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Credit Agreement For Supply Of Goods

Credit Agreement For Supply Of Goods Template for Canada

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Key Requirements PROMPT example:

Credit Agreement For Supply Of Goods

"I need a Credit Agreement for Supply of Goods under Canadian law for our manufacturing business, where we'll receive monthly deliveries of raw materials valued at CAD 100,000 with 60-day payment terms, starting January 2025."

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Document background
The Credit Agreement For Supply Of Goods is essential for businesses operating in Canada that require both financing and goods supply arrangements in a single transaction. This document is typically used when a supplier extends credit to a purchaser for the acquisition of goods, or when a third-party financier is involved in facilitating the purchase of goods from a supplier. The agreement incorporates crucial elements required under Canadian federal and provincial laws, including interest rate disclosure requirements, security registration provisions, and consumer protection measures where applicable. It provides comprehensive coverage of credit terms, delivery schedules, quality specifications, and security arrangements, while ensuring compliance with provincial Personal Property Security Act requirements and federal regulatory frameworks. This type of agreement is particularly valuable for ongoing supply relationships where regular purchases are made on credit terms, offering both parties security and clarity in their commercial relationship.
Suggested Sections

1. Parties: Identification of the creditor/supplier and the debtor/purchaser with full legal names and addresses

2. Background: Context of the agreement, relationship between parties, and general purpose of the credit arrangement for goods supply

3. Definitions: Definitions of key terms used throughout the agreement including credit-related and goods-related terminology

4. Credit Terms: Details of the credit facility including principal amount, interest rate, payment terms, and repayment schedule

5. Supply Terms: Specifications for the supply of goods including delivery terms, quantities, and timing

6. Security: Details of any security interests in the goods or other assets provided as collateral

7. Representations and Warranties: Statements of fact and guarantees by both parties regarding their capacity, authority, and the goods

8. Covenants: Ongoing obligations of both parties throughout the term of the agreement

9. Events of Default: Circumstances constituting default and consequences thereof

10. Remedies: Rights and remedies available to parties in case of default or breach

11. Term and Termination: Duration of the agreement and circumstances for early termination

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

Optional Sections

1. Insurance Requirements: Required when specific insurance coverage is needed for the goods or credit risk

2. Financial Covenants: Include when ongoing financial requirements are imposed on the debtor

3. Guarantees: Required when a third party guarantees the obligations of the debtor

4. Cross-Default: Include when default under other agreements should trigger default under this agreement

5. Assignment and Subcontracting: Include when either party may need to assign rights or subcontract obligations

6. Force Majeure: Include when parties want specific provisions for unforeseen circumstances affecting supply

7. Intellectual Property: Required when the supplied goods involve intellectual property rights

8. Consignment Provisions: Include when goods are supplied on a consignment basis

Suggested Schedules

1. Schedule A - Goods Description: Detailed specifications of the goods being supplied

2. Schedule B - Pricing and Payment Schedule: Detailed breakdown of prices and payment installments

3. Schedule C - Delivery Schedule: Timeline and locations for goods delivery

4. Schedule D - Security Registration Details: Details of security interests and registrations

5. Schedule E - Financial Covenants Calculation: Formulas and methods for calculating financial covenants

6. Schedule F - Form of Compliance Certificate: Template for periodic compliance certification

7. Appendix 1 - Insurance Requirements: Detailed insurance requirements and minimum coverage amounts

8. Appendix 2 - Quality Standards: Specific quality requirements and testing procedures for goods

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

Manufacturing

Wholesale Trade

Retail

Industrial Equipment

Construction

Automotive

Agriculture

Technology Hardware

Medical Equipment

Energy

Raw Materials

Consumer Goods

Relevant Teams

Legal

Finance

Procurement

Supply Chain

Treasury

Credit Control

Risk Management

Operations

Commercial

Accounts Payable

Contract Management

Relevant Roles

Chief Financial Officer

Procurement Manager

Supply Chain Director

Credit Manager

Commercial Director

Legal Counsel

Treasury Manager

Finance Director

Purchasing Officer

Risk Manager

Contract Administrator

Operations Manager

Account Manager

Financial Controller

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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