A Deferment Agreement is a crucial legal instrument used when parties need to modify existing payment obligations due to various circumstances such as financial constraints, business restructuring, or temporary cash flow issues. Under Austrian law, this document must comply with the Austrian Civil Code (ABGB) and related commercial regulations, particularly regarding contract modifications and payment terms. The agreement typically includes details of the original obligation, the agreed deferment period, new payment schedules, any applicable interest charges, and consequences of default. It's commonly used in both commercial and consumer contexts, though the requirements and protections may vary depending on the parties involved. The document serves to protect both creditor and debtor interests while providing a legally enforceable framework for the modified payment arrangement.
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1. Parties: Identification of the parties to the agreement, including full legal names, addresses, and registration details if applicable
2. Background: Description of the original obligation and the circumstances leading to the deferment request
3. Definitions: Key terms used throughout the agreement, including 'Original Agreement', 'Deferred Amount', 'Deferment Period'
4. Original Obligation: Details of the original payment obligation being deferred, including reference to the original agreement
5. Deferment Terms: Specific terms of the deferment, including the new payment schedule and duration
6. Interest and Charges: Any interest or additional charges applicable during the deferment period
7. Payment Conditions: Methods of payment, bank details, and any specific payment requirements
8. Default Provisions: Consequences of failing to meet the deferred payment schedule
9. Representations and Warranties: Basic statements about the parties' capacity and authority to enter into the agreement
10. Governing Law: Confirmation of Austrian law as the governing law and jurisdiction
11. Execution: Signature blocks and execution requirements
1. Security: Include when additional security is being provided for the deferred amount
2. Guarantor Provisions: Required when a third party is guaranteeing the deferred payments
3. Consent of Third Parties: Include when the original agreement requires third-party consent for modifications
4. Tax Provisions: Include when there are specific tax implications of the deferment that need to be addressed
5. Force Majeure: Include when the deferment is related to extraordinary circumstances that may continue to affect payment ability
6. Regulatory Compliance: Include when the deferment requires specific regulatory notifications or compliance measures
7. Insurance: Include when insurance requirements are affected by the deferment arrangement
1. Schedule 1 - Payment Schedule: Detailed breakdown of the deferred payment dates and amounts
2. Schedule 2 - Original Agreement: Copy or extract of the relevant parts of the original agreement being modified
3. Schedule 3 - Calculation of Interest: If applicable, detailed calculation of interest charges during the deferment period
4. Appendix A - Supporting Documents: Any relevant supporting documentation justifying the deferment request
5. Appendix B - Required Consents: Copies of any third-party consents obtained for the deferment
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