The Payment Terms Contract serves as a foundational document for establishing clear and legally compliant payment arrangements between business parties in Australia. This document becomes necessary when parties need to formalize their payment obligations, whether for ongoing supply relationships, service agreements, or project-based work. It addresses key aspects such as payment timing, methods, dispute resolution, and default consequences, while ensuring compliance with Australian federal legislation including the Payment Times Reporting Act 2020 and state-based Security of Payment Acts. The agreement is particularly relevant in contexts where regular financial transactions occur between parties and where clarity around payment obligations is essential for risk management and business operations.
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1. Parties: Identification and details of all parties to the agreement
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Payment Terms: Core payment obligations, amounts, and timing
5. Payment Methods: Acceptable methods of payment and processing details
6. Invoice Requirements: Invoice format, content requirements, and submission process
7. Payment Timing: Payment due dates, early payment provisions, and late payment consequences
8. Dispute Resolution: Process for handling payment disputes and discrepancies
9. Default and Remedies: Consequences of payment default and available remedies
10. Term and Termination: Duration of the agreement and termination provisions
11. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments
1. Credit Terms: Include when credit facilities are being provided, specifying credit limits and assessment processes
2. Security Arrangements: Include when payment security such as bank guarantees or personal guarantees are required
3. International Payments: Include for cross-border transactions, covering currency, exchange rates, and international banking requirements
4. Volume Discounts: Include when offering payment discounts based on transaction volumes
5. Electronic Payment Systems: Include when specific electronic payment platforms or systems are mandatory
6. Payment Incentives: Include when early payment discounts or other payment incentives are offered
7. Third-Party Payments: Include when payments may be made by or to third parties
8. Seasonal Variations: Include when payment terms vary based on seasonal factors or peak periods
1. Schedule 1 - Payment Rates: Detailed breakdown of payment amounts, rates, or fee structures
2. Schedule 2 - Payment Timeline: Specific payment milestones and corresponding due dates
3. Schedule 3 - Invoice Template: Standard format for invoices including required fields and formatting
4. Schedule 4 - Authorized Payment Methods: List of approved payment methods and associated processing requirements
5. Appendix A - Bank Details: Banking information for all parties
6. Appendix B - Late Payment Interest Calculation: Methodology for calculating late payment interest and penalties
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Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Professional Services
Construction
Technology
Healthcare
Logistics
Wholesale Trade
Agriculture
Mining
Financial Services
Relevant Teams
Finance
Legal
Procurement
Commercial
Treasury
Credit Control
Accounts Payable
Accounts Receivable
Risk Management
Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Accounts Payable Manager
Accounts Receivable Manager
Commercial Manager
Contract Manager
Treasury Manager
Credit Controller
Financial Controller
Procurement Manager
Legal Counsel
Risk Manager
Business Development Manager
Operations Manager
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