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30 Day Credit Agreement Template for Ireland

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Key Requirements PROMPT example:

30 Day Credit Agreement

"I need a 30 Day Credit Agreement for my wholesale distribution business in Ireland, with a €50,000 credit limit, including personal guarantee provisions and specific terms for construction industry customers, to be implemented by March 2025."

Document background
This 30 Day Credit Agreement is designed for use in commercial and consumer transactions within Ireland where a credit provider wishes to establish formal credit terms with a customer. The agreement is particularly relevant in business-to-business transactions but can be adapted for consumer credit arrangements. It incorporates requirements from Irish consumer protection laws, financial regulations, and EU directives, particularly regarding payment terms and data protection. The document includes essential provisions for credit limits, payment obligations, interest calculations, and default remedies, while ensuring compliance with the European Communities (Late Payment in Commercial Transactions) Regulations 2012 and the Consumer Credit Act 1995. It is structured to provide clear terms for both parties while maintaining flexibility for different business scenarios.
Suggested Sections

1. Parties: Identification of the credit provider and the customer, including full legal names and addresses

2. Background: Context of the agreement and brief description of the credit arrangement being entered into

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

4. Credit Terms: Core terms including credit limit, interest rates, and payment terms

5. Payment Obligations: Detailed payment terms, including the 30-day payment period, payment methods, and consequences of late payment

6. Interest and Charges: Details of interest calculations, late payment charges, and any other applicable fees

7. Credit Assessment: Process and requirements for credit assessment and approval

8. Default and Remedies: Consequences of default and available remedies for the credit provider

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

10. Data Protection: GDPR compliance provisions and data handling procedures

11. General Provisions: Standard legal provisions including notices, amendments, and governing law

Optional Sections

1. Personal Guarantee: Required when personal guarantee is needed for business credit agreements

2. Security: Include when specific assets are provided as security for the credit

3. Insurance Requirements: Include when insurance is required to protect the credited amount

4. Credit Limit Review: Include for agreements where periodic credit limit reviews are anticipated

5. Electronic Communications: Include when parties agree to electronic invoicing and communications

6. Multiple Drawing Rights: Include when the credit can be drawn down in multiple installments

Suggested Schedules

1. Schedule 1 - Credit Limit and Payment Terms: Detailed breakdown of credit limit, payment terms, and calculation methods

2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges

3. Schedule 3 - Direct Debit Mandate: Standard form for setting up direct debit payments if applicable

4. Appendix A - Credit Application Form: Standard form for credit application and assessment

5. Appendix B - Personal Guarantee Form: Standard form for personal guarantee when required

6. Appendix C - Privacy Notice: Detailed privacy notice compliant with GDPR requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses






























Relevant Industries

Retail

Wholesale

Manufacturing

Distribution

Professional Services

Construction

Technology

Agriculture

Food and Beverage

Healthcare

Industrial Supplies

Relevant Teams

Finance

Legal

Credit Control

Accounts Receivable

Sales

Compliance

Risk Management

Treasury

Commercial Operations

Relevant Roles

Credit Manager

Financial Controller

Finance Director

Commercial Director

Credit Control Officer

Accounts Receivable Manager

Risk Manager

Compliance Officer

Sales Director

Business Development Manager

Chief Financial Officer

Treasury Manager

Legal Counsel

Contracts Manager

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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