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30 Day Credit Agreement

30 Day Credit Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

30 Day Credit Agreement

"I need a 30 Day Credit Agreement for my Dubai-based manufacturing company to extend credit to wholesale customers, with a maximum credit limit of AED 500,000 and specific provisions for securing personal guarantees from the customers' directors."

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Document background
This 30 Day Credit Agreement template is designed for use in the United Arab Emirates business environment where companies need to establish formal credit arrangements with their business partners. The document is particularly useful for suppliers, manufacturers, or service providers who wish to offer short-term credit facilities to their customers while maintaining legal protection under UAE law. It includes comprehensive provisions for credit limits, payment terms, default scenarios, and enforcement mechanisms, all aligned with UAE Commercial Code requirements and local business practices. The agreement is structured to accommodate various business sizes and sectors, incorporating necessary compliance elements for UAE banking regulations and commercial law requirements.
Suggested Sections

1. Parties: Identifies the credit provider and the customer, including full legal names, addresses, and registration details

2. Background: Sets out the context of the credit relationship and the purpose of the agreement

3. Definitions: Defines key terms used throughout the agreement

4. Credit Facility: Details of the credit amount, terms, and conditions of use

5. Payment Terms: Specifies the 30-day payment period, payment methods, and calculation of payment due dates

6. Interest and Charges: Details of any applicable interest rates and late payment charges in compliance with UAE law

7. Credit Limit: Specification of the maximum credit limit and conditions for limit changes

8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority

9. Events of Default: Defines circumstances constituting default and consequences

10. Termination: Conditions and process for terminating the credit facility

11. Governing Law and Jurisdiction: Specifies UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Include when specific security or guarantees are required for the credit facility

2. Parent Company Guarantee: Include when dealing with subsidiaries requiring parent company support

3. Credit Insurance: Include when credit insurance is required as part of the arrangement

4. Electronic Invoicing: Include when parties agree to use electronic invoicing systems

5. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before court proceedings

6. Islamic Finance Compliance: Include when the agreement needs to comply with Islamic finance principles

Suggested Schedules

1. Schedule 1 - Credit Application Form: Standard form for credit application and customer information

2. Schedule 2 - Pricing Schedule: Detailed breakdown of interest rates, fees, and charges

3. Schedule 3 - Payment Procedures: Detailed procedures for making payments, including bank account details

4. Schedule 4 - Required Documents: List of documents required for credit verification and maintenance

5. Appendix A - Specimen Signatures: Authorized signatories for the customer

6. Appendix B - Know Your Customer (KYC) Requirements: List of required KYC documents and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Retail

Manufacturing

Distribution

Wholesale Trade

Construction

Professional Services

Technology

Industrial Supply

Consumer Goods

Automotive

Electronics

Telecommunications

Healthcare Supply

Food and Beverage

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Treasury

Risk Management

Commercial Operations

Procurement

Business Development

Contracts Administration

Relevant Roles

Chief Financial Officer

Finance Director

Credit Controller

Commercial Director

Legal Counsel

Accounts Receivable Manager

Treasury Manager

Risk Manager

Commercial Manager

Business Development Manager

Procurement Manager

Financial Controller

Credit Risk Analyst

Contracts Manager

Operations Director

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Governs contractual relationships, obligations, and general principles of UAE civil law including contract formation, validity, and enforcement
UAE Federal Law No. 18 of 1993 (Commercial Code): Regulates commercial transactions and business relationships, including provisions for payment terms and commercial papers
UAE Federal Decree-Law No. 14 of 2018 (Central Bank Law): Governs banking operations and credit facilities, including regulations on lending and credit arrangements
UAE Federal Law No. 18 of 2019 (Organization of Industrial Property): Contains provisions relevant to commercial transactions and protection of business interests in credit arrangements
UAE Federal Law No. 1 of 2006 (Electronic Commerce Law): Governs electronic transactions and digital signatures, relevant for modern credit agreements executed electronically
UAE Federal Law No. 15 of 2020 (Consumer Protection Law): Protects consumer rights in commercial transactions, including credit arrangements with businesses
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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