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Incidental Credit Agreement

Incidental Credit Agreement Template for New Zealand

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Key Requirements PROMPT example:

Incidental Credit Agreement

"I need an Incidental Credit Agreement for my retail furniture business in Auckland, offering customers 60-day payment terms with a credit limit of NZD 10,000, to be implemented from March 2025."

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Document background
The Incidental Credit Agreement is designed for businesses in New Zealand that provide credit as a secondary aspect of their main business operations. This document type is commonly used when businesses offer payment terms or delayed payment options to customers for goods or services, without being primarily in the business of providing credit. The agreement must comply with the Credit Contracts and Consumer Finance Act 2003 (CCCFA) and related legislation, containing mandatory disclosures, clear credit terms, and consumer protections. It's particularly relevant for businesses that regularly offer payment terms to customers but aren't traditional financial institutions. The agreement includes essential elements such as credit limits, payment terms, interest rates (if applicable), default provisions, and all necessary regulatory disclosures required under New Zealand law.
Suggested Sections

1. Parties: Identifies and defines the credit provider and the customer, including their full legal names and addresses

2. Background: Explains the context of the incidental credit arrangement and the purpose for which credit is being provided

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Credit Terms: Specifies the credit limit, interest rates, fees, and payment terms

5. Payment Obligations: Details the customer's obligations regarding payments, including timing and method

6. Default and Enforcement: Outlines what constitutes default and the consequences of default

7. Term and Termination: Specifies the duration of the agreement and circumstances for termination

8. General Provisions: Contains standard contractual provisions including governing law, notices, and amendments

Optional Sections

1. Security: Used when specific assets are provided as security for the credit facility

2. Guarantor Provisions: Required when a guarantor is involved in securing the credit obligation

3. Insurance Requirements: Included when specific insurance coverage is required as part of the credit arrangement

4. Special Trading Terms: Added when specific trading arrangements or conditions apply to the credit facility

5. Direct Debit Authorization: Included when automatic payment arrangements are established

Suggested Schedules

1. Schedule 1 - Initial Disclosure: Mandatory disclosure information required under the CCCFA including fees, interest rates, and payment details

2. Schedule 2 - Credit Limits and Fees: Detailed breakdown of credit limits and all applicable fees

3. Schedule 3 - Payment Schedule: Detailed payment schedule including dates and amounts

4. Appendix A - Standard Terms and Conditions: General terms and conditions applicable to all credit arrangements

5. Appendix B - Privacy Statement: Details how personal information will be collected, used, and protected

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






























Clauses

























Relevant Industries

Retail

Wholesale Trade

Construction

Professional Services

Manufacturing

Agriculture

Automotive

Home Improvement

Medical Services

Education

Relevant Teams

Legal

Finance

Credit Control

Risk Management

Compliance

Operations

Sales

Account Management

Commercial

Administration

Relevant Roles

Credit Manager

Financial Controller

Business Development Manager

Commercial Manager

Accounts Receivable Manager

Risk Manager

Compliance Officer

Legal Counsel

Operations Manager

Sales Manager

Chief Financial Officer

Credit Administrator

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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