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SOW Payment Terms

SOW Payment Terms Template for Netherlands

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The SOW Payment Terms document is a crucial component of service agreements in the Netherlands, specifically designed to complement a Statement of Work by detailing the financial aspects of the business relationship. This document becomes necessary whenever parties enter into a service arrangement requiring structured payment terms, typically used in conjunction with master service agreements or standalone SOWs. The document ensures compliance with Dutch payment legislation, including maximum payment terms and late payment regulations. The SOW Payment Terms includes essential elements such as payment schedules, invoicing requirements, VAT considerations, and dispute resolution procedures, all aligned with Dutch legal requirements. It serves as a comprehensive reference point for all payment-related matters throughout the service engagement, providing clarity and legal certainty for all parties involved.
Suggested Sections

1. Parties: Identification of the service provider and client, including full legal names, registration numbers, and addresses

2. Background: Context of the payment terms in relation to the main agreement or Statement of Work

3. Definitions: Key terms used throughout the document, including payment-related terminology

4. Payment Structure: Overview of the total fees, payment breakdown, and payment schedule

5. Invoice Requirements: Specifications for invoice format, content, and submission process in accordance with Dutch VAT requirements

6. Payment Terms: Standard payment terms, including payment deadline (considering Dutch law's 60-day maximum), payment methods, and currency

7. Late Payment Provisions: Consequences of late payment, including statutory interest rates and recovery costs as per Dutch law

8. Dispute Resolution: Process for handling payment disputes and reconciliation procedures

9. Tax Provisions: VAT and other applicable tax considerations, including withholding requirements

10. Term and Termination: Duration of the payment terms and conditions for modification or termination

Optional Sections

1. Milestone Payments: Include when payment is tied to specific project milestones or deliverables

2. Foreign Currency Provisions: Include when payments are made in non-Euro currency, specifying exchange rate mechanisms

3. Bank Guarantee: Include when advance payments or significant amounts require security

4. Performance-Based Payments: Include when payments are linked to performance metrics or KPIs

5. Intercompany Settlement: Include when payments involve multiple entities within company groups

6. Electronic Invoicing Requirements: Include when specific e-invoicing platforms or systems are mandatory

Suggested Schedules

1. Schedule A - Pricing Breakdown: Detailed breakdown of fees, rates, and costs

2. Schedule B - Payment Schedule: Timeline of payments, including milestone dates if applicable

3. Schedule C - Invoice Template: Standard invoice format meeting Dutch legal requirements

4. Schedule D - Rate Card: List of standard rates for different services or resources

5. Appendix 1 - Banking Details: Secure document containing banking information for payments

6. Appendix 2 - Tax Forms: Required tax documentation and forms

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 Teams

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Relevant Roles

Contract Manager

Finance Director

Chief Financial Officer

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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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