A Payment Waiver is a crucial document in Indonesian business and financial transactions where a creditor chooses to formally forgo their right to receive payment from a debtor. This document type is commonly used in debt restructuring, dispute settlements, or as part of larger commercial arrangements. The agreement must comply with Indonesian Civil Code requirements and relevant financial regulations, including Bank Indonesia and OJK guidelines. It's particularly important in scenarios involving financial distress, business reorganizations, or settlement negotiations. The document typically includes comprehensive details about the original debt, the extent of the waiver, and any conditions attached to it. Given Indonesia's civil law system, the agreement must be carefully drafted to ensure enforceability and proper documentation of the parties' intentions.
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1. Parties: Identification of the creditor waiving the payment and the debtor benefiting from the waiver
2. Background: Context of the original debt obligation and the circumstances leading to the payment waiver
3. Definitions: Key terms used throughout the agreement, including 'Payment Obligation', 'Waiver Date', and other relevant definitions
4. Original Payment Obligation: Details of the original payment obligation including amount, due date, and reference to original agreement
5. Waiver Declaration: Express statement of the creditor's waiver of the payment obligation
6. Extent of Waiver: Clear specification of whether the waiver is full or partial, and exact amount being waived
7. Effective Date: When the waiver takes effect and any conditions precedent
8. Representations and Warranties: Statements by both parties regarding their authority to enter into the agreement and other relevant declarations
9. Release and Discharge: Formal release of the debtor from the specified payment obligations
10. Governing Law: Specification of Indonesian law as the governing law
11. Execution: Signature blocks and execution requirements
1. Partial Payment Terms: Include when only part of the payment is being waived and remaining payment terms need to be specified
2. Tax Implications: Include when there are specific tax consequences that need to be addressed
3. Confidentiality: Include when parties wish to keep the waiver confidential
4. Related Agreements: Include when the waiver affects other agreements between the parties
5. Future Rights: Include when certain future rights need to be preserved despite the waiver
6. Dispute Resolution: Include when parties want to specify particular dispute resolution mechanisms
7. Third Party Rights: Include when the waiver might affect rights of third parties or guarantors
1. Schedule 1 - Original Debt Documentation: Copies or details of the original agreement or documentation creating the payment obligation
2. Schedule 2 - Payment History: Record of any partial payments made and outstanding amounts
3. Schedule 3 - Related Security Releases: If applicable, list of security interests being released
4. Appendix A - Corporate Authorizations: Copies of corporate approvals authorizing the waiver
5. Appendix B - Calculation of Waived Amount: Detailed calculation of the amount being waived including any interest or penalties
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Manufacturing
Real Estate & Property
Retail & Consumer Goods
Construction
Mining & Resources
Agriculture
Technology
Telecommunications
Healthcare
Education
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Management
Accounts Receivable
Risk Management
Compliance
Corporate Secretariat
Commercial Operations
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Financial Controller
Legal Counsel
Corporate Secretary
Accounts Receivable Manager
Treasury Manager
Risk Manager
Debt Collection Officer
Business Development Manager
Commercial Director
Compliance Officer
General Counsel
Managing Director
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