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Debt Payment Agreement Form

Debt Payment Agreement Form Template for Philippines

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Key Requirements PROMPT example:

Debt Payment Agreement Form

"I need a Debt Payment Agreement Form for a PHP 500,000 business loan to be repaid in monthly installments starting March 2025, with my manufacturing equipment as collateral and including early payment options with reduced interest."

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Document background
The Debt Payment Agreement Form is a crucial legal instrument in Philippine business and financial transactions, designed to document and formalize arrangements for settling outstanding debts. This document becomes necessary when parties need to establish clear, legally binding terms for debt repayment, whether arising from loans, unpaid services, or other financial obligations. It's particularly relevant in the Philippine context, where it must comply with specific provisions of the Civil Code of the Philippines, the Truth in Lending Act, and other relevant financial regulations. The agreement typically includes comprehensive payment terms, interest calculations, default provisions, and remedies, making it essential for both commercial and personal debt resolution. It serves as a protective mechanism for both creditors and debtors by clearly documenting their rights and obligations under Philippine law.
Suggested Sections

1. Parties: Identifies and provides complete details of the creditor and debtor, including their legal names, addresses, and tax identification numbers

2. Background: Describes the origin of the debt and circumstances leading to this agreement

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Acknowledgment of Debt: Formal recognition of the debt amount and its validity by the debtor

5. Payment Terms: Details of the payment schedule, including amount, frequency, and method of payment

6. Interest Rate: Specifies the applicable interest rate (if any) and how it is calculated

7. Default Provisions: Consequences of missing payments or breaching the agreement

8. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement and the validity of the debt

9. Governing Law: Specifies that Philippine law governs the agreement

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Collateral: Used when specific assets are pledged as security for the debt

2. Guarantor Provisions: Include when a third party is guaranteeing the debt

3. Early Payment Provisions: Terms for early repayment of the debt, including any penalties or discounts

4. Force Majeure: Include when parties want to address circumstances beyond their control that might affect payment

5. Debt Restructuring Options: Include when flexibility for future payment modifications might be needed

6. Insurance Requirements: Used when insurance on collateral or life insurance on debtor is required

7. Assignment Clause: Include when either party may need to transfer their rights under the agreement

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Collateral Description: Detailed description of any assets pledged as security

3. Original Debt Documentation: Copies or details of the original agreements or instruments creating the debt

4. Amortization Table: Detailed breakdown showing principal and interest portions of each payment

5. Contact Details: Complete contact information for all parties, including authorized representatives

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Real Estate

Retail

Manufacturing

Construction

Professional Services

Healthcare

Education

Technology

Small Business

Agriculture

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Compliance

Risk Management

Corporate Secretariat

Collections

Account Management

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Collections Officer

Legal Counsel

Compliance Officer

Treasury Manager

Risk Manager

Financial Analyst

Debt Recovery Specialist

Corporate Secretary

Accounting Manager

Business Development Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, obligations, and debts in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, specifically Articles 1159-1178 (General Provisions) and Articles 1231-1248 (Payment of Debts).
Truth in Lending Act (Republic Act No. 3765): Requires full disclosure of finance charges in credit transactions and loan agreements, ensuring transparency in lending operations and protecting borrowers' rights.
New Central Bank Act (Republic Act No. 7653): Provides regulatory framework for monetary obligations and financial transactions, including regulations on interest rates and lending practices.
Usury Law (Act No. 2655): Although largely liberalized, still contains relevant provisions regarding interest rates and their legal implications in loan agreements.
Electronic Commerce Act (Republic Act No. 8792): Governs electronic transactions and digital signatures, relevant if the debt payment agreement will be executed electronically.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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