The Repayment Agreement is a critical document used when formalizing arrangements for the repayment of existing debts under Belgian law. It is commonly used in situations where a debt needs to be restructured, consolidated, or when formal payment terms need to be established. The agreement should comply with Belgian Civil Code requirements and financial regulations, making it particularly important to include specific elements such as clear payment terms, interest calculations, and default provisions. This document is essential for both business-to-business and business-to-consumer contexts, though consumer agreements must additionally comply with Belgian consumer protection laws. The agreement serves as a legally binding document that provides security for creditors while giving debtors clear terms for meeting their obligations.
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1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration details if companies
2. Background: Context of the debt, including its origin, original amount, and any previous arrangements
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding amount and its validity
5. Repayment Terms: Detailed terms including total amount, installment amounts, payment dates, and payment method
6. Interest: Interest rate applicable to the debt and how it is calculated
7. Payment Default: Consequences of missed payments, including late payment penalties and default interest
8. Representations and Warranties: Statements by the debtor regarding their ability to pay and financial status
9. Termination: Circumstances under which the agreement can be terminated and the consequences
10. Notices: How formal communications between parties should be made
11. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction for disputes
1. Security: Details of any collateral or security provided for the debt - include when there is security for the debt
2. Guarantor Provisions: Terms applying to any guarantors of the debt - include when there are third-party guarantors
3. Early Repayment: Terms for early repayment of the debt - include when early repayment is permitted
4. Insurance: Requirements for insurance of any secured assets - include when there is security over physical assets
5. Assignment: Rights to assign or transfer the debt - include when debt assignment needs to be addressed
6. Force Majeure: Provisions for unforeseen circumstances affecting repayment - include for longer-term repayment plans
7. Confidentiality: Obligations to keep terms confidential - include for business or sensitive arrangements
1. Schedule 1 - Repayment Schedule: Detailed payment schedule showing dates and amounts of each installment
2. Schedule 2 - Original Debt Documentation: Copies of documents evidencing the original debt
3. Schedule 3 - Security Details: Details of any security or collateral (if applicable)
4. Schedule 4 - Direct Debit Authorization: Form for automatic payment setup (if applicable)
5. Appendix A - Calculation of Interest: Detailed explanation of interest calculations and examples
6. Appendix B - Contact Details: List of relevant contact persons and their details for both parties
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Retail
Manufacturing
Professional Services
Construction
Healthcare
Technology
General Business
Relevant Teams
Legal
Finance
Credit Control
Treasury
Risk Management
Accounts Receivable
Debt Recovery
Corporate Affairs
Commercial
Compliance
Relevant Roles
Chief Financial Officer
Financial Controller
Credit Manager
Collections Manager
Legal Counsel
Finance Director
Accounts Receivable Manager
Treasury Manager
Risk Manager
Debt Recovery Specialist
Corporate Lawyer
Financial Analyst
Business Development Manager
Account Manager
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