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Full And Final Payment Agreement

Full And Final Payment Agreement Template for United Arab Emirates

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Full And Final Payment Agreement

"I need a Full and Final Payment Agreement for settling an outstanding construction project payment of AED 2.5 million, to be paid in three installments by March 2025, with the first payment due immediately."

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The Full and Final Payment Agreement is a crucial document used in the UAE business environment to conclusively settle financial obligations and prevent future disputes. This agreement is typically employed when parties wish to resolve outstanding payments, settle disputes, or conclude financial arrangements with finality. It must comply with UAE Federal Laws, including the Civil Code (Federal Law No. 5 of 1985) and Commercial Transactions Law (Federal Law No. 18 of 1993). The document includes essential elements such as settlement amount, payment terms, release provisions, and warranties, ensuring legal enforceability and protection for all parties involved. It's particularly important in commercial transactions where clear documentation of payment settlements and mutual releases is required.
Suggested Sections

1. Parties: Identification and details of all parties involved in the settlement

2. Background: Context of the original obligation and circumstances leading to the settlement

3. Definitions: Key terms used throughout the agreement

4. Settlement Amount: Clear statement of the agreed settlement sum and payment details

5. Payment Terms: Specific details about payment method, timing, and currency

6. Release and Discharge: Mutual releases and full discharge of obligations upon payment

7. Representations and Warranties: Statements confirming parties' authority and capacity to enter agreement

8. Confidentiality: Obligations regarding confidentiality of settlement terms

9. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

10. Entire Agreement: Confirmation that this document represents the complete agreement between parties

Optional Sections

1. Installment Payment Terms: Required when payment is to be made in multiple installments

2. Security Provisions: Needed when payment is secured by collateral or guarantees

3. Third Party Rights: Required when settlement affects rights of third parties

4. Tax Implications: Needed when settlement has significant tax consequences

5. Non-Admission of Liability: Optional clause stating settlement does not constitute admission of liability

6. Force Majeure: Required when long-term payment arrangements need protection against unforeseen events

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and dates if installment payments

2. Original Claim Documents: Summary or copies of documents relating to original claim

3. Release Documentation: Specific forms or documents evidencing release of claims

4. Security Documents: Details of any security or guarantees provided for payment

5. Bank Details: Payment instructions and bank account details for settlement payment

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 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






























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Relevant Industries

Banking & Financial Services

Construction & Real Estate

Manufacturing

Trading & Commerce

Professional Services

Healthcare

Technology & IT

Logistics & Transportation

Retail

Energy & Utilities

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Compliance

Commercial

Corporate Affairs

Accounts Receivable

Accounts Payable

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Commercial Director

Credit Controller

Accounts Manager

Settlement Officer

Treasury Manager

Risk Manager

Compliance Officer

Contract Manager

Business Development Manager

General Manager

Managing Director

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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