The Delayed Payment Agreement is a crucial document used when a debtor requires additional time to fulfill their payment obligations under Danish law. This agreement is typically implemented when the original payment terms need to be modified due to financial constraints or business arrangements. It serves to formalize the new payment schedule while protecting both parties' interests. The document must comply with Danish legislation, particularly the Interest Act (Renteloven) and the Act on Late Payment in Commercial Transactions. It includes essential elements such as debt acknowledgment, detailed payment schedules, interest calculations, and default provisions. This type of agreement is particularly valuable in maintaining business relationships while ensuring proper documentation of modified payment terms and can be used in both commercial and consumer contexts, subject to relevant Danish consumer protection laws when applicable.
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Key Requirements PROMPT example:
Delayed Payment Agreement
I need a Delayed Payment Agreement for a B2B debt of 250,000 DKK, to be paid in monthly installments starting March 2025, with a 2% monthly interest rate and acceleration clause if two payments are missed.
1. Parties: Identification of the creditor and debtor, including full legal names, registration numbers, and addresses
2. Background: Context of the original debt, including reference to original agreement or invoice and acknowledgment of the outstanding amount
3. Definitions: Key terms used throughout the agreement, including Payment Plan, Due Dates, Default Interest Rate, etc.
4. Debt Acknowledgment: Formal acknowledgment of the debt amount and its validity by the debtor
5. Payment Terms: Detailed payment schedule, including installment amounts and due dates
6. Interest and Fees: Specification of interest rates (both standard and default), calculation methods, and any administrative fees
7. Default Provisions: Consequences of missing payments, including acceleration clauses and enforcement rights
8. Notices: Requirements for communication between parties, including method and timing of payment reminders
9. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes
1. Security: Include when specific assets are provided as security for the debt
2. Personal Guarantee: Include when a third party guarantees the debt
3. Early Payment Provisions: Include when allowing for early repayment options and any associated discounts
4. Force Majeure: Include for longer-term payment plans to address unforeseen circumstances
5. Assignment: Include when either party needs the right to assign the agreement to third parties
6. Debt Counseling Notice: Include when debtor is a consumer, providing information about debt counseling services
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. Interest Calculation Method: Detailed explanation of how interest is calculated and applied
4. Security Documentation: If applicable, documentation of any security or collateral provided
5. Direct Debit Authorization: If applicable, authorization for automatic payment collection
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