Paying Agency Agreement

Paying Agency Agreement Template for Denmark

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Document background

The Paying Agency Agreement is essential for organizations requiring professional payment processing services in Denmark. This document is typically used when a company needs to outsource payment processing functions to a specialized financial institution, ensuring efficient and compliant payment distribution. The agreement addresses key aspects such as payment processing procedures, regulatory compliance, risk allocation, and operational requirements. Under Danish law, the Paying Agency Agreement must comply with specific financial regulations, including the Danish Payments Act and Financial Business Act, while also adhering to EU directives. This document is particularly relevant for corporate debt issuance, dividend distributions, or other scheduled payment arrangements where a professional paying agent is required to manage payment processes.

Suggested Sections

1. Parties: Identification of the principal and the paying agent, including registration details and regulatory status

2. Background: Context of the agreement, purpose of the paying agency arrangement, and relevant background information

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and interpretation rules

4. Appointment and Scope: Formal appointment of the paying agent and detailed scope of services

5. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

6. Duties and Responsibilities: Detailed obligations of the paying agent in performing payment services

7. Payment Processing Procedures: Specific procedures for handling payments, including timing and methods

8. Fees and Expenses: Compensation structure, payment terms, and reimbursement of expenses

9. Regulatory Compliance: Obligations regarding compliance with relevant laws and regulations

10. Anti-Money Laundering Provisions: Specific AML/CFT obligations and procedures

11. Records and Reporting: Requirements for maintaining records and providing reports

12. Confidentiality: Provisions regarding confidential information handling

13. Data Protection: GDPR compliance and data protection obligations

14. Liability and Indemnification: Allocation of risks and responsibilities between parties

15. Force Majeure: Provisions for handling events beyond parties' control

16. Governing Law and Jurisdiction: Confirmation of Danish law governance and jurisdiction

17. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability

Optional Sections

1. Service Levels: Detailed service level requirements and KPIs - include when specific performance metrics are required

2. Business Continuity: Disaster recovery and business continuity provisions - include for critical payment services

3. Audit Rights: Rights to audit the paying agent's operations - include when required by regulatory obligations or risk profile

4. Insurance: Specific insurance requirements - include when dealing with high-value payments or higher risk services

5. Sub-Contracting: Rules regarding use of sub-contractors - include when sub-contracting may be needed

6. Intellectual Property: IP rights and licenses - include when proprietary systems or software are involved

7. Migration Assistance: Provisions for transition to another provider - include for complex or critical services

Suggested Schedules

1. Schedule 1 - Services Description: Detailed description of all payment agency services to be provided

2. Schedule 2 - Fee Schedule: Detailed breakdown of fees, charges, and payment terms

3. Schedule 3 - Operating Procedures: Day-to-day operational procedures and requirements

4. Schedule 4 - Service Levels: Specific performance metrics and service level requirements

5. Schedule 5 - Contact Details: Key contacts and escalation procedures

6. Schedule 6 - Required Forms: Standard forms and templates for various processes

7. Appendix A - Technical Requirements: Technical specifications for payment processing systems

8. Appendix B - Compliance Requirements: Detailed regulatory compliance requirements and procedures

9. Appendix C - Security Procedures: Security protocols and requirements for payment processing

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