The Advance Payment Contract is essential in UAE business transactions where significant upfront funding is required to initiate projects or supply contracts. This document type is commonly used in construction, infrastructure, and large-scale commercial projects where contractors or suppliers require initial funding to mobilize resources or procure materials. The contract must comply with UAE Federal Laws, particularly the Civil Code (Federal Law No. 5 of 1985) and Commercial Code (Federal Law No. 18 of 1993), while considering Islamic finance principles where applicable. It typically includes provisions for bank guarantees, payment recovery mechanisms, and specific conditions precedent that must be met before the advance payment is released. The document is structured to protect both the party providing the advance payment and the recipient, ensuring clear terms for payment, recovery, and potential default scenarios.
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1. Parties: Identification of the parties entering into the contract, including full legal names, addresses, and registration details
2. Background: Context of the agreement, including reference to the main contract or project for which advance payment is being made
3. Definitions: Key terms used throughout the agreement, including 'Advance Payment', 'Security', 'Project', etc.
4. Advance Payment Terms: Detailed provisions regarding the amount, currency, timing and conditions for the advance payment
5. Security Arrangements: Requirements for advance payment guarantee, including form, issuing bank requirements, and validity period
6. Payment Conditions: Conditions precedent to be met before advance payment is made
7. Recovery Mechanism: Terms for recovery/amortization of the advance payment through future payments
8. Obligations of Parties: Specific duties of each party regarding the advance payment and related security
9. Default and Remedies: Consequences of default and available remedies for both parties
10. Governing Law and Jurisdiction: Confirmation of UAE law as governing law and jurisdiction for disputes
1. Interest Provisions: Include when interest is chargeable on the advance payment (noting UAE Islamic finance considerations)
2. Currency Exchange: Include when advance payment is made in a currency different from the main contract currency
3. Tax Provisions: Include when there are specific tax implications for the advance payment
4. Insurance Requirements: Include when specific insurance is required to cover the advance payment risks
5. Step-In Rights: Include for large projects where lender step-in rights need to be considered
6. Force Majeure: Include when specific force majeure provisions affecting the advance payment are needed
1. Form of Advance Payment Guarantee: Template of the bank guarantee required for the advance payment
2. Payment Schedule: Detailed schedule showing advance payment amount and recovery/amortization schedule
3. Conditions Precedent Checklist: List of all conditions to be satisfied before advance payment is made
4. Security Documents: Copies or forms of any additional security documents required
5. Authorized Representatives: List of authorized representatives for each party for payment-related matters
6. Notice Details: Detailed contact information for notices related to the advance payment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure Development
Manufacturing
Energy and Utilities
Real Estate Development
Oil and Gas
Technology and Communications
Engineering Services
Defense Contracting
Industrial Projects
Relevant Teams
Legal
Finance
Commercial
Treasury
Procurement
Project Management
Risk Management
Contract Administration
Corporate Affairs
Operations
Relevant Roles
Contract Manager
Project Director
Financial Controller
Legal Counsel
Treasury Manager
Commercial Manager
Project Manager
Chief Financial Officer
Procurement Manager
Risk Manager
Finance Director
General Counsel
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