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Payment Waiver

Payment Waiver Template for Pakistan

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Key Requirements PROMPT example:

Payment Waiver

"I need a Payment Waiver agreement for my manufacturing company to waive PKR 5 million in debt owed by our subsidiary, ensuring compliance with Islamic banking principles and including conditions for partial revival if the subsidiary becomes profitable by March 2025."

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Document background
A Payment Waiver agreement is essential in Pakistani business and financial transactions where a creditor decides to forgo their right to receive certain payments from a debtor. This document becomes necessary in various scenarios, including debt restructuring, settlement negotiations, or as part of broader financial arrangements. The agreement must adhere to Pakistani contract law, particularly the Contract Act 1872, while also considering Islamic banking principles if relevant. It typically includes details of the original debt, the scope of the waiver, any conditions attached, and necessary regulatory compliance requirements. The document is particularly important in the current economic climate where businesses may need to restructure their payment obligations. A properly drafted Payment Waiver can protect both parties' interests while ensuring legal enforceability within Pakistan's jurisdiction.
Suggested Sections

1. Parties: Identification of all parties involved in the waiver agreement, including their legal status and addresses

2. Background: Context of the original payment obligation and circumstances leading to the waiver

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

4. Original Payment Obligation: Details of the original payment obligation being waived, including reference to original agreements

5. Waiver Declaration: Clear and unequivocal statement of the waiver of payment

6. Scope of Waiver: Specific details of what is being waived, including amounts, interest, and other charges

7. Effective Date: When the waiver takes effect and any conditions precedent

8. Representations and Warranties: Statements by both parties regarding their authority and capacity to enter into the waiver

9. Governing Law: Specification that Pakistani law governs the agreement

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Partial Waiver Terms: Used when only a portion of the payment obligation is being waived

2. Conditions Subsequent: Include when the waiver is subject to future conditions or obligations

3. Islamic Banking Compliance: Required when the waiver involves Islamic banking products or institutions

4. Related Party Consents: Include when third-party consents are required for the waiver

5. Tax Implications: Include when there are significant tax consequences of the waiver

6. Confidentiality: Optional section for keeping the waiver terms private

7. Dispute Resolution: Include when specific dispute resolution mechanisms are required

8. Regulatory Compliance: Include when specific regulatory requirements need to be addressed

Suggested Schedules

1. Schedule 1 - Payment Details: Detailed breakdown of the payments being waived

2. Schedule 2 - Original Agreement: Copy or extract of the original agreement creating the payment obligation

3. Schedule 3 - Supporting Documents: List of relevant supporting documents referenced in the waiver

4. Schedule 4 - Corporate Authorizations: Copies of corporate authorizations if parties are companies

5. Appendix A - Calculation of Waived Amount: Detailed calculations of the total amount being waived including any interest or charges

6. Appendix B - Compliance Certificates: Any required compliance or regulatory certificates

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

Banking & Financial Services

Islamic Banking

Corporate

Real Estate

Manufacturing

Retail

Construction

Infrastructure

Technology

Healthcare

Education

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Credit Control

Corporate Secretariat

Debt Recovery

Islamic Banking

Corporate Affairs

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Financial Controller

Credit Manager

Debt Recovery Officer

Risk Manager

Compliance Officer

Treasury Manager

Account Manager

Islamic Banking Specialist

Corporate Secretary

Managing Director

Finance 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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