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Final Payment Agreement Template for Ireland

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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."

Document background
The Final Payment Agreement is a crucial document used in Irish business and financial transactions to formalize the settlement of outstanding financial obligations. It is particularly relevant when parties wish to conclude their financial relationship or resolve a dispute through an agreed payment. This document type is commonly used in various scenarios, including debt settlements, project completions, or contract terminations, where a final payment needs to be documented with clear terms and conditions. The agreement must comply with Irish contract law and financial regulations, incorporating necessary provisions for payment terms, releases, and warranties. It serves as a legally binding record of the settlement and typically includes provisions that protect both parties' interests while ensuring finality in the transaction.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses

























Relevant Industries

Financial Services

Banking

Construction

Real Estate

Manufacturing

Professional Services

Retail

Healthcare

Technology

Telecommunications

Energy

Transportation

Education

Hospitality

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Risk Management

Collections

Commercial Operations

Corporate Governance

Business Development

Relevant Roles

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

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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