30 Day Credit Agreement

30 Day Credit Agreement Template for England and Wales

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Key Requirements PROMPT example:

"Need a 30 Day Credit Agreement for my manufacturing business to extend credit to regular customers, with a maximum credit limit of £50,000 and default interest rate of 8% above base rate."

Document background

The 30 Day Credit Agreement is commonly used in business transactions where suppliers or service providers extend short-term credit to their customers. This document, governed by English and Welsh law, is essential for establishing clear payment terms, protecting both creditor and debtor interests, and ensuring compliance with relevant legislation including the Consumer Credit Act 1974. It includes specific provisions for payment timing, interest calculations, and default scenarios, making it particularly useful for businesses managing cash flow and credit relationships.

Suggested Sections

1. Parties: Identification of creditor and debtor with full legal names and addresses

2. Background: Context of the agreement and purpose of the credit facility

3. Definitions: Key terms used throughout the agreement

4. Credit Terms: Amount of credit, interest rates, and payment terms

5. Payment Obligations: Payment schedule, method, and consequences of default

6. Term and Termination: Duration of agreement and termination provisions

7. Representations and Warranties: Statements of fact and assurances made by the parties

8. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law

Optional Sections

1. Security: Details of any security required - include when credit is secured against assets

2. Insurance Requirements: Mandatory insurance provisions - include when insurance is required as part of the agreement

3. Guarantor Provisions: Terms relating to guarantors - include when a guarantor is involved in the agreement

4. Early Repayment: Terms relating to early repayment options and any associated fees - include when early repayment is permitted

Suggested Schedules

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

2. Schedule 2 - Interest Rate Calculation: Method and examples of interest calculation

3. Schedule 3 - Security Details: Description of any security provided (if applicable)

4. Schedule 4 - Standard Terms and Conditions: General terms applicable to all credit agreements

5. Schedule 5 - Regulatory Disclosures: Mandatory disclosures required under the Consumer Credit Act 1974 and related regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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