The Payment Schedule Contract serves as a crucial document in New Zealand's commercial and construction sectors, providing a legally binding framework for structured payment arrangements between parties. This document is particularly relevant when regular or milestone-based payments are required over a defined period, ensuring compliance with New Zealand's Construction Contracts Act 2002 and other relevant legislation. It is commonly used in construction projects, service agreements, and commercial arrangements where systematic payment tracking and enforcement are essential. The contract typically includes detailed payment terms, claim procedures, dispute resolution mechanisms, and consequences for non-compliance, offering protection to both paying and receiving parties while maintaining alignment with New Zealand's legal requirements.
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1. Parties: Identifies and provides full legal details of all parties to the agreement
2. Background: Sets out the context and purpose of the payment schedule agreement
3. Definitions: Defines key terms used throughout the agreement
4. Payment Obligations: Details the core payment obligations, including total amount payable
5. Payment Schedule: Specifies the timing, frequency, and amount of each payment installment
6. Method of Payment: Specifies acceptable payment methods and banking details
7. GST and Tax Provisions: Addresses GST requirements and tax implications of payments
8. Default and Late Payment: Outlines consequences of missed or late payments, including interest charges
9. Dispute Resolution: Procedures for resolving payment-related disputes
10. Notices: Specifies how formal notices regarding payments should be given
11. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments
1. Security Provisions: Include when payments are secured against assets or require guarantees
2. Early Payment Provisions: Include when early payment discounts or incentives are offered
3. Currency Exchange: Include for international payments requiring currency conversion
4. Force Majeure: Include when external events might affect payment obligations
5. Third Party Payments: Include when payments may be made to or received from third parties
6. Set-off Rights: Include when parties have the right to set off mutual debts
7. Payment Adjustments: Include when payment amounts may be adjusted based on specified criteria
1. Schedule 1: Payment Details: Detailed breakdown of payment amounts, dates, and milestones
2. Schedule 2: Bank Account Details: Banking information for all parties
3. Schedule 3: Interest Calculation Method: Formula and examples for calculating late payment interest
4. Schedule 4: Payment Claim Forms: Templates for submitting payment claims
5. Schedule 5: Notice Templates: Standard forms for payment-related notices
6. Appendix A: Supporting Documents: Copies of relevant certificates, permits, or other supporting documentation
7. Appendix B: Payment History: Template for tracking payment history and compliance
Relevant legal definitions
Agreement
Business Day
Claim Date
Commencement Date
Default Event
Default Interest Rate
Due Date
Early Payment Discount
Effective Date
Force Majeure Event
GST
Installment
Interest Rate
Late Payment
Milestone
Notice
Payment Amount
Payment Claim
Payment Date
Payment Period
Payment Schedule
Payment Terms
Principal
Project
Reference Rate
Related Documents
Response Period
Schedule of Payments
Security Interest
Services
Specified Amount
Term
Working Day
Business Day
Claim Date
Commencement Date
Default Event
Default Interest Rate
Due Date
Early Payment Discount
Effective Date
Force Majeure Event
GST
Installment
Interest Rate
Late Payment
Milestone
Notice
Payment Amount
Payment Claim
Payment Date
Payment Period
Payment Schedule
Payment Terms
Principal
Project
Reference Rate
Related Documents
Response Period
Schedule of Payments
Security Interest
Services
Specified Amount
Term
Working Day
Clauses
Payment Obligations
Payment Schedule
Payment Terms
Payment Claims
Payment Methods
Default and Remedies
Interest Charges
Security
GST and Taxation
Currency
Set-off Rights
Dispute Resolution
Force Majeure
Notices
Confidentiality
Assignment
Variation
Termination
Governing Law
Entire Agreement
Severability
Third Party Rights
Counterparts
Representations and Warranties
Record Keeping
Audit Rights
Payment Schedule
Payment Terms
Payment Claims
Payment Methods
Default and Remedies
Interest Charges
Security
GST and Taxation
Currency
Set-off Rights
Dispute Resolution
Force Majeure
Notices
Confidentiality
Assignment
Variation
Termination
Governing Law
Entire Agreement
Severability
Third Party Rights
Counterparts
Representations and Warranties
Record Keeping
Audit Rights
Relevant Industries
Construction
Property Development
Infrastructure
Commercial Real Estate
Manufacturing
Professional Services
Engineering
Architecture
Facilities Management
Project Management
Relevant Teams
Legal
Finance
Procurement
Commercial
Operations
Project Management
Accounts Payable
Risk Management
Contract Administration
Treasury
Relevant Roles
Contract Manager
Project Manager
Financial Controller
Commercial Manager
Construction Manager
Quantity Surveyor
Chief Financial Officer
Accounts Payable Manager
Procurement Manager
Legal Counsel
Risk Manager
Operations Director
Finance Director
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