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Partial Payment Agreement

Partial Payment Agreement Template for South Africa

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Key Requirements PROMPT example:

Partial Payment Agreement

"I need a Partial Payment Agreement for a R500,000 business debt owed by a manufacturing company, to be paid in monthly installments over 18 months starting March 2025, with a 5% annual interest rate and acceleration clause if two payments are missed."

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The Partial Payment Agreement is a crucial document in South African commercial and consumer law, designed to formalize arrangements where full immediate payment of a debt is not possible. It's commonly used when debtors require structured payment terms to settle outstanding obligations. The agreement must comply with South African legislation, particularly the National Credit Act 34 of 2005 and the Consumer Protection Act 68 of 2008, while considering the In Duplum rule regarding interest limitations. This document is essential for businesses managing accounts receivable, financial institutions handling debt restructuring, and any situation where creditors agree to accept payment in installments. It provides legal protection for both parties by clearly documenting the payment terms, consequences of default, and rights of each party under South African law.
Suggested Sections

1. Parties: Identification and details of the creditor and debtor, including registration/ID numbers and addresses

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

3. Definitions: Definitions of key terms used in the agreement, including 'Outstanding Amount', 'Installment', 'Due Date', etc.

4. Acknowledgment of Debt: Formal acknowledgment of the original debt amount and current outstanding balance

5. Payment Terms: Details of the partial payment arrangement, including installment amounts, payment dates, and payment method

6. Interest: Interest rate applicable (if any), calculation method, and compliance with In Duplum rule

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

8. Breach and Termination: Conditions constituting breach and procedures for termination of the agreement

9. Notices: How and where formal notices between parties should be delivered

10. General Provisions: Standard contract clauses including whole agreement, variation, and governing law

Optional Sections

1. Security: Details of any security or collateral provided for the debt - include when security is offered

2. Acceleration Clause: Provision allowing full amount to become due upon default - include for higher-risk agreements

3. Credit Insurance: Details of credit insurance if applicable - include when debt is insured

4. Debt Counseling Notice: Information about debt counseling services - include when debtor is a natural person

5. Cession: Right to cede or assign the debt - include when debt may be sold or transferred

6. Consumer Protection: Specific consumer protection provisions - include when debtor is a consumer under CPA

7. Guarantees: Details of any third-party guarantees - include when guarantors are involved

Suggested Schedules

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

2. Schedule B - Original Debt Documentation: Copies or details of the original agreements or invoices creating the debt

3. Schedule C - Statement of Account: Current detailed statement showing total debt, interest, and any fees

4. Appendix 1 - Payment Methods: Detailed information about accepted payment methods and banking details

5. Appendix 2 - Supporting Documents: Copies of relevant ID documents, company registrations, or other supporting documentation

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

Retail

Manufacturing

Construction

Professional Services

Healthcare

Education

Real Estate

Technology

Telecommunications

Wholesale Distribution

Business Services

Relevant Teams

Legal

Finance

Credit Control

Collections

Account Management

Risk Management

Commercial Operations

Treasury

Debt Recovery

Contract Administration

Relevant Roles

Credit Manager

Financial Controller

Accounts Receivable Manager

Legal Counsel

Collections Manager

Finance Director

Credit Control Officer

Risk Manager

Commercial Manager

Debt Recovery Specialist

Contract Administrator

Chief Financial 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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