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Delayed Payment Agreement

Delayed Payment Agreement Template for Denmark

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Delayed Payment Agreement

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The Delayed Payment Agreement is a crucial document used when a debtor requires additional time to fulfill their payment obligations under Danish law. This agreement is typically implemented when the original payment terms need to be modified due to financial constraints or business arrangements. It serves to formalize the new payment schedule while protecting both parties' interests. The document must comply with Danish legislation, particularly the Interest Act (Renteloven) and the Act on Late Payment in Commercial Transactions. It includes essential elements such as debt acknowledgment, detailed payment schedules, interest calculations, and default provisions. This type of agreement is particularly valuable in maintaining business relationships while ensuring proper documentation of modified payment terms and can be used in both commercial and consumer contexts, subject to relevant Danish consumer protection laws when applicable.
Suggested Sections

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

2. Background: Context of the original debt, including reference to original agreement or invoice and acknowledgment of the outstanding amount

3. Definitions: Key terms used throughout the agreement, including Payment Plan, Due Dates, Default Interest Rate, etc.

4. Debt Acknowledgment: Formal acknowledgment of the debt amount and its validity by the debtor

5. Payment Terms: Detailed payment schedule, including installment amounts and due dates

6. Interest and Fees: Specification of interest rates (both standard and default), calculation methods, and any administrative fees

7. Default Provisions: Consequences of missing payments, including acceleration clauses and enforcement rights

8. Notices: Requirements for communication between parties, including method and timing of payment reminders

9. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes

Optional Sections

1. Security: Include when specific assets are provided as security for the debt

2. Personal Guarantee: Include when a third party guarantees the debt

3. Early Payment Provisions: Include when allowing for early repayment options and any associated discounts

4. Force Majeure: Include for longer-term payment plans to address unforeseen circumstances

5. Assignment: Include when either party needs the right to assign the agreement to third parties

6. Debt Counseling Notice: Include when debtor is a consumer, providing information about debt counseling services

Suggested Schedules

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

2. Original Debt Documentation: Copies of original invoices, contracts, or other documents evidencing the debt

3. Interest Calculation Method: Detailed explanation of how interest is calculated and applied

4. Security Documentation: If applicable, documentation of any security or collateral provided

5. Direct Debit Authorization: If applicable, authorization for automatic payment collection

Authors

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Relevant legal definitions
Agreement
Original Debt
Outstanding Amount
Payment Plan
Due Date
Business Day
Interest Rate
Default Interest Rate
Payment Schedule
Default Event
Notice
Banking Day
Grace Period
Installment
Security
Parties
Creditor
Debtor
Guarantor
Effective Date
Acceleration Event
Permitted Payment Method
Statement of Account
Collection Costs
Force Majeure Event
Working Day
Default Notice
Prepayment
Administrative Fee
Applicable Law
Collateral
Payment Terms
Debt Collection Process
Interest Period
Material Adverse Change
Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Interest Act (Renteloven): Regulates the calculation and application of interest on late payments, including default interest rates and when interest starts accruing
Danish Contracts Act (Aftaleloven): Provides the fundamental legal framework for formation and validity of contracts, including rules about offer and acceptance, and invalid contracts
Danish Act on Late Payment in Commercial Transactions: Implements EU rules on late payments in commercial transactions, setting maximum payment periods and consequences of late payment
Danish Consumer Contracts Act (Forbrugeraftaleloven): Provides protection for consumers in contractual relationships, including rules about information requirements and right of withdrawal
Danish Debt Collection Act (Inkassoloven): Regulates the process of debt collection and the fees that can be charged in connection with delayed payments
Danish Administration of Justice Act (Retsplejeloven): Contains rules about enforcement of claims and legal proceedings in case of payment disputes
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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