The Partial Payment Agreement is a crucial document used when a debtor cannot immediately fulfill their complete payment obligation and requires a structured payment plan. This agreement type is commonly employed in various scenarios, from consumer debt management to business financial restructuring under German law. It details the original debt acknowledgment, establishes a clear payment schedule, and outlines the consequences of non-compliance. The document must comply with German Civil Code requirements, particularly regarding interest rates, consumer protection (if applicable), and notice periods. It's especially relevant in situations involving debt restructuring, financial hardship, or as part of broader insolvency prevention measures. The agreement provides legal security for both creditor and debtor by clearly documenting the terms of the partial payment arrangement and ensuring enforceability under German law.
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Key Requirements PROMPT example:
Partial Payment Agreement
"I need a Partial Payment Agreement under German law for a B2B debt of 鈧75,000, to be paid in monthly installments over 18 months starting March 2025, with the debtor being a manufacturing company and requiring collateral in the form of equipment."
1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration details if applicable
2. Background: Context of the original debt, acknowledgment of the outstanding amount, and reason for the partial payment arrangement
3. Definitions: Key terms used throughout the agreement including 'Original Debt', 'Payment Schedule', 'Default Event', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding amount and its origin
5. Payment Terms: Detailed terms of the partial payment arrangement, including payment amounts, frequency, and method of payment
6. Payment Schedule: Reference to the detailed payment schedule in Schedule 1, including start date and duration
7. Interest: Terms regarding any interest applicable to the outstanding balance
8. Default Provisions: Consequences of missing payments or breaching the agreement
9. Representations and Warranties: Basic representations about the debt and capacity to enter into the agreement
10. Notices: How formal communications between parties should be made
11. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
1. Security: Required when the partial payment is secured by collateral or guarantees
2. Insolvency Provisions: Additional provisions when there's a risk of insolvency or when the agreement is part of insolvency prevention
3. Early Payment Provisions: Terms for early repayment options and any associated discounts
4. Third-Party Rights: Needed when other creditors' rights might be affected or when there are guarantors
5. Consumer Protection Clauses: Required when the debtor is a consumer, including statutory withdrawal rights
6. Assignment Restrictions: Optional restrictions on the creditor's ability to assign the debt
7. Hardship Provisions: Optional provisions for temporary payment adjustments in case of debtor hardship
8. Tax Provisions: Required when tax implications need to be addressed explicitly
1. Schedule 1 - Payment Plan: Detailed schedule of payment dates, amounts, and running balance
2. Schedule 2 - Original Debt Documentation: Copy or summary of the original debt agreement or invoices
3. Schedule 3 - Direct Debit Authorization: If applicable, the direct debit (Lastschrift) authorization form
4. Appendix A - Proof of Authority: If applicable, documentation proving signatories' authority
5. Appendix B - Security Documentation: If applicable, documentation related to any security or guarantees
Authors
Relevant legal definitions
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Relevant Industries
Financial Services
Banking
Retail
Manufacturing
Construction
Professional Services
Healthcare
Technology
Real Estate
Utilities
Telecommunications
Education
Relevant Teams
Legal
Finance
Credit Control
Accounts Receivable
Treasury
Risk Management
Collections
Commercial
Compliance
Corporate Finance
Relevant Roles
Credit Controller
Financial Manager
Collections Manager
Accounts Receivable Manager
Legal Counsel
Debt Recovery Specialist
Finance Director
Risk Manager
Treasury Manager
Commercial Director
Insolvency Practitioner
Credit Risk Analyst
Chief Financial Officer
Accounts Manager
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