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Payment Agreement Template for Denmark

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Payment Agreement

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Document background
The Payment Agreement is a fundamental legal document used in Danish business and commercial practice to formalize debt repayment arrangements between parties. This document type is particularly relevant when parties need to establish clear, legally enforceable payment terms, whether in a business-to-business or business-to-consumer context. The agreement must comply with Danish law, particularly the Danish Contracts Act, Interest Act, and relevant EU regulations. Payment Agreements are commonly used for structuring installment payments, debt restructuring, or formalizing payment obligations arising from various commercial transactions. The document typically includes detailed payment schedules, interest calculations, and default provisions, all aligned with Danish legal requirements and market practice.
Suggested Sections

1. Parties: Identification and details of the creditor and debtor, including full legal names, registration numbers (CVR for companies), and addresses

2. Background: Context of the debt or payment obligation, including origin of the debt and any previous arrangements

3. Definitions: Key terms used throughout the agreement, including payment-related terminology

4. Payment Amount and Currency: Total amount owed and currency of payment, including any existing interest or fees

5. Payment Schedule: Detailed payment terms including installment amounts, due dates, and payment methods

6. Interest and Late Fees: Applicable interest rates, calculation methods, and late payment penalties in accordance with Danish Interest Act

7. Payment Methods: Accepted methods of payment and detailed payment instructions

8. Default Provisions: Consequences of missed payments and steps to be taken in case of default

9. Notices: How and where formal notices between parties should be sent

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

Optional Sections

1. Security: Include when additional security or guarantees are required for the payment obligation

2. Acceleration Clause: Include when early repayment options or full payment acceleration conditions need to be specified

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

4. Debt Restructuring: Include when the agreement is part of a larger debt restructuring arrangement

5. Special Payment Conditions: Include when there are conditional payment terms or performance-based payment adjustments

6. Force Majeure: Include when specific circumstances might affect payment ability and need to be addressed

7. Assignment: Include when rights to receive payments may be assigned to third parties

8. Consumer Protection Provisions: Include when the debtor is a consumer, incorporating relevant consumer protection requirements

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment installments, amounts, and due dates

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

5. Security Documentation: If applicable, documents relating to any security or guarantees provided

6. Proof of Authority: Documentation proving authority to enter into the agreement for corporate entities

Authors

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Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Contracts Act (Aftaleloven): Fundamental law governing formation and validity of contracts in Denmark, including payment agreements. Covers issues like offer and acceptance, authority, and invalidity of contracts.
Danish Interest Act (Renteloven): Regulates interest rates and late payment fees in commercial and consumer transactions. Essential for specifying default interest rates and payment terms.
Danish Debt Collection Act (Inkassoloven): Governs the process of debt collection and enforcement of payment obligations, including requirements for collection notices and fees.
Danish Payment Services Act (Betalingsloven): Implements EU Payment Services Directive (PSD2), regulating payment services and electronic payments in Denmark.
EU Late Payment Directive (2011/7/EU): European legislation addressing late payments in commercial transactions, which has been implemented in Danish law.
Danish Consumer Contracts Act (Forbrugeraftaleloven): If the payment agreement involves consumers, this act provides additional protection and requirements for consumer contracts.
Danish Administration of Justice Act (Retsplejeloven): Relevant sections regarding enforcement of payments and legal procedures in case of default.
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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