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Final Payment Agreement
"Need a Final Payment Agreement for settling an outstanding invoice of €75,000 between our manufacturing company and a supplier, with payment to be made in three installments by March 2025, including confidentiality provisions and early payment discount options."
1. Parties: Identifies and defines all parties to the agreement, including full legal names and addresses
2. Background: Explains the context of the debt or obligation and previous payment history or arrangements
3. Definitions: Defines key terms used throughout the agreement
4. Outstanding Amount: States the total outstanding amount owed and how it was calculated
5. Payment Terms: Details the final payment amount, payment method, and deadline
6. Release and Discharge: Specifies that payment constitutes full and final settlement and releases all related claims
7. Representations and Warranties: Statements by both parties confirming their authority and understanding of the agreement
8. Confidentiality: Requirements for maintaining confidentiality of the settlement terms
9. Governing Law: Confirms Irish law governs the agreement and jurisdiction for disputes
10. Execution: Signature blocks and execution requirements
1. Installment Provisions: Used when the final payment is to be made in installments rather than a lump sum
2. Security Arrangements: Include when the payment is secured by assets or guarantees
3. Tax Provisions: Required when there are specific tax implications or requirements for the settlement
4. Default and Remedies: Include when there's a need to specify consequences of payment default
5. Third Party Rights: Necessary when the agreement affects rights of parties not directly involved in the settlement
6. Surviving Obligations: Used when certain obligations continue after settlement
7. Early Payment Discount: Include if offering discount for payment before the deadline
1. Schedule 1 - Payment Calculation: Detailed breakdown of how the final payment amount was calculated
2. Schedule 2 - Payment History: Record of previous payments and arrangements
3. Schedule 3 - Original Debt Documentation: Copies or references to original agreements or invoices
4. Appendix A - Bank Details: Payment account details and acceptable payment methods
5. Appendix B - Release Form: Standard form for confirming receipt of payment and release of claims
6. Appendix C - Supporting Documents: Any additional documentation referenced in the main agreement
Authors
Financial Services
Banking
Construction
Real Estate
Manufacturing
Professional Services
Retail
Healthcare
Technology
Telecommunications
Energy
Transportation
Education
Hospitality
Legal
Finance
Accounts Receivable
Treasury
Credit Control
Risk Management
Collections
Commercial Operations
Corporate Governance
Business Development
Chief Financial Officer
Finance Director
Credit Controller
Accounts Receivable Manager
Treasury Manager
Legal Counsel
Contract Manager
Collections Manager
Financial Controller
Risk Manager
Debt Recovery Specialist
Settlement Officer
Company Secretary
Commercial Director
Business Development Manager
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