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Money Owed Contract Agreement
I need a Money Owed Contract Agreement for a business debt of AED 500,000 between two UAE companies, with post-dated cheques as security and monthly installments starting from March 2025.
1. Parties: Identification and details of the creditor and debtor, including full legal names, addresses, and registration details if companies
2. Background: Context of the debt, including origin of the debt and any pre-existing relationships or agreements
3. Definitions: Key terms used throughout the agreement, including 'Debt Amount', 'Interest Rate' (if applicable), 'Payment Date', etc.
4. Acknowledgment of Debt: Clear statement of the debt amount and debtor's acknowledgment of the obligation
5. Payment Terms: Detailed payment schedule, including amount, frequency, and method of payments
6. Interest and Charges: Details of any applicable interest (in compliance with UAE law and Sharia principles) and administrative charges
7. Default Provisions: Consequences of missing payments and remedies available to the creditor
8. Representations and Warranties: Debtor's confirmations regarding their ability to pay and financial status
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts' jurisdiction
10. Notices: How formal communications between parties should be made and delivered
1. Security Provisions: Details of any collateral or security provided for the debt, used when security is offered
2. Guarantor Provisions: Terms applying to any guarantor of the debt, included when a guarantor is involved
3. Early Repayment: Terms for early repayment of the debt, including any applicable discounts or penalties
4. Insurance Requirements: Any insurance required to be maintained by the debtor, included for larger debts or business loans
5. Assignment: Rights to assign the debt to third parties, included when debt assignment might be contemplated
6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability, included in longer-term payment arrangements
7. Confidentiality: Terms regarding confidentiality of the agreement, included for business or sensitive debts
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and cumulative payments
2. Security Details: Detailed description of any security or collateral provided
3. Evidence of Debt: Copies of relevant documents proving the original debt (invoices, statements, etc.)
4. Post-dated Cheques: List and details of any post-dated cheques provided as payment security
5. Guarantor Documents: Copies of guarantor identification and relevant documentation
Authors
Payment Terms
Interest
Default
Security
Representations and Warranties
Guarantees
Early Repayment
Force Majeure
Assignment
Confidentiality
Notices
Severability
Entire Agreement
Amendment
Waiver
Governing Law
Jurisdiction
Dispute Resolution
Costs and Expenses
Termination
Further Assurance
Time of Essence
Counterparts
Banking & Financial Services
Real Estate
Construction
Retail
Manufacturing
Professional Services
Healthcare
Education
Hospitality
Trading & Distribution
Technology
Small Business & Entrepreneurship
Legal
Finance
Accounts Receivable
Credit Control
Treasury
Risk Management
Compliance
Corporate Affairs
Debt Recovery
Commercial Operations
Finance Manager
Credit Controller
Legal Counsel
Chief Financial Officer
Accounts Receivable Manager
Contract Administrator
Risk Manager
Treasury Manager
Collections Specialist
Business Owner
Financial Director
Compliance Officer
Corporate Lawyer
Debt Recovery Specialist
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