The Billing Agreement is essential for businesses operating in Denmark that provide recurring services or require regular payment processing arrangements. This contract type is specifically designed to comply with Danish legal requirements and EU regulations, including the Danish Payments Act (Betalingsloven) and GDPR. It establishes the framework for payment terms, processing procedures, and data handling, while addressing key aspects such as electronic invoicing, late payment consequences, and dispute resolution. The Billing Agreement is particularly crucial for businesses implementing subscription models, regular service billing, or automated payment processing systems. It provides legal certainty for both service providers and customers while ensuring compliance with Danish consumer protection laws and financial regulations.
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Key Requirements PROMPT example:
Billing Agreement
I need a Billing Agreement for my software company that provides cloud services to enterprise customers in Denmark, with specific focus on electronic invoicing and integration with payment processors, to be implemented by March 2025.
1. Parties: Identification of the contracting parties, including full legal names, registration numbers, and addresses
2. Background: Context of the billing relationship and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Services: Description of the services or products being billed for
5. Billing Terms: Core billing arrangements including frequency, payment methods, and due dates
6. Payment Terms: Details of payment obligations, currency, and processing requirements
7. Late Payment and Interest: Consequences of late payment and applicable interest rates per Danish Interest Rate Act
8. Term and Termination: Duration of the agreement and termination provisions
9. Data Protection: GDPR compliance provisions for handling personal and payment data
10. Confidentiality: Protection of confidential information exchanged during the billing relationship
11. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction under Danish law
12. Governing Law: Specification of Danish law as the governing law
13. Notices: Methods and addresses for formal communications between parties
14. General Provisions: Standard boilerplate clauses including severability and entire agreement
1. Electronic Invoicing: Specific terms for electronic invoicing when applicable, including technical requirements and standards
2. Credit Terms: Include when credit is being extended as part of the billing arrangement
3. Volume Discounts: Terms for volume-based pricing adjustments when applicable
4. Service Level Agreement: Include when specific service levels are guaranteed for billing services
5. Currency Exchange: Include for international billing arrangements involving multiple currencies
6. Audit Rights: Include for complex billing arrangements requiring audit provisions
7. Force Majeure: Include when needed to address circumstances preventing billing processing
8. Third-Party Payment Processors: Include when external payment processors are involved in the billing arrangement
1. Schedule 1 - Pricing Schedule: Detailed breakdown of prices, rates, and any pricing calculations
2. Schedule 2 - Billing Procedures: Detailed procedures for generating and processing invoices
3. Schedule 3 - Service Level Metrics: Specific performance metrics and standards for billing services
4. Schedule 4 - Technical Requirements: Technical specifications for electronic billing systems and interfaces
5. Schedule 5 - Contact Details: List of key contacts for billing, technical, and administrative matters
6. Appendix A - Invoice Template: Standard format for invoices complying with Danish requirements
7. Appendix B - Data Processing Terms: Detailed GDPR-compliant data processing terms
8. Appendix C - Security Requirements: Security standards and requirements for payment processing
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Software and Technology
Professional Services
Telecommunications
Utilities
Healthcare
Subscription Services
E-commerce
Manufacturing
Consulting Services
Education
Media and Entertainment
Relevant Teams
Finance
Legal
Compliance
Operations
Customer Success
Revenue Operations
Accounts Receivable
Treasury
Credit Control
Commercial
Risk Management
Payment Operations
Relevant Roles
Chief Financial Officer
Finance Director
Accounts Receivable Manager
Revenue Manager
Billing Operations Manager
Financial Controller
Legal Counsel
Compliance Officer
Commercial Director
Customer Success Manager
Contract Manager
Treasury Manager
Credit Control Manager
Operations Director
Payment Services Manager
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