The Simple Payment Agreement Contract is a fundamental legal document used in Belgian commercial practice to formalize payment obligations between parties. It is particularly useful when there is a need to document a straightforward payment arrangement, whether for goods, services, or other commercial obligations. The agreement complies with Belgian law requirements, including the Belgian Civil Code and the Law on Payment Terms in Commercial Transactions, while also considering relevant EU directives. This document type is commonly used in situations ranging from supplier payments to settlement agreements, and can be adapted for both one-time and recurring payment obligations. It includes essential elements such as payment terms, interest provisions, and default remedies, while maintaining the simplicity needed for straightforward commercial transactions.
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1. Parties: Identification and details of the parties entering into the agreement
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Obligation: Core obligation to pay, including the principal amount and currency
5. Payment Terms: Timing, method, and conditions of payment, including payment schedule if applicable
6. Interest: Interest rates applicable to late payments (as per Belgian law on commercial transactions)
7. Default and Remedies: Consequences of payment default and available remedies
8. Representations and Warranties: Basic representations about capacity to enter agreement and make payments
9. Notices: How formal communications between parties should be made
10. Governing Law and Jurisdiction: Confirmation of Belgian law governance and jurisdiction for disputes
11. Entire Agreement: Standard clause confirming this document represents the complete agreement
1. Security: Include when payment obligations are secured by collateral or guarantees
2. Third Party Rights: Include when payments involve or affect rights of third parties
3. Set-off Rights: Include when parties agree to rights to set off mutual payment obligations
4. Tax Provisions: Include when payments are subject to specific tax considerations or withholding requirements
5. Force Majeure: Include when parties want to address payment obligations during extraordinary circumstances
6. Assignment: Include when transfer of payment rights or obligations needs to be addressed
7. Electronic Payments: Include when specific provisions for electronic payment methods are required
1. Payment Schedule: Detailed schedule of payment amounts and due dates if multiple payments are involved
2. Calculation Mechanism: If payment amounts involve calculations or adjustments, detail the methodology here
3. Bank Account Details: Specified bank account information and payment routing details
4. Form of Payment Notice: Standard form for payment notifications if required by the agreement
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