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Full Payment Agreement

Full Payment Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Full Payment Agreement

"I need a Full Payment Agreement under UAE law for my technology company to receive payment of AED 500,000 from a Dubai-based client in three installments, with the final payment due by March 2025."

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Document background
The Full Payment Agreement is a crucial legal instrument in the United Arab Emirates' commercial landscape, designed to formalize and secure payment obligations between parties. This document is particularly relevant when there's a need to establish clear, legally binding payment terms for substantial financial obligations, whether arising from commercial transactions, service agreements, or other business arrangements. The agreement ensures compliance with UAE legal requirements, including the Civil Code and Commercial Code, while incorporating necessary Sharia-compliant principles for financial transactions. It's commonly used in situations requiring structured payment arrangements, debt consolidation, or when formalizing payment terms for large commercial transactions. The document includes comprehensive details about payment schedules, methods, default provisions, and remedies, making it suitable for both UAE-based and international parties conducting business under UAE jurisdiction.
Suggested Sections

1. Parties: Identification and details of the parties entering into the agreement, including full legal names, addresses, and registration details if companies

2. Background: Context of the agreement, including the underlying transaction or reason for the payment obligation

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Payment Amount and Currency: Clear statement of the total payment amount and currency, including any applicable exchange rate provisions

5. Payment Terms: Detailed payment schedule, including due dates, installment amounts if applicable, and payment methods

6. Payment Instructions: Specific details for making payments, including bank account information and payment procedures

7. Default and Remedies: Consequences of payment default and available remedies for the receiving party

8. Interest and Late Payment Charges: Applicable interest rates and late payment penalties in compliance with UAE law

9. Representations and Warranties: Statements of fact and guarantees by both parties regarding their capacity and authority to enter into the agreement

10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for dispute resolution

11. Notices: Process and contact details for formal communications between parties

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Include when additional security or guarantees are provided for the payment obligation

2. Force Majeure: Include when parties want to address circumstances that might prevent payment due to events beyond their control

3. Assignment: Include when either party may need to transfer their rights or obligations under the agreement

4. Confidentiality: Include when the payment details or underlying transaction should remain confidential

5. Tax Provisions: Include when tax implications need to be addressed, particularly for international payments

6. Electronic Payments: Include when specific provisions for electronic payment methods are required

7. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before court proceedings

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment installments and due dates if not a single payment

2. Bank Details: Complete banking information for payment processing

3. Supporting Documents: List of documents evidencing the underlying obligation or transaction

4. Security Documents: If applicable, documents relating to any security or guarantees provided

5. Power of Attorney: If applicable, authorization documents for signatories

6. Related Agreements: List and copies of any related agreements referenced in the main agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Real Estate & Construction

Retail & Commerce

Manufacturing

Professional Services

Technology & IT

Energy & Utilities

Healthcare

Education

Logistics & Transportation

Hospitality & Tourism

Import/Export

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Commercial

Risk Management

Compliance

Procurement

Contract Administration

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Contract Manager

Credit Controller

Accounts Receivable Manager

Treasury Manager

Commercial Director

Business Development Manager

Risk Manager

Compliance Officer

Financial Controller

Corporate Lawyer

Procurement Manager

Account 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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