Trade Credit Agreement

Trade Credit Agreement Template for Denmark

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Document background

The Trade Credit Agreement is a fundamental commercial document used in Danish business transactions where suppliers extend credit to their business customers for goods or services. This agreement becomes necessary when regular trading relationships require structured credit terms beyond immediate payment. It establishes the legal framework for credit provision, incorporating requirements under Danish law and relevant EU regulations, particularly regarding payment terms and interest rates. The document typically includes comprehensive details about credit limits, payment schedules, security arrangements, and default provisions. It's especially relevant in ongoing business relationships where regular orders are placed and the supplier is willing to defer payment under specified conditions. The agreement must comply with Danish contract law, the Danish Interest Act, and EU Late Payment Directive requirements, while also addressing specific industry needs and risk management considerations.

Suggested Sections

1. Parties: Identification of the credit provider and the customer, including full legal names, registration numbers, and addresses

2. Background: Context of the trade credit relationship and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including credit limit, payment terms, interest rates, etc.

4. Credit Facility: Details of the credit facility, including credit limit, nature of credit, and terms of availability

5. Payment Terms: Specific payment conditions, including payment periods, methods of payment, and early payment discounts if applicable

6. Interest and Charges: Interest rates applicable to the credit and any additional charges or fees

7. Security: Basic security requirements and credit risk mitigation measures

8. Representations and Warranties: Standard declarations by the customer regarding their business status and ability to pay

9. Customer Obligations: Ongoing obligations of the customer, including financial reporting and notification requirements

10. Default and Consequences: Events of default and the credit provider's rights and remedies upon default

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

12. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes

13. Notices: How formal communications between parties should be made and delivered

14. General Provisions: Standard boilerplate clauses including amendments, assignments, and severability

Optional Sections

1. Parent Company Guarantee: Required when the customer is a subsidiary and parent company guarantee is needed as additional security

2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required as part of credit risk management

3. Credit Review Process: Include when regular credit reviews and adjustments to credit limits are part of the arrangement

4. Special Industry Terms: Required for industry-specific credit arrangements with unique terms or requirements

5. Cross-Default Provisions: Include when the customer has multiple agreements with the credit provider

6. Currency and Exchange Provisions: Required for international trade credit agreements involving multiple currencies

7. Data Protection: Detailed privacy terms when significant personal or business data processing is involved

8. Force Majeure: Extended force majeure provisions when needed for specific business contexts or high-risk environments

Suggested Schedules

1. Credit Limit Schedule: Detailed breakdown of credit limits and any sub-limits by product or service category

2. Pricing Schedule: Detailed pricing information, including interest rates, fees, and charges

3. Security Documents: Forms of security documents, guarantees, or other credit support arrangements

4. Reporting Requirements: Templates and formats for required financial and operational reporting

5. Permitted Payment Methods: Details of accepted payment methods and processing requirements

6. Key Contacts: List of key contacts and escalation procedures for both parties

7. Standard Forms: Template forms for credit increase requests, notifications, and other routine communications

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