The Payment Agreement is a fundamental legal document used in Danish business and commercial practice to formalize debt repayment arrangements between parties. This document type is particularly relevant when parties need to establish clear, legally enforceable payment terms, whether in a business-to-business or business-to-consumer context. The agreement must comply with Danish law, particularly the Danish Contracts Act, Interest Act, and relevant EU regulations. Payment Agreements are commonly used for structuring installment payments, debt restructuring, or formalizing payment obligations arising from various commercial transactions. The document typically includes detailed payment schedules, interest calculations, and default provisions, all aligned with Danish legal requirements and market practice.
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Key Requirements PROMPT example:
Payment Agreement
I need a Payment Agreement for a B2B software licensing debt of 鈧50,000, to be paid in monthly installments starting March 2025, with a Danish tech company as debtor and including provisions for late payment interest and acceleration upon default.
1. Parties: Identification and details of the creditor and debtor, including full legal names, registration numbers (CVR for companies), and addresses
2. Background: Context of the debt or payment obligation, including origin of the debt and any previous arrangements
3. Definitions: Key terms used throughout the agreement, including payment-related terminology
4. Payment Amount and Currency: Total amount owed and currency of payment, including any existing interest or fees
5. Payment Schedule: Detailed payment terms including installment amounts, due dates, and payment methods
6. Interest and Late Fees: Applicable interest rates, calculation methods, and late payment penalties in accordance with Danish Interest Act
7. Payment Methods: Accepted methods of payment and detailed payment instructions
8. Default Provisions: Consequences of missed payments and steps to be taken in case of default
9. Notices: How and where formal notices between parties should be sent
10. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes
1. Security: Include when additional security or guarantees are required for the payment obligation
2. Acceleration Clause: Include when early repayment options or full payment acceleration conditions need to be specified
3. Third-Party Guarantor: Include when a guarantor is providing additional security for the payment obligation
4. Debt Restructuring: Include when the agreement is part of a larger debt restructuring arrangement
5. Special Payment Conditions: Include when there are conditional payment terms or performance-based payment adjustments
6. Force Majeure: Include when specific circumstances might affect payment ability and need to be addressed
7. Assignment: Include when rights to receive payments may be assigned to third parties
8. Consumer Protection Provisions: Include when the debtor is a consumer, incorporating relevant consumer protection requirements
1. Payment Schedule: Detailed breakdown of payment installments, amounts, and due dates
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. Direct Debit Authorization: If applicable, authorization for automatic payment withdrawals
5. Security Documentation: If applicable, documents relating to any security or guarantees provided
6. Proof of Authority: Documentation proving authority to enter into the agreement for corporate entities
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Retail
Manufacturing
Professional Services
Construction
Real Estate
Healthcare
Education
Technology
Telecommunications
Wholesale Trade
Small Business
Enterprise Business
Consumer Services
Relevant Teams
Finance
Legal
Credit Control
Accounts Receivable
Treasury
Risk Management
Collections
Commercial
Compliance
Business Development
Contract Administration
Relevant Roles
Finance Manager
Credit Controller
Accounts Receivable Manager
Chief Financial Officer
Treasury Manager
Credit Risk Manager
Collections Specialist
Financial Controller
Legal Counsel
Contracts Manager
Business Development Manager
Account Manager
Commercial Director
Risk Manager
Compliance Officer
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