The Partial Payment Agreement is a crucial document used in Philippine business and financial transactions when a debtor cannot immediately settle their full outstanding obligation. This agreement, governed by Philippine law and regulated under the Civil Code of the Philippines, provides a structured approach to debt settlement through scheduled partial payments. It's commonly used in situations involving business loans, commercial debts, or substantial financial obligations where immediate full payment isn't feasible. The document includes essential elements such as payment schedules, interest calculations, default provisions, and enforcement mechanisms, all aligned with Philippine legal requirements. It serves as a protective instrument for both creditors and debtors by clearly documenting the modified payment terms while maintaining the enforceability of the original debt obligation.
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1. Parties: Identifies and provides complete details of the creditor and debtor, including their legal names, addresses, and any relevant registration numbers
2. Background: Explains the context of the original debt, including its nature, original amount, and any previous payment history
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding debt amount by the debtor
5. Payment Terms: Details of the partial payment arrangement, including payment amounts, frequency, and method of payment
6. Payment Schedule: Specific dates or timeframes when payments are due
7. Default Provisions: Consequences of missing payments or breaching the agreement terms
8. Interest and Penalties: Any applicable interest rates and late payment penalties
9. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter into the agreement
10. Governing Law: Specifies that Philippine law governs the agreement
11. Execution: Signature blocks and execution requirements
1. Security Provisions: Include when the partial payment agreement is secured by collateral or guarantees
2. Acceleration Clause: Include when immediate full payment can be demanded upon specific trigger events
3. Insurance Requirements: Include when insurance is required to secure the debt or payments
4. Assignment Rights: Include when either party needs the right to assign the agreement to third parties
5. Electronic Payment Terms: Include when payments will be made through electronic means
6. Force Majeure: Include when parties want to address circumstances beyond their control that might affect payment capability
7. Debt Forgiveness Conditions: Include when part of the debt may be forgiven upon meeting certain conditions
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies or details of the original debt instruments or invoices
3. Collateral Details: If applicable, detailed description of any security or collateral
4. Authorization Documents: Corporate resolutions or other authorization documents if parties are corporations
5. Statement of Account: Current detailed statement showing total debt computation including any interest or charges
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