The Deferred Payment Agreement is a critical document used in Hong Kong business transactions where parties agree to postpone payment obligations over an agreed period. This document is particularly relevant in commercial transactions requiring structured payment arrangements, such as large equipment purchases, property transactions, or business acquisitions. The agreement must comply with Hong Kong's legal framework, including the Money Lenders Ordinance, Securities and Futures Ordinance, and general contract law principles. It typically includes detailed payment schedules, interest calculations, security arrangements, and default provisions, providing legal certainty and protection for both creditors and debtors. The document is essential for businesses seeking to manage cash flow while maintaining strong commercial relationships.
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1. Parties: Identification of all parties to the agreement, including full legal names and addresses
2. Background: Context of the agreement, including the underlying transaction or relationship giving rise to the deferred payment obligation
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Core payment obligations, including principal amount, payment schedule, and interest calculations
5. Interest and Late Payment: Interest rate provisions, calculation methods, and consequences of late payment
6. Security Arrangements: Details of any security or collateral provided to secure the deferred payment
7. Representations and Warranties: Standard representations and warranties from both parties
8. Events of Default: Circumstances constituting default and consequences
9. Remedies: Available remedies in case of default or breach
10. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.
1. Prepayment Terms: Terms governing early payment options and any associated penalties or benefits
2. Financial Covenants: Specific financial obligations or restrictions on the paying party
3. Parent Company Guarantee: Include when a parent company guarantee is required as additional security
4. Assignment and Transfer: Include when parties want specific provisions regarding the ability to assign or transfer rights
5. Tax Provisions: Detailed tax implications and responsibilities when significant tax considerations exist
6. Force Majeure: Include when specific events beyond parties' control should be addressed
7. Dispute Resolution: Alternative dispute resolution mechanisms if parties prefer specific procedures
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and calculation methods
2. Interest Calculation Methods: Detailed formulas and examples of interest calculations
3. Security Details: Specific details of any security or collateral provided
4. Form of Payment Notice: Template for payment notices or demands
5. Guarantee Form: Standard form of guarantee if applicable
6. Contact Details: List of authorized representatives and contact information for notices
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Construction
Real Estate
Technology
Financial Services
Import/Export
Wholesale Trade
Professional Services
Infrastructure
Energy
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Commercial Operations
Business Development
Accounts Receivable
Accounts Payable
Corporate Secretariat
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Commercial Director
Legal Counsel
Corporate Lawyer
Treasury Manager
Credit Controller
Financial Controller
Risk Manager
Contracts Manager
Business Development Manager
Account Manager
Operations Director
Company Secretary
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