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Debt Repayment Contract

Debt Repayment Contract Template for Hong Kong

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Key Requirements PROMPT example:

Debt Repayment Contract

"I need a Debt Repayment Contract for a HKD 500,000 business loan between my company (a manufacturing firm) and ABC Bank Limited, with monthly installments starting March 2025 and including provisions for early repayment without penalties."

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Document background
The Debt Repayment Contract is a crucial legal instrument used in Hong Kong when parties need to formalize arrangements for settling outstanding debts. It is commonly employed when a debtor acknowledges a debt and agrees to repay it according to specific terms, or when restructuring existing payment obligations. The document must comply with Hong Kong's legal framework, particularly the Money Lenders Ordinance (Cap. 163) and Contract and Rights of Third Parties Ordinance (Cap. 623). It's essential for documenting payment schedules, interest calculations, and enforcement mechanisms while protecting both creditor and debtor interests. This agreement is particularly valuable in commercial contexts, debt restructuring scenarios, or when formalizing informal lending arrangements to ensure legal enforceability.
Suggested Sections

1. Parties: Identifies and provides full details of the creditor and debtor

2. Background: States the context of the original debt and the parties' intention to enter into a repayment arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Acknowledgment of Debt: Formal acknowledgment of the debt amount and its validity

5. Repayment Terms: Details of the repayment schedule, installment amounts, and payment methods

6. Interest: Specifies interest rates, calculation methods, and compliance with Hong Kong interest rate regulations

7. Payment Method: Specifies acceptable payment methods and banking details

8. Default Provisions: Consequences of missing payments and remedies available to the creditor

9. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority

10. Governing Law and Jurisdiction: Confirms Hong Kong law governs the agreement and jurisdiction for disputes

11. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties

Optional Sections

1. Security: Include when the debt is secured by specific assets or guarantees

2. Guarantor Provisions: Required when a third party guarantees the debt repayment

3. Early Repayment: Include when early repayment options are available, specifying any penalties or benefits

4. Insurance Requirements: Include when insurance is required to secure the debt

5. Default Interest: Include when additional interest applies to late payments

6. Debt Consolidation: Include when multiple debts are being consolidated into one repayment plan

7. Confidentiality: Include when parties wish to keep the arrangement confidential

Suggested Schedules

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

2. Schedule 2 - Original Debt Documentation: Copies or details of the original debt agreements or invoices

3. Schedule 3 - Security Details: Details of any assets or securities provided as collateral

4. Appendix A - Payment Instructions: Detailed payment procedures and bank account information

5. Appendix B - Contact Information: List of relevant contact persons and their details for both parties

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

Financial Services

Banking

Legal Services

Real Estate

Commercial Lending

Retail

Manufacturing

Construction

Professional Services

Healthcare

Education

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Treasury

Risk Management

Compliance

Collections

Corporate Banking

Business Development

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Debt Recovery Specialist

Collections Manager

Risk Manager

Financial Controller

Treasury Manager

Compliance Officer

Credit Risk Analyst

Legal Director

Account Manager

Business Development Manager

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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