The Agreement for Partial Payment is a essential legal instrument used in New Zealand when parties need to formalize arrangements for debt settlement through reduced or scheduled payments. This document is typically employed when a debtor cannot meet the original payment obligations and both parties agree to modified terms. It's particularly relevant in commercial debt resolution, financial hardship cases, or business restructuring scenarios. The agreement must comply with New Zealand's legal framework, including the Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and Fair Trading Act 1986. It includes crucial elements such as debt acknowledgment, payment terms, default provisions, and any security arrangements, providing a legally binding framework that protects both creditor and debtor interests.
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1. Parties: Identifies and defines all parties to the agreement, including full legal names and addresses
2. Background: Outlines the context of the original debt, acknowledgment of the amount owed, and the reason for entering into a partial payment arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Original Debt: Details of the original debt including amount, date incurred, and any relevant reference numbers
5. Acknowledgment of Debt: Debtor's formal acknowledgment of the debt amount and validity
6. Payment Terms: Specifies the agreed partial payment amount, payment schedule, and method of payment
7. Default Provisions: Consequences of failing to make payments as agreed, including any acceleration clauses
8. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter into the agreement
9. General Provisions: Standard contractual provisions including governing law, notices, and amendment procedures
1. Security: Details of any security provided to guarantee the payments, used when collateral is part of the arrangement
2. Interest and Fees: Specifies any ongoing interest or fees, included when these continue to accrue
3. Early Payment Provisions: Terms for early repayment or lump sum settlements, included when early repayment is permitted
4. Third Party Guarantor: Details of any guarantor and their obligations, included when a guarantee is part of the arrangement
5. Dispute Resolution: Specific procedures for resolving disputes, included for higher-value agreements or complex arrangements
6. Confidentiality: Terms regarding confidentiality of the agreement, included when privacy is a concern
1. Payment Schedule: Detailed schedule of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies or details of the original debt documentation
3. Security Details: Detailed description of any security provided, including registration numbers or legal descriptions
4. Direct Debit Authorization: If applicable, the direct debit authorization form and terms
5. Statement of Financial Position: If relevant, the debtor's statement of financial position supporting the payment arrangement
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