Publisher one

Genie AI

Jurisdiction

England and Wales

Contract party

Relevant sectors

Type of legal document

💴 Deed of priority

Business activity

Deed of priority

Why use a 💴 Deed of priority?

A deed of priority is a legal document that establishes the priority of one creditor's claim over other creditors' claims. In other words, a deed of priority gives the creditor who holds the deed priority over other creditors in the event that the debtor defaults on payments.

The Deed of Priority (Different Creditors, Same Assets, Same Debtor) is a legal template designed for use under UK law to establish an order of payment among multiple creditors who have claims on the same assets owned by a single debtor. In situations where a debtor has multiple outstanding debts to different creditors, this document serves as a binding agreement that outlines the priority in which these creditors will be repaid from the assets in possession of the debtor.

As per UK law, the Deed of Priority ensures transparency, fairness, and legal clarity for all parties involved. It primarily addresses situations where a debtor lacks sufficient funds to fully repay all debts owed, prompting the need for a predetermined hierarchy of creditors to receive payment. This legal instrument sets forth the order in which the creditors will be satisfied, ensuring that each creditor's right to repayment is recognized and accounted for.

The Deed of Priority template typically outlines the specific terms and conditions agreed upon by the creditors, which may include the amounts owed, the ranking of priority, the assets designated for payment, and any agreed-upon payment structures or timelines. This document protects both debtors and creditors by formalizing the creditors' rights and providing a legally binding agreement on the order of repayments. It aids in preventing any potential disputes or confusion that may arise concerning the distribution of available funds.

It is essential to consult legal professionals experienced in financial and contractual matters while utilizing the Deed of Priority template to ensure compliance with UK law and the specific circumstances of the debtor-creditor relationship.

How it works

Create doc / use template

Chat to our AI Legal Assistant

Edit, collaborate & share

Export to .docx

PRODUCT HUNT
#1 Product of the Day

Try using Genie's Free AI Legal Assistant

Generate quality, formatted contracts with AI

Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs

Let our Legal AI make 
edits for you

Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.

AI review

Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs

See Genie AI in action

Book your personalised demo now

Schedule a live, interactive demo with a Genie expert
Understand the most valuable features of Genie based on your workflow
Find out exactly how your business will benefit, from hours saved to faster revenue



Click here to book your personalised demo now.

Thank you for requesting a demo. You can book one immediately using the following link if you'd like to: https://bit.ly/GenieAIDemo

If you'd like to, you can now fill in our ROI calculator - you'll get instant results, which we'll use to make your demo even more specific.

Calculate now
Oops! Something went wrong while submitting the form.



Click here to book your personalised demo now.

Similar legal templates

Standard Selection Questionnaire (Public Contracts)

The Standard Selection Questionnaire (Public Contracts) under UK law is a legal template designed to assist organizations in their procurement process when specifically dealing with public contracts in the United Kingdom. This questionnaire serves as a comprehensive document that aims to evaluate and pre-qualify potential suppliers or service providers before awarding a public contract.

The questionnaire template typically consists of a series of detailed questions addressing various aspects such as the company's financial stability, technical capabilities, relevant experience, previous performance, compliance with legal and regulatory requirements, as well as their capability to undertake the specific contract being tendered.

This legal template is crucial during the procurement process as it ensures transparency, fairness, and equal opportunity for all potential suppliers. It helps contracting authorities or government entities to assess the suitability and capability of suppliers, reducing potential risks associated with awarding public contracts to unsuitable or incapable candidates.

By utilizing this Standard Selection Questionnaire, organizations can consistently evaluate potential suppliers in a standardized manner, allowing them to make informed decisions based on objective criteria. Furthermore, it helps streamline the procurement process by collecting all essential information from potential suppliers upfront, saving time and effort throughout the evaluation process.

Overall, this legal template provides a structured approach to the selection and evaluation process for public contracts under UK law, promoting fair competition and ensuring that the most qualified and capable suppliers are chosen to deliver these important projects.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
6
RATINGS
1
DISCUSSIONS
0

Surveyor Contract

This Surveyor contract template is designed for a commercial surveying organisation (or an individual surveyor) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of surveying and surveying-related services to be completed by the surveyor on behalf of the client, with consideration for expectations around quality and delivery timescales, as well as any mitigating circumstances. This contract allows for payment to be made by the client to the surveying firm or individual surveyor on a weekly or monthly basis but can easily be edited to account for other payment schedules and could be altered to include bonuses conditional on performance. It can also be fully customised with the details of the two parties and the duration of the contract and can be printed, downloaded and edited freely as part of our mission to open source business legals. This is a template for contractors who fit outside of the UK's off-payroll working rules (IR35).

Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
4
RATINGS
0
DISCUSSIONS
2

Sustainability Consultant Contract

This Sustainability Consultant contract template is designed for a commercial sustainability consulting organisation (or an individual sustainability consultant) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of sustainability consulting and sustainability-consulting-related services to be completed by the sustainability consultant on behalf of the client, with consideration for expectations around quality and delivery timescales, as well as any mitigating circumstances. This contract allows for payment to be made by the client to the sustainability consulting firm or individual sustainability consultant on a weekly or monthly basis but can easily be edited to account for other payment schedules and could be altered to include bonuses conditional on performance. It can also be fully customised with the details of the two parties and the duration of the contract and can be printed, downloaded and edited freely as part of our mission to open source business legals. This is a template for contractors who fit outside of the UK's off-payroll working rules (IR35).

Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
5
RATINGS
2
DISCUSSIONS
1