The Partial Payment Agreement Form is a crucial document used in the Philippine business and financial landscape when parties need to formalize arrangements for settling debts through installment payments. This document becomes necessary when a debtor cannot meet the original payment terms and requires a structured payment plan. It is commonly used in various contexts, from business-to-business transactions to consumer debt arrangements, and must comply with Philippine civil law, particularly the Civil Code of the Philippines and relevant financial regulations. The agreement typically includes essential information such as the original debt amount, new payment terms, schedule of payments, and default provisions. It serves as a legally binding modification of the original payment obligations while protecting both creditor and debtor interests through clear documentation of the revised terms.
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1. Parties: Identification of the creditor and debtor with complete legal names and addresses
2. Background: Brief description of the original debt, circumstances leading to the partial payment arrangement, and acknowledgment of the debt
3. Definitions: Key terms used throughout the agreement including 'Original Debt', 'Payment Schedule', 'Default', etc.
4. Amount and Acknowledgment of Debt: Clear statement of the total amount owed and debtor's acknowledgment of the debt validity
5. Payment Terms: Detailed breakdown of payment amounts, frequency, and due dates
6. Method of Payment: Specified payment methods and account details where payments should be made
7. Default Provisions: Consequences of missing payments and definition of what constitutes default
8. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement and the validity of the debt
9. Governing Law: Specification that Philippine law governs the agreement
10. Execution: Signature blocks and execution requirements
1. Security: Include when the partial payment agreement is secured by collateral or guarantees
2. Interest Rate: Include when interest will be charged on the outstanding balance
3. Early Payment Provisions: Include when early payment discounts or options are being offered
4. Assignment: Include when either party needs the right to assign the agreement to other parties
5. Force Majeure: Include when parties want to address circumstances that might prevent payment due to unforeseen events
6. Modification of Terms: Include when parties want to specify conditions under which payment terms can be modified
7. Dispute Resolution: Include when parties want to specify mediation or arbitration before court proceedings
1. Payment Schedule: Detailed table showing all payment dates, amounts, and running balance
2. Original Debt Documentation: Copies of original contracts, invoices, or other documents evidencing the original debt
3. Collateral Documentation: If applicable, documents describing any security or collateral
4. Authorization Documents: Corporate resolutions, board approvals, or other authorization documents if parties are corporations
5. Payment Instructions: Detailed banking or payment processing information
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Retail
Construction
Manufacturing
Professional Services
Healthcare
Education
Telecommunications
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Accounts Receivable
Credit Control
Treasury
Collections
Risk Management
Compliance
Contract Administration
Relevant Roles
Credit Manager
Financial Controller
Accounts Receivable Manager
Collections Officer
Legal Counsel
Finance Director
Credit Risk Officer
Treasury Manager
Debt Recovery Specialist
Contract Administrator
Chief Financial Officer
Accounts Manager
Business Development Manager
Compliance Officer
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