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Supplier Credit Agreement

Supplier Credit Agreement Template for Malaysia

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Key Requirements PROMPT example:

Supplier Credit Agreement

"I need a Supplier Credit Agreement for my manufacturing company to extend credit of RM 500,000 to a long-term buyer, with quarterly repayments over 24 months and personal guarantee from the buyer's directors."

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Document background
The Supplier Credit Agreement is a vital commercial document used when a supplier agrees to provide goods or services on credit terms to a business customer in Malaysia. This agreement is particularly important in business-to-business transactions where extended payment terms are required to facilitate trade. The document comprehensively addresses credit limits, payment schedules, interest calculations, and default provisions, all within the framework of Malaysian commercial law. It includes specific provisions required under Malaysian legislation, such as stamp duty requirements and registration obligations where applicable. The agreement is commonly used in trade finance arrangements and can be adapted for various industries and credit amounts, providing legal protection for both supplier and buyer while ensuring clarity in their credit relationship.
Suggested Sections

1. Parties: Identification of the supplier (creditor) and buyer (debtor), including full legal names, registration numbers, and registered addresses

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

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

4. Credit Facility: Details of the credit amount, purpose, and terms of availability

5. Interest and Fees: Interest rate, calculation method, payment periods, and any additional fees or charges

6. Repayment Terms: Payment schedule, method of payment, and consequences of late payment

7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available

8. Representations and Warranties: Statements of fact and assurances given by the buyer regarding their business and ability to repay

9. Covenants: Ongoing obligations of the buyer during the term of the agreement

10. Events of Default: Circumstances that constitute default and consequences thereof

11. Termination: Circumstances and process for ending the agreement

12. General Provisions: Standard legal provisions including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Security: Details of any collateral or security provided - include when the credit facility is secured

2. Personal Guarantee: Terms of personal guarantee - include when individual guarantors are involved

3. Insurance: Insurance requirements for secured assets - include when specific insurance coverage is required

4. Assignment: Rights and restrictions regarding assignment of the agreement - include when assignment rights are important

5. Cross-Default: Provisions linking default under other agreements - include for complex commercial relationships

6. Force Majeure: Provisions for unforeseen circumstances - include when extended credit terms make this relevant

Suggested Schedules

1. Payment Schedule: Detailed repayment schedule including dates and amounts

2. Security Details: Detailed description of any security or collateral provided

3. Interest Calculation: Detailed method for calculating interest and examples

4. Form of Drawdown Notice: Template for requesting drawdown under the credit facility

5. Required Documents: List of documents required for conditions precedent

6. Authorized Signatories: List of persons authorized to act under the agreement

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
Agreement
Applicable Law
Business Day
Credit Facility
Credit Limit
Conditions Precedent
Default Interest
Default Event
Drawdown
Due Date
Effective Date
Facility Period
Finance Documents
Force Majeure Event
Goods
Governmental Authority
Interest Rate
Material Adverse Effect
Payment Date
Permitted Purpose
Purchase Order
Repayment Schedule
Security
Security Documents
Services
Stamp Duty
Supplier Credit
Term
Transaction Documents
Working Day
Malaysian Ringgit
Authorized Representative
Confidential Information
Delivery
Encumbrance
Financial Indebtedness
Guarantor
Interest Period
Outstanding Amount
Potential Default
Related Company
Secured Assets
Tax
Clauses
Credit Facility Terms
Interest Rate
Repayment
Security
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Payment Terms
Default Interest
Fees and Charges
Guarantee
Set-off Rights
Assignment
Force Majeure
Confidentiality
Notices
Amendments
Governing Law
Dispute Resolution
Termination
Indemnification
Severability
Entire Agreement
Counterparts
Third Party Rights
Stamp Duty
Anti-Money Laundering
Currency
Financial Statements
Information Undertakings
Insurance
Tax
Waiver
Survival
Industries

Contracts Act 1950: Primary legislation governing formation and enforcement of contracts in Malaysia, including essential elements like offer, acceptance, consideration, and contractual obligations

Financial Services Act 2013: Regulates financial institutions and credit arrangements, including licensing requirements and consumer protection provisions for credit facilities

Stamp Act 1949: Requires certain documents including credit agreements to be properly stamped to be admissible in court and legally enforceable

Companies Act 2016: Relevant for corporate entities entering into supplier credit agreements, governing company powers and execution of documents

Electronic Commerce Act 2006: Governs electronic transactions and digital signatures if the agreement is to be executed electronically

Consumer Protection Act 1999: Applicable if the supplier credit agreement involves consumer goods or services, providing protection against unfair contract terms

Registration of Businesses Act 1956: Relevant for verification of business entities and their registration status when entering into supplier agreements

Limitation Act 1953: Sets time limits for enforcement of contractual rights and legal actions relating to the agreement

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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