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Simple Payment Agreement

Simple Payment Agreement Template for Australia

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Simple Payment Agreement Template

"I need a Simple Payment Agreement Template for my consulting business to set up monthly installment payments from clients, with a minimum term of 12 months starting from January 2025, including early payment discount options and late payment penalties."

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The Simple Payment Agreement Template has been developed to address the need for a standardized, legally-sound document for payment arrangements in Australia. This template is particularly useful for businesses and individuals requiring a formal agreement to document payment obligations, whether for goods, services, or other financial commitments. It incorporates all necessary elements required under Australian law, including provisions for GST considerations, electronic payments, and dispute resolution mechanisms. The template is designed to be adaptable for various payment scenarios while maintaining compliance with relevant Australian legislation, including the Competition and Consumer Act 2010 and the Electronic Transactions Act 1999. This Simple Payment Agreement Template provides a balanced approach to protecting both payer and payee interests while ensuring clarity and enforceability of payment terms.
Suggested Sections

1. Parties: Identifies and provides full details of all parties to the agreement

2. Background: Outlines the context and purpose of the payment agreement

3. Definitions: Defines key terms used throughout the agreement

4. Payment Terms: Specifies the payment amount, currency, and payment schedule

5. Payment Method: Details the approved methods of payment and processing requirements

6. Payment Due Dates: Clearly states when payments are due and what constitutes timely payment

7. Late Payment Consequences: Outlines penalties, interest charges, and consequences of late or missed payments

8. Dispute Resolution: Processes for resolving any payment-related disputes

9. Term and Termination: Duration of the agreement and conditions for termination

10. Governing Law: Specifies that Australian law governs the agreement

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Include when collateral or security for payment is required

2. Early Payment Provisions: Include when early payment discounts or options are offered

3. Force Majeure: Include when circumstances beyond control might affect payment capability

4. Third-Party Payments: Include when payments may be made by or to third parties

5. Currency Exchange: Include for international payments requiring currency conversion

6. Confidentiality: Include when payment terms or other details should remain confidential

7. GST and Taxation: Include when GST or specific tax considerations need to be addressed

8. Electronic Payment Terms: Include when specific electronic payment systems or platforms are used

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and due dates

2. Bank Details: Separate schedule containing banking information for payments

3. Late Payment Interest Calculations: Formula and examples for calculating late payment interest

4. Authorized Payment Methods: Detailed list of accepted payment methods and associated procedures

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

Retail

Professional Services

Construction

Manufacturing

Technology

Healthcare

Education

Real Estate

Financial Services

Consulting

Agriculture

Mining

Transportation

Hospitality

Media and Entertainment

Relevant Teams

Finance

Legal

Procurement

Accounts Payable

Accounts Receivable

Treasury

Commercial

Operations

Compliance

Risk Management

Contract Administration

Relevant Roles

Financial Controller

Accounts Payable Manager

Accounts Receivable Manager

Contract Manager

Legal Counsel

Business Manager

Finance Director

Chief Financial Officer

Commercial Manager

Credit Controller

Treasury Manager

Procurement Manager

Operations Manager

Small Business Owner

Company Director

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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