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Direct Debit Installment Agreement

Direct Debit Installment Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Direct Debit Installment Agreement

"I need a Direct Debit Installment Agreement for my retail furniture business in Dubai, UAE, allowing customers to pay for purchases over 12 months, with a minimum purchase value of AED 5,000 and monthly direct debit collections starting January 2025."

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Document background
The Direct Debit Installment Agreement is essential for businesses operating in the UAE that offer products or services with installment payment options. This document, regulated by UAE Central Bank Regulation No. 157/2012 and related banking laws, provides a secure mechanism for collecting recurring payments while protecting both creditor and debtor interests. It's commonly used in retail financing, education fee payments, and subscription services, containing detailed payment schedules, bank account information, and procedures for payment collection. The agreement must comply with UAE banking regulations and include specific consumer protection provisions, making it a crucial tool for businesses managing recurring payments in the UAE market.
Suggested Sections

1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration details

2. Background: Context of the agreement, including the underlying transaction or reason for the installment payments

3. Definitions: Key terms used throughout the agreement, including banking and payment-related terminology

4. Direct Debit Authorization: Express authorization from the debtor to the creditor for direct debit collection

5. Payment Terms: Details of the total amount, installment amounts, and payment schedule

6. Bank Account Details: Specification of the relevant bank accounts for direct debit collection

7. Default and Remedies: Consequences of payment failure and available remedies

8. Term and Termination: Duration of the agreement and circumstances for termination

9. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Additional security arrangements such as guarantees or collateral, used when additional payment security is required

2. Early Payment: Terms for early repayment of the outstanding amount, included when early payment options are offered

3. Assignment: Rights and restrictions regarding assignment of the agreement, included for commercial arrangements

4. Force Majeure: Provisions for unforeseen circumstances affecting payment obligations, relevant for long-term arrangements

5. Notices: Formal communication procedures, included in more complex arrangements

6. Confidentiality: Provisions for maintaining confidentiality of agreement terms, included in commercial arrangements

Suggested Schedules

1. Payment Schedule: Detailed breakdown of installment amounts and due dates

2. Direct Debit Mandate Form: Standard UAE Central Bank direct debit mandate form

3. Bank Account Details: Complete banking information for both parties

4. Product/Service Details: Details of the underlying product or service being paid for in installments

5. Required Documents: List of supporting documents required for the direct debit setup

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

Banking and Financial Services

Automotive

Real Estate

Education

Healthcare

Insurance

Telecommunications

Consumer Electronics

Home Furnishing

Relevant Teams

Legal

Finance

Compliance

Credit Control

Collections

Customer Service

Operations

Risk Management

Treasury

Retail Operations

Relevant Roles

Finance Manager

Credit Controller

Legal Counsel

Compliance Officer

Account Manager

Collections Manager

Financial Controller

Treasury Manager

Retail Finance Manager

Business Development Manager

Risk Manager

Operations Manager

Industries
UAE Central Bank Regulation No. 157/2012: Regulation regarding the implementation of Direct Debit System in the UAE, establishing the rules and procedures for direct debit arrangements between banks and customers
UAE Federal Law No. 5 of 1985 (Civil Code): The fundamental law governing contractual relationships, obligations, and general principles of contract formation in the UAE
UAE Federal Law No. 1 of 2006 (Electronic Commerce Law): Regulates electronic transactions and signatures, relevant for electronic processing of direct debit agreements
UAE Federal Law No. 19 of 2018 (Foreign Direct Investment Law): May be relevant if the agreement involves foreign parties or cross-border transactions
UAE Federal Law No. 14 of 2019 (Central Bank Law): The primary banking regulation law that governs all banking activities including payment systems and direct debits
UAE Consumer Protection Law Federal Law No. 24 of 2006: Protects consumer rights and interests in financial transactions, including installment payment arrangements
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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