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Late Payment Agreement

Late Payment Agreement Template for Ireland

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Key Requirements PROMPT example:

Late Payment Agreement

"I need a Late Payment Agreement for a €75,000 business debt owed by a manufacturing company, with monthly installments starting March 2025 and including provisions for early payment discounts and security over equipment."

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Document background
The Late Payment Agreement serves as a crucial document for businesses and individuals operating under Irish jurisdiction who need to formalize arrangements for settling overdue payments. It is particularly relevant when standard payment terms have not been met and parties wish to establish a new, structured payment schedule while maintaining legal rights. This document becomes necessary when there is an acknowledgment of debt and both parties agree to specific terms for its settlement. The agreement incorporates requirements from Irish commercial law and the European Communities (Late Payment in Commercial Transactions) Regulations 2012, addressing interest rates, payment schedules, and enforcement mechanisms. It provides protection for both creditors and debtors by clearly documenting the terms of payment, helping prevent future disputes and establishing a legally enforceable framework for debt collection.
Suggested Sections

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

2. Background: Context of the original debt, acknowledgment of the amount owed, and circumstances leading to this agreement

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

4. Acknowledgment of Debt: Formal acknowledgment of the debt amount, original due date, and current outstanding balance

5. Payment Terms: Detailed payment schedule, including amounts, dates, and method of payment

6. Interest Charges: Specification of interest rates applicable to the outstanding amount and late payments

7. Default Provisions: Consequences of missing payments or breaching the agreement

8. Representations and Warranties: Statements of fact and promises made by both parties

9. Notices: How formal communications between parties should be made

10. Governing Law and Jurisdiction: Confirmation of Irish law governance and jurisdiction

Optional Sections

1. Security: Include when specific assets are being provided as security for the debt

2. Guarantor Provisions: Include when a third party is guaranteeing the debt

3. Early Payment Provisions: Include when there are specific terms or discounts for early payment

4. Force Majeure: Include when parties want to address circumstances beyond their control affecting payment ability

5. Confidentiality: Include when parties want to keep the agreement terms private

6. Debt Write-Off Conditions: Include when partial debt forgiveness is offered subject to compliance with payment terms

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance

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

3. Schedule 3 - Security Details: If applicable, detailed description of any security provided

4. Appendix A - Calculation of Interest: Methodology for calculating interest on the outstanding balance

5. Appendix B - Communication Protocols: Detailed procedures for payment notifications and default warnings

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
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Relevant Industries

Financial Services

Manufacturing

Retail

Construction

Professional Services

Technology

Healthcare

Transportation and Logistics

Real Estate

Wholesale Distribution

Agriculture

Energy

Relevant Teams

Finance

Legal

Treasury

Credit Control

Accounts Receivable

Risk Management

Commercial Operations

Contract Administration

Corporate Governance

Debt Recovery

Relevant Roles

Chief Financial Officer

Finance Director

Credit Controller

Accounts Receivable Manager

Collections Manager

Financial Controller

Treasury Manager

Legal Counsel

Commercial Director

Business Development Manager

Risk Manager

Debt Recovery Specialist

Contract Manager

Company Secretary

Managing Director

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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