The Payment Release Form is a critical document used in Indonesian business transactions to formally acknowledge the receipt of payment and release the paying party from further payment obligations. It is commonly used when significant payments are made, when completing milestone payments in projects, or when settling outstanding debts or contractual obligations. The document must comply with Indonesian Civil Code requirements, Bank Indonesia regulations, and electronic transaction laws. It typically includes detailed payment information, party details, and specific release language. This form is particularly important in the Indonesian legal context where formal documentation of payment completion is essential for legal certainty and future dispute prevention.
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1. Date and Parties: Full identification of all parties involved, including legal names, addresses, and registration numbers if applicable
2. Payment Details: Specific information about the payment(s) being released, including amount, currency, and payment reference numbers
3. Release Statement: Clear and unambiguous statement confirming the release of payment obligations and acknowledgment of receipt
4. Representations: Statements confirming the authority to execute the release and the validity of the payment
5. Governing Law: Specification of Indonesian law as the governing law and jurisdiction
6. Execution: Signature blocks with required formalities under Indonesian law
1. Background: Include when there's a need to reference the original agreement or circumstances leading to the payment
2. Tax Provisions: Include when the payment involves specific tax implications or withholding requirements
3. Currency Conversion: Include when payment involves foreign currency conversion to Indonesian Rupiah
4. Further Assurances: Include when additional documentation or actions may be required in the future
5. Witness Statement: Include when additional verification of execution is desired or required
1. Payment Evidence: Copies of payment receipts, transfer confirmations, or other proof of payment
2. Original Payment Obligation: Reference to or extract from the original agreement creating the payment obligation
3. Authorization Documents: Corporate or individual authorization documents proving authority to execute the release
4. Tax Documentation: Relevant tax forms or certificates if applicable to the payment
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Information Technology
Energy and Resources
Telecommunications
Healthcare
Education
Logistics and Transportation
Relevant Teams
Finance
Legal
Accounts Payable
Procurement
Treasury
Contracts Administration
Project Management
Operations
Corporate Secretariat
Risk Management
Relevant Roles
Finance Manager
Accounts Payable Manager
Chief Financial Officer
Treasury Manager
Procurement Manager
Contract Administrator
Legal Counsel
Company Secretary
Project Manager
Financial Controller
Accounting Manager
Business Development Manager
Operations Manager
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