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Incidental Credit Agreement

Incidental Credit Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Incidental Credit Agreement

"I need an Incidental Credit Agreement for my Hong Kong retail business that offers customers a 3-month payment plan for purchases over HKD 50,000, with a 5% interest rate and monthly installments starting March 2025."

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Document background
The Incidental Credit Agreement is designed for situations where credit is provided as a secondary aspect of a primary commercial transaction in Hong Kong. This document is commonly used when businesses offer payment flexibility to customers purchasing goods or services, without operating as a primary money lender. The agreement ensures compliance with Hong Kong's Money Lenders Ordinance and related regulations, while clearly establishing the incidental nature of the credit arrangement. It includes essential provisions for credit terms, repayment schedules, interest calculations, and default procedures, all tailored to Hong Kong's legal framework. The document is particularly relevant for businesses looking to offer flexible payment terms without falling under the stricter regulations applicable to primary lending activities.
Suggested Sections

1. Parties: Identifies and defines the parties to the agreement - typically the credit provider and the customer

2. Background: Explains the context of the incidental credit arrangement and its relationship to the primary transaction

3. Definitions: Defines key terms used throughout the agreement

4. Primary Transaction: Details of the main transaction to which the credit is incidental

5. Credit Terms: Specifies the credit amount, interest rates, payment terms, and repayment schedule

6. Payment Obligations: Sets out the customer's obligations regarding payments, including method and timing

7. Default and Consequences: Defines events of default and their consequences

8. Representations and Warranties: Standard representations and warranties from both parties

9. Term and Termination: Duration of the agreement and circumstances for termination

10. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law

Optional Sections

1. Security: Include when specific security or collateral is required for the credit arrangement

2. Insurance: Include when insurance is required to cover the credited goods or services

3. Early Repayment: Include when early repayment options and their terms need to be specified

4. Assignment: Include when either party needs the right to assign their rights or obligations

5. Third Party Rights: Include when third parties may have enforceable rights under the agreement

6. Data Protection: Include when extensive personal data processing is involved beyond basic contract requirements

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts and due dates

2. Schedule 2 - Interest Rate Calculation: Method and examples of interest rate calculations

3. Schedule 3 - Primary Transaction Details: Detailed description of the main transaction to which the credit is incidental

4. Schedule 4 - Fee Schedule: List of all applicable fees and charges

5. Appendix A - Credit Application Form: Standard form completed by the customer requesting the credit

6. Appendix B - Personal Information Collection Statement: Required statement under Hong Kong's Personal Data (Privacy) Ordinance

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































Clauses






























Relevant Industries

Retail

Wholesale Trade

Manufacturing

Professional Services

Information Technology

Construction

Healthcare

Education

Telecommunications

Consumer Goods

Relevant Teams

Legal

Finance

Compliance

Sales

Credit Control

Risk Management

Operations

Treasury

Commercial

Customer Service

Relevant Roles

Chief Financial Officer

Credit Manager

Financial Controller

Commercial Director

Legal Counsel

Compliance Officer

Sales Director

Account Manager

Risk Manager

Treasury Manager

Business Development Manager

Operations Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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