The Delayed Payment Agreement is essential in Canadian business operations where existing payment obligations need to be modified due to various circumstances such as financial hardship, business restructuring, or mutual agreement between parties. This document is commonly used when a debtor cannot meet original payment terms but remains committed to fulfilling their financial obligations. The agreement ensures compliance with Canadian federal laws including the Interest Act and provincial regulations governing commercial transactions. It typically includes detailed payment schedules, interest calculations, default provisions, and any security arrangements. The document serves multiple business sectors and can be adapted for both commercial and consumer contexts, though consumer agreements must comply with additional provincial consumer protection requirements. A properly structured Delayed Payment Agreement provides legal certainty while allowing flexibility in payment arrangements.
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1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and any registration numbers
2. Background: Details of the original debt, including date incurred, original amount, and reason for delayed payment request
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding amount and its validity
5. Payment Terms: Detailed payment schedule, including amounts, dates, and method of payment
6. Interest: Interest rate applicable to the outstanding amount and how it is calculated
7. Default Provisions: Consequences of missing payments and what constitutes a default
8. Representations and Warranties: Statements by both parties about their capacity and authority to enter into the agreement
9. Notices: How formal communications between parties should be made and delivered
10. General Provisions: Standard legal clauses including governing law, entire agreement, and amendments
1. Security: Details of any collateral or security provided to guarantee the debt - include when security is being provided
2. Personal Guarantee: Terms of personal guarantee if required from company directors or other individuals - include for corporate debtors when personal guarantee is required
3. Insurance Requirements: Requirements for insurance on any secured assets - include when security is being provided
4. Early Payment Provisions: Terms for early repayment including any discounts or penalties - include when early payment options are offered
5. Forbearance Terms: Creditor's agreement not to take enforcement action while payments are maintained - include when existing enforcement actions are suspended
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies of original invoices, contracts, or other documents evidencing the debt
3. Security Documentation: Details and registration documents for any security provided
4. Personal Guarantee Form: Form of personal guarantee if required
5. Direct Debit Authorization: Authorization form for automatic payment processing if applicable
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Construction
Professional Services
Wholesale Trade
Technology
Healthcare
Financial Services
Real Estate
Transportation and Logistics
Agriculture
Mining and Resources
Relevant Teams
Finance
Legal
Credit Control
Treasury
Accounts Receivable
Risk Management
Commercial Operations
Business Development
Compliance
Collections
Relevant Roles
Credit Manager
Financial Controller
Accounts Receivable Manager
Chief Financial Officer
Treasury Manager
Collections Specialist
Risk Manager
Commercial Manager
Business Development Manager
Legal Counsel
Contract Administrator
Finance Director
Debt Recovery Specialist
Credit Analyst
Account Manager
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