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Trade Credit Agreement

Trade Credit Agreement Template for Ireland

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Key Requirements PROMPT example:

Trade Credit Agreement

"I need a Trade Credit Agreement under Irish law for my manufacturing company to extend €500,000 credit to multiple European wholesale customers, with payment terms of 60 days and the ability to adjust credit limits quarterly starting from January 2025."

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Document background
This Trade Credit Agreement is designed for use in commercial relationships where a supplier provides goods or services to a business customer on credit terms within the Irish jurisdiction. The document is essential when establishing formal credit arrangements between businesses and should be used when regular trading on credit is anticipated. It comprehensively addresses credit limits, payment timeframes, interest charges, and default scenarios, while ensuring compliance with Irish commercial law and relevant EU regulations. The agreement includes crucial protections for credit providers, such as security requirements and financial reporting obligations, while also providing clarity for customers regarding their obligations and rights. It's particularly relevant in the current business environment where managing credit risk and maintaining healthy cash flow are critical for business operations.
Suggested Sections

1. Parties: Identification of the credit provider and the customer, including full legal names, registration numbers, and registered addresses

2. Background: Context of the trade credit relationship and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement, including Credit Limit, Payment Terms, Trading Period, etc.

4. Credit Facility: Details of the credit facility including credit limit, basis for calculation, and any review periods

5. Payment Terms: Specific payment terms including payment period, method of payment, and consequences of late payment

6. Interest and Charges: Details of interest rates on late payments, administration charges, and other applicable fees

7. Credit Assessment: Process for initial and ongoing credit assessment, including required financial information

8. Security: Details of any security required, including personal guarantees or charges over assets

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

10. Customer Obligations: Specific obligations of the customer including financial reporting and notification requirements

11. Default and Consequences: Events of default and their consequences, including suspension or termination of credit

12. Termination: Circumstances and process for termination of the agreement

13. Governing Law and Jurisdiction: Confirmation of Irish law as governing law and jurisdiction for disputes

Optional Sections

1. Insurance: Requirements for insurance coverage, used when specific insurance requirements are needed to protect the credit exposure

2. Data Protection: Specific provisions regarding handling of personal data, required when dealing with sole traders or collecting personal data of directors/guarantors

3. Credit Insurance: Provisions relating to credit insurance arrangements, included when the credit provider maintains credit insurance

4. Cross-Default: Provisions linking defaults under other agreements, used for complex commercial relationships with multiple agreements

5. Group Company Provisions: Special provisions for group companies, used when the customer is part of a larger corporate group

6. Currency Provisions: Specific provisions for handling multiple currencies, used in international trade relationships

7. Force Majeure: Provisions for unforeseen circumstances affecting performance, particularly relevant post-COVID

8. Assignment: Detailed provisions regarding assignment rights, used when assignment of the agreement might be contemplated

Suggested Schedules

1. Credit Application Form: Standard form for credit application including required financial information

2. Pricing Schedule: Details of interest rates, fees, and charges applicable to the credit facility

3. Financial Covenants: Specific financial covenants and calculation methodologies

4. Form of Guarantee: Standard form of personal or corporate guarantee if required

5. Permitted Security: List of permitted security interests or charges

6. Reporting Requirements: Detailed requirements for financial and operational reporting

7. Direct Debit Mandate: Standard form for direct debit authorization if applicable

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

Manufacturing

Wholesale Trade

Retail

Construction

Industrial Supply

Agricultural Products

Technology and Software

Professional Services

Distribution and Logistics

Food and Beverage

Automotive

Healthcare and Medical Supplies

Energy and Utilities

Telecommunications

Mining and Resources

Relevant Teams

Legal

Finance

Credit Control

Risk Management

Commercial Operations

Treasury

Accounts Receivable

Procurement

Supply Chain

Business Development

Operations

Relevant Roles

Credit Manager

Financial Controller

Commercial Director

Chief Financial Officer

Credit Risk Analyst

Finance Director

Treasury Manager

Accounts Receivable Manager

Legal Counsel

Commercial Manager

Procurement Director

Supply Chain Manager

Business Development Director

Operations Director

Risk 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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