The Payment Waiver is a critical document used in Austrian business and financial transactions when a creditor decides to formally forgo their right to collect a debt. This document type is particularly relevant in debt restructuring scenarios, settlement agreements, or as part of broader commercial arrangements. The agreement must be carefully drafted to comply with Austrian legal requirements, including the ABGB and, where applicable, the KSchG for consumer transactions. A Payment Waiver typically specifies the exact amount being waived, the underlying debt's details, any conditions attached to the waiver, and necessary representations to ensure legal validity. It's commonly used in both corporate and individual contexts, requiring careful consideration of tax implications and potential effects on other business relationships.
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1. Parties: Identification of the creditor waiving the payment and the debtor benefiting from the waiver
2. Background: Context of the original debt, relationship between parties, and circumstances leading to the waiver
3. Definitions: Key terms used in the agreement, including 'Waived Amount', 'Original Agreement', and any other relevant defined terms
4. Details of Original Debt: Specification of the original debt obligation, including amount, date, and source of the debt
5. Waiver Declaration: Clear and unequivocal statement of the payment waiver, specifying the exact amount being waived
6. Effective Date: When the waiver becomes effective and binding
7. Representations and Warranties: Basic representations about authority to grant waiver and understanding of its consequences
8. Governing Law: Confirmation of Austrian law as governing law
9. Signatures: Execution block for all parties
1. Conditions Precedent: Used when the waiver is subject to certain conditions being met first
2. Partial Waiver Provisions: Required when only a portion of the debt is being waived
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Corporate Authority: Required for corporate entities, confirming proper authorization for the waiver
5. Remaining Obligations: Include when other obligations between the parties continue to exist
6. Confidentiality: Optional section for keeping the terms of the waiver confidential
7. Consumer Protection Notices: Required when one party is a consumer under Austrian law
1. Original Debt Documentation: Copies of original agreements or documents evidencing the debt
2. Payment History: Record of payments made and outstanding amount being waived
3. Corporate Resolutions: If applicable, corporate approvals authorizing the waiver
4. Calculation of Waived Amount: Detailed breakdown of the amount being waived, including any interest or fees
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Professional Services
Construction
Technology
Healthcare
Hospitality
Energy
Telecommunications
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Corporate Affairs
Business Development
Commercial Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Accounts Receivable Manager
Treasury Manager
Risk Manager
Commercial Director
Business Development Manager
Debt Collection Officer
Restructuring Officer
Compliance Officer
Financial Controller
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