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Full Payment Agreement Letter

Full Payment Agreement Letter Template for Philippines

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Key Requirements PROMPT example:

Full Payment Agreement Letter

"I need a Full Payment Agreement Letter for my company ABC Corp to document the final settlement payment of PHP 500,000 to XYZ Suppliers Ltd, to be paid by March 15, 2025, which will close all outstanding invoices from January 2024 to December 2024."

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Document background
The Full Payment Agreement Letter is a crucial document used in Philippine business and legal contexts to formalize the complete settlement of financial obligations. It serves as legal evidence that a debt has been fully satisfied and that the debtor is released from further obligations. This document is particularly important in situations where parties need to document the conclusion of a financial transaction, such as loan repayments, service fee settlements, or business debt resolutions. Under Philippine law, having a properly documented payment agreement helps prevent future disputes and provides clear evidence of settlement. The letter should comply with the Civil Code of the Philippines and may require notarization for additional legal security, especially for substantial amounts. It's commonly used by businesses, financial institutions, and individuals seeking to maintain clear records of payment completions and releases.
Suggested Sections

1. Letter Date and Address Block: Full contact details of both parties including names, addresses, and any reference numbers

2. Subject Line: Clear indication that this is a Full Payment Agreement Letter with reference to any relevant account or transaction numbers

3. Opening Statement: Formal greeting and introduction of the parties involved

4. Debt Acknowledgment: Clear statement of the original debt amount, its origin, and any relevant dates

5. Payment Terms: Detailed specification of the full payment amount, payment method, and payment deadline

6. Settlement Statement: Clear statement that this payment represents full and final settlement of all obligations

7. Release Clause: Statement releasing the debtor from further obligations upon payment

8. Closing and Signatures: Formal closing, spaces for signatures of both parties, and date of signing

Optional Sections

1. Previous Payments Reference: Include when there have been previous partial payments that need to be acknowledged

2. Payment Instructions: Include when specific banking or payment method details need to be documented

3. Confidentiality Clause: Include when the settlement terms should remain confidential

4. Governing Law Statement: Include when dealing with parties from different jurisdictions to explicitly state Philippine law governs

5. Witness Section: Include when the amount involved is substantial and additional verification is desired

6. Notarization Block: Include when the agreement needs to be notarized for additional legal protection

Suggested Schedules

1. Payment Details Schedule: Detailed breakdown of the payment amount including any interest or fees calculations

2. Original Debt Documentation: Copies of original invoices, contracts, or other documents evidencing the debt

3. Payment Proof: Copy of check, bank transfer receipt, or other payment confirmation when payment is made simultaneously with the letter

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 and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Information Technology

Telecommunications

Wholesale Trade

Small and Medium Enterprises

Legal Services

Relevant Teams

Finance

Accounts Receivable

Accounts Payable

Legal

Treasury

Credit Control

Collections

Compliance

Risk Management

Corporate Secretariat

Relevant Roles

Finance Manager

Accounts Receivable Manager

Credit Controller

Collections Manager

Chief Financial Officer

Accounts Payable Manager

Business Owner

Financial Controller

Legal Counsel

Treasury Manager

Credit Risk Manager

Debt Collection Specialist

Corporate Secretary

Compliance Officer

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, obligations, and payments in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, which sets out requirements for valid contracts and payment terms.
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumer rights and interests in payment agreements, especially regarding disclosure requirements and unfair payment terms.
Electronic Commerce Act of 2000 (Republic Act No. 8792): Governs electronic payment systems and provides legal recognition to electronic documents and signatures in payment agreements.
National Internal Revenue Code: Relevant for tax implications of payments and requirements for documenting financial transactions.
Rules of Court (Rule 130): Contains the Statute of Frauds requiring certain contracts to be in writing to be enforceable, including payment agreements exceeding a certain amount.
Anti-Money Laundering Act (Republic Act No. 9160): Relevant for large payment transactions that may need to comply with anti-money laundering regulations and reporting requirements.
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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