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Partial Payment Agreement

Partial Payment Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Partial Payment Agreement

"I need a Partial Payment Agreement for a construction company debt of AED 500,000, to be paid in monthly installments over 24 months starting January 2025, with a security deposit and early payment discount option."

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The Partial Payment Agreement is utilized when parties need to formalize arrangements for settling outstanding debts through structured installments in the UAE. This document becomes necessary when a debtor cannot fulfill their original payment obligations and requires a modified payment structure. It serves as a crucial tool for debt restructuring, incorporating specific UAE legal requirements and potentially Sharia-compliant provisions. The agreement typically includes detailed payment schedules, acknowledgment of the original debt, and mechanisms for handling default. It's particularly relevant in the UAE business environment where maintaining strong business relationships while ensuring legal compliance is essential. The document must align with UAE Federal Laws, including the Civil Code (Federal Law No. 5 of 1985) and Commercial Transactions Law (Federal Law No. 18 of 1993), making it enforceable in UAE courts.
Suggested Sections

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

2. Background: Context of the original debt, circumstances leading to the partial payment arrangement, and acknowledgment of the outstanding amount

3. Definitions: Key terms used throughout the agreement including 'Original Debt', 'Outstanding Amount', 'Payment Schedule', etc.

4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding debt amount and its origin

5. Payment Terms: Detailed payment structure including installment amounts, payment dates, and payment methods

6. Default Provisions: Consequences of missing payments and remedies available to the creditor

7. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and authority

8. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for dispute resolution

Optional Sections

1. Security Provisions: Include when the debt is secured by collateral or guarantees

2. Interest Provisions: Include when interest is to be charged on the outstanding amount (ensuring Sharia compliance if applicable)

3. Early Payment Provisions: Include when early payment options or discounts are offered

4. Force Majeure: Include when parties want to address circumstances that might prevent payment performance

5. Confidentiality: Include when parties wish to keep the arrangement private

6. Assignment: Include when either party may need to transfer rights or obligations under the agreement

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates, amounts, and cumulative totals

2. Original Debt Documentation: Copies or details of the original agreements or invoices creating the debt

3. Security Details: If applicable, details of any security or collateral provided

4. Bank Account Details: Designated account information for making payments

5. Communication Protocol: Contact details and procedures for notices and payment confirmations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



















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Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Telecommunications

Transportation and Logistics

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Risk Management

Compliance

Collections

Corporate Affairs

Business Development

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Compliance Officer

Collections Manager

Treasury Manager

Risk Manager

Corporate Lawyer

Financial Controller

Credit Risk Analyst

Business Development Manager

Contract Administrator

Industries





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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