The Deferred Payment Agreement is essential for businesses and individuals in New Zealand seeking to establish formal arrangements for delayed payments for goods or services. This document type is particularly relevant when parties wish to structure payments over time while ensuring compliance with New Zealand's Credit Contracts and Consumer Finance Act 2003 and related regulations. It's commonly used in both commercial and consumer contexts, incorporating mandatory disclosure requirements, clear payment terms, security arrangements, and default provisions. The agreement protects both parties by clearly documenting payment obligations, interest charges, and enforcement mechanisms, while ensuring alignment with New Zealand's consumer protection and financial services regulations.
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1. Parties: Identifies and defines the parties to the agreement - typically the Creditor/Seller and the Debtor/Purchaser
2. Background: Explains the context of the agreement and the intention to defer payment for goods/services
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Payment Terms: Details the total amount payable, payment schedule, and payment methods
5. Interest and Fees: Specifies any interest charges, fees, and other costs associated with the deferred payment
6. Default and Consequences: Defines events of default and their consequences, including penalty interest and enforcement rights
7. Representations and Warranties: Standard representations and warranties from both parties
8. Security: Details of any security interests created under the agreement
9. Term and Termination: Duration of the agreement and circumstances for termination
10. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.
1. Guarantees: Required when a third party guarantees the debtor's obligations
2. Insurance Requirements: Included when insurance must be maintained over secured property
3. Early Payment Provisions: Details early payment options and any associated rebates or fees
4. Assignment and Transfer: Included when rights of assignment need to be specifically addressed
5. Direct Debit Authorization: Required when automatic payments are to be established
6. Specific Product/Service Terms: Included when the deferred payment relates to specific goods or services
7. Financial Covenants: Required for commercial agreements where ongoing financial requirements apply
8. Credit Check Authorization: Included when ongoing credit checks are required
1. Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Interest Rate Calculations: Methodology for calculating interest and examples
3. Description of Goods/Services: Detailed description of the goods or services being provided under deferred payment
4. Security Details: Details of any assets provided as security
5. Disclosure Statement: Mandatory disclosure requirements under NZ credit contracts legislation
6. Direct Debit Form: Standard form for setting up direct debit payments
7. Guarantee Form: Standard form of guarantee when applicable
8. Fees Schedule: Comprehensive list of all applicable fees and charges
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Construction
Professional Services
Technology
Automotive
Industrial Equipment
Consumer Goods
Agriculture
Education
Healthcare
Real Estate
Relevant Teams
Legal
Finance
Sales
Credit Control
Compliance
Risk Management
Treasury
Operations
Commercial
Collections
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Controller
Commercial Manager
Sales Director
Contracts Manager
Legal Counsel
Compliance Officer
Account Manager
Business Development Manager
Risk Manager
Treasury Manager
Collection Specialist
Financial Analyst
Operations Manager
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