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30 Day Credit Agreement

30 Day Credit Agreement Template for Australia

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Key Requirements PROMPT example:

30 Day Credit Agreement

"I need a 30 Day Credit Agreement for my wholesale distribution business in Australia, with a maximum credit limit of AUD 50,000 per customer and requiring personal guarantees from company directors for all corporate customers."

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Document background
This 30 Day Credit Agreement is designed for use in Australian business contexts where a credit provider wishes to establish formal credit terms with their customers. The agreement is particularly relevant for business-to-business transactions but can be adapted for consumer credit scenarios with additional compliance requirements. It incorporates all necessary elements required under Australian credit legislation, including the National Consumer Credit Protection Act 2009 and the Australian Securities and Investments Commission Act 2001. The document provides a comprehensive framework for credit provision, covering credit limits, payment terms, interest charges, security arrangements, and default procedures. It is structured to protect both the credit provider's interests in securing payment and the credit recipient's rights under Australian consumer protection laws.
Suggested Sections

1. Parties: Identification of the credit provider and the customer, including ABN/ACN for businesses and full legal names for individuals

2. Background: Context of the credit arrangement, relationship between parties, and purpose of the agreement

3. Definitions: Clear definitions of key terms used throughout the agreement, including credit terms, payment periods, and relevant financial terminology

4. Credit Facility Details: Specific details of the credit facility including credit limit, interest rates, and payment terms

5. Payment Terms: 30-day payment terms, payment methods, and consequences of late payment

6. Interest and Fees: Breakdown of applicable interest rates, administration fees, late payment fees, and other charges

7. Credit Assessment: Credit check requirements and ongoing credit assessment provisions

8. Default and Consequences: Definition of default events and resulting actions or penalties

9. Termination: Circumstances and process for termination of the credit facility

10. Privacy and Information Handling: How customer information will be collected, used, and protected

11. General Provisions: Standard legal provisions including governing law, notices, and amendment procedures

Optional Sections

1. Security: Required when the credit facility is secured against assets or requires personal guarantees

2. Credit Insurance: Include when credit insurance is offered or required as part of the facility

3. Special Payment Arrangements: Used when establishing specific payment plans or arrangements outside standard terms

4. Business Purpose Declaration: Required when the credit is for business purposes and consumer credit provisions don't apply

5. Joint and Several Liability: Include when multiple parties are jointly responsible for the credit facility

6. Direct Debit Authority: Include when automatic payments are established as part of the agreement

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and interest rates applicable to the credit facility

2. Schedule 2 - Payment Schedule: Detailed payment terms including due dates and payment amounts

3. Schedule 3 - Credit Application Form: Customer's completed credit application with supporting documentation

4. Schedule 4 - Personal/Directors Guarantee: Where applicable, the terms of personal or directors' guarantees

5. Appendix A - Privacy Policy: Detailed privacy policy and credit reporting information

6. Appendix B - Direct Debit Terms: Terms and conditions for direct debit arrangements if applicable

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
Acceptance Date
Agreement
Applicable Law
Authorized Representative
Business Day
Credit Facility
Credit Limit
Credit Provider
Credit Recipient
Credit Terms
Default Event
Default Interest Rate
Due Date
Effective Date
Facility Term
Fees
Force Majeure Event
Governing Law
GST
Guarantee
Guarantor
Initial Credit Assessment
Interest Rate
Late Payment
Material Adverse Change
Notice
Outstanding Balance
Overdue Amount
Payment Date
Payment Method
Privacy Policy
Related Entity
Secured Property
Security
Security Interest
Standard Interest Rate
Statement Date
Term
Termination Date
Trading Account
Relevant Industries

Retail

Wholesale

Manufacturing

Professional Services

Construction

Technology

Healthcare

Distribution

Automotive

Agriculture

Mining

Transportation and Logistics

Relevant Teams

Finance

Accounts Receivable

Credit Control

Legal

Commercial

Risk Management

Treasury

Collections

Business Development

Operations

Relevant Roles

Credit Manager

Financial Controller

Chief Financial Officer

Accounts Receivable Manager

Credit Control Officer

Commercial Manager

Finance Director

Risk Manager

Business Development Manager

Contract Manager

Legal Counsel

Company Secretary

Treasury Manager

Collections Manager

Industries
National Consumer Credit Protection Act 2009 (Cth): Primary legislation governing consumer credit in Australia, including licensing requirements for credit providers and responsible lending obligations
National Credit Code (Schedule 1 to the NCCP Act): Detailed regulations regarding credit contracts, including mandatory disclosure requirements, fees and charges, and enforcement procedures
Australian Securities and Investments Commission Act 2001: Regulates financial services and products, including credit facilities, and provides consumer protection in financial services
Competition and Consumer Act 2010 (including Australian Consumer Law): Provides general consumer protections against unfair practices, misleading conduct, and unconscionable behavior in trade and commerce
Personal Property Securities Act 2009: Governs the creation and enforcement of security interests in personal property, relevant if the credit agreement includes any form of security
Privacy Act 1988: Regulates the handling of personal information, including credit reporting and credit information management
Electronic Transactions Act 1999: Enables and regulates electronic commerce and electronic signing of documents, relevant for digital credit agreements
Contract Law (Common Law): Fundamental principles of contract formation, enforcement, and remedies under Australian common law
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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