The Partial Payment Installment Agreement is a crucial document used when parties need to formalize arrangements for settling outstanding debts through structured payments in the UAE. This agreement is commonly utilized when a debtor cannot immediately pay the full amount owed and both parties agree to a scheduled payment plan. It must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related regulations governing financial transactions. The document typically includes detailed payment schedules, interest calculations (where permitted by UAE law), default provisions, and any security arrangements. It's particularly important in both commercial and consumer contexts, providing legal protection for creditors while giving debtors a manageable way to fulfill their financial obligations.
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1. Parties: Identification of all parties to the agreement with full legal names and addresses
2. Background: Context of the debt and reason for entering into installment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Original Debt Amount: Statement of the original debt amount and its origin
5. Payment Terms: Details of the installment payment structure, including amount, frequency, and payment methods
6. Payment Schedule: Specific dates and amounts for each installment payment
7. Interest and Charges: Any applicable interest rates or additional charges, ensuring compliance with UAE law
8. Default Provisions: Consequences of missing payments or defaulting on the agreement
9. Representations and Warranties: Basic statements of fact and promises made by each party
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
11. Notices: How formal communications between parties should be made
12. Execution: Signature blocks and execution requirements
1. Security: Include when the debt is secured by any assets or guarantees
2. Early Payment Provisions: Include when early payment discounts or options are offered
3. Force Majeure: Include for longer-term payment arrangements where external events might affect payment ability
4. Assignment: Include when either party needs the right to assign the agreement to others
5. Confidentiality: Include when payment terms or underlying debt details should remain confidential
6. Insurance Requirements: Include when security includes physical assets that need to be insured
7. Third Party Rights: Include when guarantors or other third parties have rights under the agreement
1. Payment Schedule: Detailed table of payment dates, amounts, and running balance
2. Security Details: Details of any assets or guarantees securing the debt
3. Original Debt Documentation: Copy or summary of the original debt agreement or invoice
4. Payment Methods: Detailed instructions for making payments, including bank account details
5. Calculation of Interest: Detailed breakdown of how interest is calculated and applied
6. Contact Details: Full contact information for all relevant parties and representatives
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