The Arrears Repayment Agreement is a essential legal instrument used in the Philippines when a debtor has fallen behind on payment obligations and needs to establish a formal plan for settling the outstanding amount. This document is particularly relevant in situations where the original payment terms need to be modified to accommodate the debtor's current financial circumstances while protecting the creditor's interests. It incorporates provisions compliant with Philippine banking regulations, consumer protection laws, and the Civil Code, making it suitable for both individual and corporate debtors. The agreement typically includes detailed payment schedules, interest calculations, default provisions, and any security arrangements, providing a comprehensive framework for debt resolution and ensuring clarity and enforceability under Philippine jurisdiction.
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1. Parties: Identification of all parties to the agreement, including complete legal names, addresses, and contact details
2. Background: Context of the debt, including original loan/credit agreement details and circumstances leading to arrears
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding amount and its composition (principal, interest, penalties if applicable)
5. Repayment Terms: Detailed payment schedule, including amounts, frequency, and due dates
6. Payment Method: Specified method(s) of payment and account details for transfers
7. Interest and Charges: Details of any continuing interest charges or fees during the repayment period
8. Default Provisions: Consequences of missing payments or breaching the agreement
9. Representations and Warranties: Statements by the debtor regarding their ability to pay and current financial status
10. Governing Law: Specification of Philippine law as governing law and jurisdiction
11. Execution: Signature blocks and execution requirements
1. Security Provisions: Include when the repayment is secured by assets or guarantees
2. Early Repayment: Include when early repayment options are offered, including any associated discounts or penalties
3. Insurance Requirements: Include when insurance is required to secure the repayment
4. Third-Party Guarantor: Include when a guarantor is involved in securing the repayment
5. Debt Counseling: Include when debt counseling or financial management support is part of the agreement
6. Confidentiality: Include when parties wish to keep the terms of the agreement private
7. Force Majeure: Include when parties want to address extraordinary circumstances that might affect repayment ability
1. Schedule A - Repayment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Schedule B - Original Debt Documentation: Copies or details of original agreements or invoices creating the debt
3. Schedule C - Statement of Account: Current detailed statement showing how the arrears amount was calculated
4. Appendix 1 - Payment Instructions: Detailed payment procedures and bank account information
5. Appendix 2 - Contact Details: List of relevant contact persons and their details for both parties
6. Appendix 3 - Security Details: If applicable, details of any security or collateral provided
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Retail
Manufacturing
Construction
Healthcare
Education
Telecommunications
Utilities
Professional Services
Relevant Teams
Legal
Finance
Credit Control
Collections
Risk Management
Compliance
Treasury
Accounts Receivable
Corporate Secretariat
Debt Recovery
Relevant Roles
Credit Manager
Collections Officer
Financial Controller
Legal Counsel
Risk Manager
Accounts Receivable Manager
Debt Recovery Specialist
Treasury Manager
Compliance Officer
Contract Administrator
Chief Financial Officer
Recovery Team Leader
Credit Risk Analyst
Finance Director
Corporate Lawyer
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