The Promise to Pay Contract is a fundamental legal instrument in Indonesian business and financial transactions, essential when formalizing debt obligations between parties. This document is commonly used in situations where one party agrees to pay a specific sum to another party, whether arising from loans, goods or services rendered, or other financial obligations. The contract must comply with Indonesian Civil Code requirements, including proper execution, stamp duty requirements, and notarization when necessary. It typically includes comprehensive payment terms, interest calculations, and default provisions. The Promise to Pay Contract serves as crucial evidence of debt in Indonesian courts and provides a clear framework for enforcement of payment obligations. It's particularly relevant in business transactions, lending arrangements, and debt restructuring situations, offering protection to both creditors and debtors by clearly documenting their respective rights and obligations.
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1. Parties: Identification of the creditor (promisee) and debtor (promisor) with complete legal names and addresses
2. Background: Context of the debt obligation, including origin of the debt and relationship between parties
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Acknowledgment of Debt: Clear statement of the debt amount and debtor's acknowledgment of the obligation
5. Promise to Pay: Explicit promise to pay the stated amount, including the total sum and currency
6. Payment Terms: Detailed payment schedule, including amounts, dates, and method of payment
7. Interest: Interest rate applicable to the debt and calculation method
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Basic statements about the debtor's capacity and authority to enter into the agreement
10. Governing Law: Specification of Indonesian law as the governing law
11. Execution: Signature blocks and execution requirements including stamp duty specifications
1. Security: Required if the promise to pay is secured by any collateral or guarantees
2. Acceleration Clause: Optional provision allowing creditor to demand full payment upon specified trigger events
3. Prepayment Terms: Include if early payment is allowed, specifying any penalties or benefits
4. Late Payment Penalties: Optional section detailing additional charges for late payments
5. Assignment: Include if either party may assign their rights under the contract
6. Force Majeure: Optional clause for circumstances that may affect payment ability
7. Dispute Resolution: Optional detailed procedure for handling disputes, including mediation or arbitration provisions
8. Guarantor Provisions: Required if a third party is guaranteeing the payment obligation
9. Insurance Requirements: Include if specific insurance must be maintained by the debtor
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
2. Collateral Details: Description and documentation of any assets provided as security
3. Interest Calculation Schedule: Detailed breakdown of interest calculations and applications
4. Previous Payment History: If this is a refinancing or restructuring, schedule of previous payments made
5. Contact Details: Complete contact information for all relevant parties and payment processing details
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Agriculture
Mining
Technology
Education
Healthcare
Hospitality
Import/Export
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Corporate Secretariat
Debt Collection
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Accounts Receivable Manager
Treasury Manager
Financial Controller
Risk Manager
Compliance Officer
Business Development Manager
Contract Administrator
Debt Collection Officer
Company Secretary
Financial Analyst
Legal Manager
Banking Relationship Manager
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