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Final Payment Agreement Template
I need a Final Payment Agreement Template for a construction project completion in Dubai, where our company will make a final payment of 2.5 million AED to the contractor by March 15, 2025, with provisions for warranty retention.
1. Parties: Identification of all parties involved in the agreement, including their full legal names, addresses, and registration details if companies
2. Background: Details of the original obligation, contract reference, outstanding amount, and context of the final payment arrangement
3. Definitions: Key terms used in the agreement, including 'Final Payment', 'Settlement Date', 'Original Contract', etc.
4. Outstanding Amount: Clear statement of the total outstanding amount and how it was calculated
5. Payment Terms: Specific details of the final payment including amount, method, currency, and deadline
6. Release and Discharge: Terms confirming that upon payment, all obligations are discharged and parties release each other from further claims
7. Representations and Warranties: Statements from both parties confirming their authority to enter into the agreement and the validity of the settlement
8. Governing Law and Jurisdiction: Confirmation that UAE law governs the agreement and specification of jurisdiction for disputes
9. Execution: Signature blocks and execution requirements compliant with UAE law
1. Installment Schedule: Include when the final payment is to be made in multiple installments
2. Security Provisions: Include when the payment is secured by guarantees, assets, or third-party commitments
3. Confidentiality: Include when parties wish to keep the settlement terms confidential
4. Tax Implications: Include when the settlement has specific tax consequences that need to be addressed
5. Third Party Rights: Include when the settlement affects rights of third parties or requires third party consents
6. Default Provisions: Include when there are specific consequences for failure to make the final payment
7. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before court proceedings
1. Schedule 1 - Payment Calculation: Detailed breakdown of how the final payment amount was calculated
2. Schedule 2 - Original Contract: Copy or key terms of the original contract being settled
3. Schedule 3 - Payment Instructions: Detailed bank account information and payment processing requirements
4. Schedule 4 - Supporting Documents: List of relevant documents evidencing the debt or obligation being settled
5. Appendix A - Form of Release: Template for the final release document to be issued upon payment completion
6. Appendix B - Corporate Authorizations: Copies of corporate approvals and authorizations if parties are companies
Authors
Construction
Real Estate
Banking and Finance
Trading and Commerce
Manufacturing
Professional Services
Oil and Gas
Retail
Technology
Healthcare
Hospitality
Transportation and Logistics
Legal
Finance
Accounts Payable
Accounts Receivable
Treasury
Contract Administration
Project Management
Commercial
Credit Control
Collections
Corporate Secretariat
Procurement
Legal Counsel
Finance Director
Chief Financial Officer
Accounts Payable Manager
Contract Manager
Project Manager
Commercial Director
Treasury Manager
Credit Controller
Collections Manager
Corporate Secretary
Business Development Manager
Procurement Manager
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