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Final Payment Agreement

Final Payment Agreement Template for United Arab Emirates

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Final Payment Agreement Template

"I need a Final Payment Agreement Template for a construction project completion in Dubai, where our company will make a final payment of 2.5 million AED to the contractor by March 15, 2025, with provisions for warranty retention."

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Document background
The Final Payment Agreement Template is designed for use in the United Arab Emirates when parties need to document and formalize the terms of a final payment settlement. This document is particularly crucial in the UAE business environment where formal documentation of settlements is essential for legal certainty and compliance. The template incorporates requirements from UAE Federal Laws, including the Civil Code (Federal Law No. 5 of 1985) and Commercial Transactions Law (Federal Law No. 18 of 1993). It is typically used when concluding business relationships, completing projects, or settling outstanding obligations, providing clear terms for the final payment, release of liabilities, and settlement conditions. The document ensures that both parties have a legally sound agreement that can be enforced under UAE law.
Suggested Sections

1. Parties: Identification of all parties involved in the agreement, including their full legal names, addresses, and registration details if companies

2. Background: Details of the original obligation, contract reference, outstanding amount, and context of the final payment arrangement

3. Definitions: Key terms used in the agreement, including 'Final Payment', 'Settlement Date', 'Original Contract', etc.

4. Outstanding Amount: Clear statement of the total outstanding amount and how it was calculated

5. Payment Terms: Specific details of the final payment including amount, method, currency, and deadline

6. Release and Discharge: Terms confirming that upon payment, all obligations are discharged and parties release each other from further claims

7. Representations and Warranties: Statements from both parties confirming their authority to enter into the agreement and the validity of the settlement

8. Governing Law and Jurisdiction: Confirmation that UAE law governs the agreement and specification of jurisdiction for disputes

9. Execution: Signature blocks and execution requirements compliant with UAE law

Optional Sections

1. Installment Schedule: Include when the final payment is to be made in multiple installments

2. Security Provisions: Include when the payment is secured by guarantees, assets, or third-party commitments

3. Confidentiality: Include when parties wish to keep the settlement terms confidential

4. Tax Implications: Include when the settlement has specific tax consequences that need to be addressed

5. Third Party Rights: Include when the settlement affects rights of third parties or requires third party consents

6. Default Provisions: Include when there are specific consequences for failure to make the final payment

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

Suggested Schedules

1. Schedule 1 - Payment Calculation: Detailed breakdown of how the final payment amount was calculated

2. Schedule 2 - Original Contract: Copy or key terms of the original contract being settled

3. Schedule 3 - Payment Instructions: Detailed bank account information and payment processing requirements

4. Schedule 4 - Supporting Documents: List of relevant documents evidencing the debt or obligation being settled

5. Appendix A - Form of Release: Template for the final release document to be issued upon payment completion

6. Appendix B - Corporate Authorizations: Copies of corporate approvals and authorizations if parties are companies

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 legal definitions
Agreement
Business Day
Claim
Completion Date
Discharge
Effective Date
Final Payment
Final Payment Date
Governing Law
Interest Rate
Original Contract
Outstanding Amount
Parties
Payment Instructions
Release
Settlement Amount
Settlement Date
Supporting Documents
UAE
UAE Dirham
Original Obligation
Payment Method
Release Date
Security
Termination Date
Bank Account
Business Hours
Confidential Information
Default Event
Dispute
Force Majeure
Legal Representative
Notice
Payment Schedule
Related Rights
Relevant Industries

Construction

Real Estate

Banking and Finance

Trading and Commerce

Manufacturing

Professional Services

Oil and Gas

Retail

Technology

Healthcare

Hospitality

Transportation and Logistics

Relevant Teams

Legal

Finance

Accounts Payable

Accounts Receivable

Treasury

Contract Administration

Project Management

Commercial

Credit Control

Collections

Corporate Secretariat

Procurement

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Accounts Payable Manager

Contract Manager

Project Manager

Commercial Director

Treasury Manager

Credit Controller

Collections Manager

Corporate Secretary

Business Development Manager

Procurement Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Governs contractual obligations, settlements, and release of liability. Articles 318-326 specifically deal with discharge of obligations and settlement agreements.
UAE Federal Law No. 18 of 1993 (Commercial Transactions Law): Regulates commercial transactions, payment obligations, and commercial paper. Relevant for business-related final payments and settlements.
UAE Federal Law No. 8 of 1980 (UAE Labor Law): Contains provisions regarding final settlements and end-of-service payments between employers and employees.
UAE Federal Law No. 2 of 2015 (Commercial Companies Law): Relevant for final payments involving corporate entities and business partnerships.
UAE Federal Law No. 11 of 1992 (Civil Procedure Law): Provides framework for enforcement of payment agreements and dispute resolution procedures.
UAE Federal Law No. 14 of 2018 (UAE Central Bank Law): Governs banking transactions and electronic payments, relevant for payment methods and banking regulations.
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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