The Promise of Payment Contract is a crucial legal instrument in Belgian commercial and civil practice, used when one party needs to formally acknowledge a debt and commit to its repayment. This document type is particularly relevant in situations involving debt restructuring, payment arrangements for outstanding invoices, or formalizing informal lending arrangements. The contract must comply with specific requirements under Belgian law, including the formal requirements of Article 1326 of the Belgian Civil Code. A Promise of Payment Contract typically includes essential information such as the parties' details, the exact amount owed, payment schedule, interest rates if applicable, and any securities or guarantees. It's commonly used in business-to-business transactions, personal lending arrangements, and commercial debt restructuring, providing a clear legal framework for debt acknowledgment and repayment commitments.
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1. Parties: Identification of the debtor and creditor with full legal names, addresses, and any registration numbers
2. Background: Context of the debt, including its origin and any previous agreements or circumstances leading to this promise of payment
3. Definitions: Key terms used in the agreement, including 'Payment Date', 'Outstanding Amount', 'Interest Rate' if applicable
4. Acknowledgment of Debt: Clear statement of the debt amount (in numbers and words as required by Belgian law) and its origin
5. Payment Terms: Detailed payment schedule, including amount(s), currency, payment method, and due date(s)
6. Interest and Late Payment: Applicable interest rates and consequences of late payment
7. Representations and Warranties: Debtor's confirmation of ability to pay and acknowledgment of the debt's validity
8. Governing Law and Jurisdiction: Confirmation of Belgian law application and competent courts
1. Security: Details of any collateral or security provided for the debt - include when the payment promise is secured by assets
2. Guarantee: Terms of any third-party guarantee - include when there is a guarantor for the debt
3. Early Payment Provisions: Terms for early repayment options - include when early payment is permitted
4. Default and Acceleration: Consequences of default and acceleration terms - include for larger amounts or commercial contexts
5. Assignment: Rights to assign the debt - include when debt assignment might be relevant
6. Notices: Communication procedures between parties - include for more formal or complex payment arrangements
7. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include for longer-term payment promises
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts if multiple payments are involved
2. Original Debt Documentation: Copies of invoices, contracts, or other documents evidencing the original debt
3. Security Documentation: Details and documentation of any security or collateral provided
4. Guarantee Agreement: Copy of guarantee agreement if a third-party guarantee is involved
5. Powers of Attorney: Any relevant authorization documents if parties are signing through representatives
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