The Partial Payment Agreement serves as a crucial document in Canadian debt resolution, providing a structured framework for settling outstanding debts when full immediate payment isn't feasible. This document is commonly used when parties wish to formalize an arrangement where the debtor will pay a debt in installments or when a creditor agrees to accept a reduced amount as full settlement if paid according to specific terms. The agreement must comply with Canadian federal legislation such as the Interest Act and Bankruptcy and Insolvency Act, as well as provincial consumer protection laws. It's particularly valuable in commercial relationships, consumer debt situations, and business-to-business transactions where maintaining business relationships while ensuring debt collection is important. The document includes essential elements such as payment schedules, default provisions, and may incorporate security interests or guarantees where applicable.
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1. Parties: Identifies and defines the Creditor and Debtor with full legal names and addresses
2. Background: Recitals establishing the original debt, current amount owing, and parties' intention to enter into a partial payment arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Original Debt', 'Settlement Amount', 'Payment Schedule', etc.
4. Acknowledgment of Debt: Debtor's formal acknowledgment of the original debt amount and validity
5. Settlement Terms: Specifies the agreed settlement amount and any discount from the original debt
6. Payment Terms: Details of payment schedule, including amounts, dates, and method of payment
7. Default Provisions: Consequences of missing payments or breaching agreement terms
8. Representations and Warranties: Basic representations about capacity to enter agreement and validity of debt
9. General Terms: Standard contract clauses including notices, amendments, governing law
10. Execution: Signature blocks and execution details
1. Security Interest: Include when the partial payment is secured by any assets or property
2. Guarantor Provisions: Include when a third party is guaranteeing the partial payments
3. Insurance Requirements: Include when requiring life or disability insurance to secure payments
4. Release Terms: Include when agreement includes release of additional claims or parties
5. Confidentiality: Include when parties wish to keep settlement terms confidential
6. Tax Implications: Include when debt forgiveness has significant tax consequences
7. Reporting to Credit Bureaus: Include when agreement includes terms about credit reporting
8. Acceleration Clause: Include when early payment options or penalties are relevant
1. Schedule A - Payment Schedule: Detailed payment schedule showing all payment dates, amounts, and running balance
2. Schedule B - Original Debt Documentation: Copies or details of original debt agreements or statements
3. Schedule C - Security Details: If applicable, details of any security or collateral provided
4. Appendix 1 - Payment Methods: Acceptable payment methods and processing details
5. Appendix 2 - Contact Information: Detailed contact information for notices and payments
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