The Payment Terms Agreement is essential for businesses operating under Danish jurisdiction that need to establish clear, legally compliant payment arrangements. This document is particularly relevant when parties seek to formalize their payment relationship, whether for ongoing business transactions, regular supply arrangements, or service delivery. It incorporates requirements from Danish commercial law, including the Danish Act on Late Payment in Commercial Transactions, and addresses crucial aspects such as payment deadlines, invoice requirements, late payment interest, and dispute resolution procedures. The agreement is designed to provide certainty and protection for both parties while ensuring compliance with Danish legal requirements and business practices. It's commonly used in business-to-business relationships where regular payments are involved and can be customized to accommodate specific payment terms, electronic invoicing requirements, and industry-specific needs.
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Key Requirements PROMPT example:
Payment Terms Agreement
I need a Payment Terms Agreement under Danish law for my manufacturing company that supplies industrial equipment to retailers, including 30-day payment terms, electronic invoicing requirements, and late payment interest provisions for implementation by March 2025.
1. Parties: Identification and details of the contracting parties
2. Background: Context of the agreement and business relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Core payment obligations, including payment deadlines, amounts, and frequency
5. Invoice Requirements: Requirements for invoice format, content, and submission process
6. Payment Methods: Approved payment methods and processing details
7. Late Payment Consequences: Interest rates, penalties, and procedures for late payments in accordance with Danish law
8. Dispute Resolution: Procedures for handling payment disputes and discrepancies
9. Term and Termination: Duration of the agreement and termination provisions
10. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
1. Credit Terms: Additional terms for credit arrangements, used when credit facilities are part of the agreement
2. Electronic Invoicing: Specific provisions for e-invoicing systems and processes, included when electronic invoicing is used
3. Currency and Exchange Rates: Provisions for handling multiple currencies and exchange rate calculations, used in international transactions
4. Payment Security: Requirements for bank guarantees or other security measures, included for high-value or high-risk transactions
5. Volume Discounts: Terms for volume-based payment discounts, included when applicable to the business relationship
6. Force Majeure: Provisions for payment obligations during force majeure events, included for longer-term payment arrangements
7. Data Protection: GDPR compliance provisions for payment data handling, included when personal data is processed
8. Assignment: Terms for assigning payment rights or obligations, included when assignment might be relevant
1. Payment Schedule: Detailed breakdown of payment amounts, dates, and frequency
2. Invoice Template: Standard format and requirements for invoices
3. Interest Rate Calculation: Detailed methodology for calculating late payment interest
4. Electronic Payment Procedures: Technical specifications for electronic payment processing
5. Contact Details: List of key contacts for payment processing and dispute resolution
6. Bank Account Details: Banking information for all parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Wholesale Trade
Construction
Professional Services
Information Technology
Logistics and Transportation
Healthcare
Energy
Agriculture
Financial Services
Telecommunications
Consulting Services
Industrial Equipment
Consumer Goods
Relevant Teams
Finance
Legal
Procurement
Accounts Payable
Accounts Receivable
Treasury
Commercial
Credit Control
Operations
Supply Chain
Risk Management
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Accounts Payable Manager
Accounts Receivable Manager
Credit Controller
Financial Controller
Treasury Manager
Commercial Director
Procurement Manager
Legal Counsel
Contracts Manager
Business Development Manager
Operations Director
Supply Chain Manager
Credit Risk Manager
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