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Partial Payment Agreement Form

Partial Payment Agreement Form Template for United Arab Emirates

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Key Requirements PROMPT example:

Partial Payment Agreement Form

"I need a Partial Payment Agreement Form for a commercial debt of AED 150,000, to be paid in 12 monthly installments starting March 2025, with a default interest rate of 9% per annum if payments are missed."

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Document background
The Partial Payment Agreement Form is essential in UAE business operations where parties need to formalize arrangements for settling outstanding debts through structured payments. This document becomes necessary when full immediate payment is not feasible, and parties agree to a scheduled payment plan. Under UAE law, particularly Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 18 of 1993 (Commercial Transactions Law), such agreements must clearly specify payment terms, interest (if applicable within Sharia compliance), and consequences of default. The document serves as a crucial tool for debt management, providing legal protection for both creditors and debtors while ensuring compliance with UAE regulatory requirements regarding debt settlement and payment obligations.
Suggested Sections

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

2. Background: Context of the original debt, acknowledgment of the amount owed, and reason for the partial payment arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding debt amount and its origin

5. Payment Terms: Detailed structure of the partial payment plan, including payment amounts, frequency, and method of payment

6. Payment Schedule: Specific dates or intervals when payments must be made

7. Default Provisions: Consequences of missing payments or breaching the agreement

8. Interest and Charges: Any applicable interest rates or additional charges, ensuring compliance with UAE interest rate regulations

9. Representations and Warranties: Statements of fact and assurances from both parties

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

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Provisions: Include when the agreement is secured by collateral or guarantees

2. Early Payment Provisions: Include when there are specific terms for early payment or settlement discounts

3. Third-Party Guarantor: Include when a guarantor is providing additional security for the payments

4. Insurance Requirements: Include when specific insurance must be maintained during the payment period

5. Confidentiality: Include when parties wish to keep the payment terms confidential

6. Force Majeure: Include when parties want to address circumstances that might prevent payment due to unforeseen events

7. Assignment: Include when either party may need to transfer rights under the agreement

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance

2. Schedule 2 - Original Debt Documentation: Copies of original invoices or agreements evidencing the debt

3. Schedule 3 - Calculation of Interest: If applicable, detailed calculation of interest charges

4. Appendix A - Payment Methods: Detailed instructions for making payments, including bank account details

5. Appendix B - Contact Details: List of authorized contacts for both parties for payment-related communications

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

Banking and Financial Services

Real Estate

Construction

Retail

Manufacturing

Professional Services

Healthcare

Education

Trading

Hospitality

Relevant Teams

Legal

Finance

Accounts Receivable

Credit Control

Treasury

Risk Management

Commercial

Compliance

Corporate Governance

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Collections Manager

Treasury Manager

Financial Controller

Risk Manager

Commercial Director

Business Development Manager

Contract Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Governs contractual obligations, including the basic principles of contract formation, validity, and enforcement. Articles 125-129 specifically address payment obligations and debt settlements.
UAE Federal Law No. 18 of 1993 (Commercial Transactions Law): Regulates commercial transactions and provides framework for commercial debts, payment terms, and settlement agreements between commercial entities.
UAE Federal Law No. 14 of 2018 (UAE Central Bank Law): Relevant when the partial payment agreement involves banking institutions or regulated financial transactions.
UAE Federal Law No. 19 of 2019 (Insolvency Law): May be relevant if the partial payment agreement is part of debt restructuring or involves an insolvent party.
UAE Federal Law No. 2 of 2015 (Commercial Companies Law): Applicable when the partial payment agreement involves commercial companies, particularly regarding authority to enter into such agreements.
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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