The Debt Repayment Agreement is a critical legal document used in Malaysia when parties need to formalize arrangements for settling outstanding debts. It's commonly utilized in situations where a debtor acknowledges a debt and agrees to a structured repayment plan with the creditor. This document is essential for both commercial and personal debt situations, providing clarity and legal enforceability to the repayment terms. The agreement must comply with Malaysian legislation, including the Contracts Act 1950, Limitation Act 1953, and where applicable, the Money Lenders Act 1951. It's particularly valuable when parties wish to avoid litigation and prefer a mutually agreed resolution to debt issues. The document typically includes comprehensive payment terms, interest calculations, default provisions, and may incorporate security arrangements or guarantees.
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1. Parties: Identifies and provides full details of the creditor and debtor, including names, identification numbers, and addresses
2. Background: Outlines the circumstances leading to the debt and the parties' intention to enter into a repayment arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Acknowledgment of Debt: Formal acknowledgment of the debt amount and its validity by the debtor
5. Repayment Terms: Details of the repayment schedule, including amount, frequency, and method of payments
6. Interest: Specifies any interest rates applicable to the debt and how interest is calculated
7. Mode of Payment: Specifies acceptable payment methods and banking details for transfers
8. Default Provisions: Consequences of missing payments or breaching the agreement terms
9. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement
10. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and defines jurisdiction for dispute resolution
11. Notices: How formal communications between parties should be made and delivered
12. Entire Agreement: Confirms this document represents the complete agreement between parties
13. Execution: Signature blocks and execution formalities
1. Security: Include when the debt is secured by any assets or guarantees
2. Guarantor Provisions: Required when a third party is guaranteeing the debt repayment
3. Early Repayment: Include when early repayment options are available, including any penalties or benefits
4. Insurance: Include when insurance is required to cover the debt in case of death or disability
5. Debt Restructuring Provisions: Include when there's possibility for future restructuring of the debt
6. Assignment: Include when either party may need to transfer their rights under the agreement
7. Force Majeure: Include when specific circumstances might affect ability to make payments
8. Confidentiality: Include when parties wish to keep the debt arrangement private
1. Schedule 1 - Debt Details: Detailed breakdown of the original debt amount, including any accrued interest or charges
2. Schedule 2 - Repayment Schedule: Detailed payment schedule showing dates, amounts, and running balance
3. Schedule 3 - Security Details: If applicable, details of any assets or collateral securing the debt
4. Schedule 4 - Supporting Documents: List of relevant supporting documents such as original loan agreements or invoices
5. Appendix A - Payment Instructions: Detailed banking information and payment procedures
6. Appendix B - Guarantee Form: If applicable, the form of guarantee to be executed by guarantors
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