. Force Majeure: Optional clause for circumstances that may prevent payment performance
6. Dispute Resolution: Detailed dispute resolution procedures beyond standard court proceedings
7. Confidentiality: Required when payment terms or other agreement details should remain confidential
1. Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Security Details: Specific details of any security arrangements or assets provided as security
3. Bank Account Details: Banking information for making payments
4. Calculation of Interest: Detailed methodology for calculating interest on late payments
5. Related Agreements: List and details of any related agreements referenced in the main agreement
6. Guarantor Details: Information about guarantors if applicable, including financial statements or proof of capacity
Relevant legal definitions
Agreement
Business Day
Commencement Date
Completion Date
Default Event
Default Interest Rate
Due Date
Effective Date
Enforcement Event
Event of Default
GST
Guarantee
Guarantor
Installation Period
Interest Rate
Late Payment Fee
Outstanding Amount
Payment Amount
Payment Date
Payment Method
Payment Schedule
Payment Terms
Parties
Payee
Payor
Permitted Purpose
Related Documents
Secured Property
Security
Security Interest
Security Provider
Settlement Date
Total Payment Amount
Working Day
Business Day
Commencement Date
Completion Date
Default Event
Default Interest Rate
Due Date
Effective Date
Enforcement Event
Event of Default
GST
Guarantee
Guarantor
Installation Period
Interest Rate
Late Payment Fee
Outstanding Amount
Payment Amount
Payment Date
Payment Method
Payment Schedule
Payment Terms
Parties
Payee
Payor
Permitted Purpose
Related Documents
Secured Property
Security
Security Interest
Security Provider
Settlement Date
Total Payment Amount
Working Day
Clauses
Payment Obligations
Payment Terms
Security
Interest
Default
Enforcement
Representations and Warranties
Guarantees
Set-off Rights
Tax
GST
Force Majeure
Notices
Assignment
Confidentiality
Dispute Resolution
Governing Law
Jurisdiction
Amendment
Severability
Entire Agreement
Further Assurance
Costs
Waiver
Time of Essence
Counterparts
Electronic Execution
Third Party Rights
Payment Terms
Security
Interest
Default
Enforcement
Representations and Warranties
Guarantees
Set-off Rights
Tax
GST
Force Majeure
Notices
Assignment
Confidentiality
Dispute Resolution
Governing Law
Jurisdiction
Amendment
Severability
Entire Agreement
Further Assurance
Costs
Waiver
Time of Essence
Counterparts
Electronic Execution
Third Party Rights
Relevant Industries
Financial Services
Real Estate
Construction
Manufacturing
Professional Services
Retail
Technology
Agriculture
Mining
Healthcare
Education
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Accounts Receivable
Credit Control
Risk Management
Compliance
Commercial Operations
Business Development
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Manager
Accounts Receivable Manager
Credit Controller
Commercial Lawyer
Legal Counsel
Contract Manager
Treasury Manager
Risk Manager
Financial Controller
Collections Manager
Business Development Manager
Account Manager
Corporate Secretary
Compliance Officer
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