The Advance Payment Agreement is essential in commercial transactions under New Zealand law where significant upfront payments are required before goods are delivered or services are performed. This document is particularly crucial in scenarios involving large-scale projects, equipment procurement, or development contracts where substantial initial funding is necessary. The agreement protects both the party making the advance payment and the recipient by clearly defining payment terms, security arrangements, and performance obligations. It includes specific provisions compliant with New Zealand legislation, particularly the Contract and Commercial Law Act 2017, and can incorporate various security mechanisms such as bank guarantees or parent company guarantees. The document is structured to ensure transparency, risk mitigation, and clear recourse options in case of non-performance or default.
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1. Parties: Identifies and defines the parties to the agreement - typically the party making the advance payment (Payer) and the party receiving it (Recipient)
2. Background: Sets out the context and purpose of the advance payment arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Advance Payment Terms: Details the amount, timing, and conditions of the advance payment
5. Purpose and Use of Advance Payment: Specifies how the advance payment must be used and any restrictions on its use
6. Security Arrangements: Describes any security measures protecting the advance payment
7. Delivery or Performance Obligations: Outlines what the Recipient must deliver or perform in exchange for the advance payment
8. Repayment Terms: Specifies conditions under which the advance payment must be repaid
9. Default and Remedies: Details what constitutes default and the available remedies
10. General Terms: Standard contract terms including governing law, notices, and amendment procedures
1. Bank Guarantee: Required when the advance payment is secured by a bank guarantee
2. Parent Company Guarantee: Used when a parent company guarantees the obligations of the Recipient
3. Progress Reporting: Included when regular updates on the use of advance payment are required
4. Insurance Requirements: Necessary when specific insurance coverage is required to protect the advance payment
5. Intellectual Property Rights: Required when the advance payment relates to development of IP or licensed materials
6. Confidentiality: Added when sensitive commercial information needs protection
7. Force Majeure: Included when parties want to address circumstances beyond their control
8. Step-in Rights: Used in complex projects where the Payer may need to take over in case of default
1. Payment Schedule: Details the timing and amounts of advance payment installments
2. Form of Bank Guarantee: Template for the required bank guarantee document
3. Performance Milestones: Lists specific deliverables or milestones tied to the advance payment
4. Security Documents: Copies or forms of any security agreements or arrangements
5. Project Timeline: Detailed timeline of the project or delivery schedule
6. Specification of Goods/Services: Detailed description of what is being provided in exchange for the advance payment
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Infrastructure
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Telecommunications
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Relevant Teams
Legal
Finance
Procurement
Commercial
Risk Management
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Operations
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Relevant Roles
Commercial Manager
Procurement Manager
Contract Manager
Chief Financial Officer
Finance Director
Project Manager
Legal Counsel
Risk Manager
Treasury Manager
Supply Chain Manager
Operations Director
Business Development Manager
Account Executive
Commercial Director
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