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Partial Payment Agreement

Partial Payment Agreement Template for India

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Key Requirements PROMPT example:

Partial Payment Agreement

"I need a Partial Payment Agreement for a manufacturing company debt of INR 50 lakhs, to be paid in 12 monthly installments starting March 2025, with a personal guarantee from the company director and provision for 12% annual interest on late payments."

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Document background
A Partial Payment Agreement becomes necessary when a debtor is unable to pay their entire outstanding debt in a single payment but is willing to settle the amount through structured installments. This document, governed by Indian law, particularly the Indian Contract Act, 1872, provides a formal framework for debt resolution while protecting both parties' interests. It is commonly used in business-to-business transactions, consumer debt settlements, and various commercial scenarios where financial obligations need restructuring. The agreement typically includes details of the original debt, the negotiated settlement amount, payment schedule, default provisions, and any security arrangements. This document is particularly relevant in the Indian business context where it helps prevent litigation while providing a structured approach to debt resolution.
Suggested Sections

1. Parties: Identification and details of the creditor and debtor, including their legal names, addresses, and registration details if applicable

2. Background: Context of the original debt, circumstances leading to the partial payment arrangement, and acknowledgment of the outstanding amount

3. Definitions: Key terms used throughout the agreement including 'Original Debt', 'Settlement Amount', 'Installment', etc.

4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding amount and its origin

5. Payment Terms: Details of the agreed partial payment arrangement including total settlement amount, installment amounts, and payment schedule

6. Mode of Payment: Specified payment methods and banking details for transfers

7. Default Provisions: Consequences of missing payments and remedies available to the creditor

8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement

9. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for dispute resolution

10. Notices: Process and addresses for serving formal notices under the agreement

Optional Sections

1. Security Provisions: Include when the partial payment is secured by collateral or guarantees

2. Interest Calculations: Include when interest is to be charged on the outstanding amount or late payments

3. Early Payment Provisions: Include when there are specific terms for early settlement or additional discounts

4. Third-Party Guarantor: Include when a guarantor is providing additional security for the payments

5. Confidentiality: Include when parties wish to keep the settlement terms private

6. Force Majeure: Include when parties want to address circumstances that might prevent payment due to unforeseen events

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, installment amounts, and running balance

2. Schedule B - Original Debt Documentation: Copies or details of original invoices, contracts, or other documents evidencing the original debt

3. Schedule C - Bank Account Details: Complete banking information for making payments

4. Appendix 1 - Security Details: If applicable, details of any security or collateral provided

5. Appendix 2 - Original Creditor Authorization: If the creditor is acting as an assignee, authorization from the original creditor

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions






























Clauses

























Relevant Industries

Financial Services

Banking

Retail

Manufacturing

Construction

Real Estate

Professional Services

Healthcare

Education

Information Technology

Telecommunications

Wholesale Trade

Transportation and Logistics

Relevant Teams

Finance

Legal

Accounts Receivable

Collections

Treasury

Risk Management

Compliance

Corporate Affairs

Credit Control

Relevant Roles

Chief Financial Officer

Finance Manager

Accounts Receivable Manager

Credit Controller

Collections Manager

Legal Counsel

Corporate Lawyer

Debt Recovery Officer

Treasury Manager

Financial Controller

Risk Manager

Compliance Officer

Business Development Manager

Account 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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