Ƶ

Payment Settlement Agreement for New Zealand

Payment Settlement Agreement Template for New Zealand

A Payment Settlement Agreement under New Zealand law is a legally binding document that formalizes the terms and conditions for settling a payment obligation or dispute between parties. This agreement outlines the agreed settlement amount, payment terms, timeline for settlement, and the consequences of default. It incorporates specific provisions compliant with New Zealand contract law and commercial legislation, including the Contract and Commercial Law Act 2017. The document provides clear mechanisms for enforcement and includes provisions for release of claims upon satisfaction of the settlement terms, making it an essential tool for resolving financial disputes and structuring payment arrangements in various commercial and private contexts.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Payment Settlement Agreement

Let Ƶ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.

What is a Payment Settlement Agreement?

The Payment Settlement Agreement is a crucial legal document used in New Zealand business and commercial transactions to resolve payment-related disputes or formalize payment arrangements between parties. It is commonly employed when parties wish to settle outstanding debts, resolve payment disputes, or structure payment plans for existing obligations. This document type is governed by New Zealand law, particularly the Contract and Commercial Law Act 2017, and can be used across various sectors from commercial transactions to consumer settlements. The agreement typically includes essential elements such as the settlement amount, payment terms, release provisions, and default remedies, providing a clear framework for resolving financial obligations while offering legal protection to all parties involved. It's particularly valuable in situations where parties seek to avoid litigation or formalize an out-of-court settlement of payment disputes.

What sections should be included in a Payment Settlement Agreement?

1. Parties: Identifies and defines all parties to the agreement, including their legal status and contact details

2. Background: Outlines the context of the settlement, including the original dispute or debt, and any previous agreements or negotiations

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Settlement Amount: Specifies the total amount to be paid and whether it includes costs, interest, or other components

5. Payment Terms: Details the payment schedule, method of payment, and any conditions precedent to payment

6. Release and Discharge: Specifies what claims or obligations are being settled and released upon payment

7. Default and Remedies: Outlines what constitutes a default and the consequences/remedies available

8. Representations and Warranties: Standard warranties about capacity to enter agreement and authority to settle

9. Governing Law: Confirms New Zealand law governs the agreement and jurisdiction for disputes

10. Execution: Signature blocks and execution requirements for all parties

What sections are optional to include in a Payment Settlement Agreement?

1. Confidentiality: Required when parties wish to keep the settlement terms private

2. Tax Implications: Include when there are specific tax considerations or allocations to be addressed

3. Third Party Rights: Necessary when the settlement affects rights of parties not directly involved in the agreement

4. Security Provisions: Include when payment is secured by assets or guarantees

5. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard court jurisdiction

6. Non-disparagement: Include when parties agree not to make negative statements about each other

7. Entire Agreement: Optional but recommended when there have been multiple prior agreements or negotiations

8. Force Majeure: Include when long-term payment arrangements might be affected by unforeseen circumstances

What schedules should be included in a Payment Settlement Agreement?

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and installments if applicable

2. Calculation of Settlement Amount: Shows how the settlement amount was calculated, including any interest or adjustments

3. Security Details: Details of any security arrangements, including asset descriptions or guarantee terms

4. Related Agreements: Copies or references to any related agreements affected by the settlement

5. Bank Account Details: Separate schedule for payment details to allow for easy updates if needed

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

New Zealand

Publisher

Ƶ

Document Type

Service Agreement

Cost

Free to use
Relevant legal definitions




























Clauses




























Relevant Industries

Financial Services

Banking

Insurance

Real Estate

Construction

Retail

Manufacturing

Professional Services

Healthcare

Education

Technology

Telecommunications

Legal Services

Accounting Services

Small Business

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Risk Management

Collections

Commercial Operations

Corporate Affairs

Compliance

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Company Secretary

Commercial Manager

Risk Manager

Collections Manager

Treasury Manager

Corporate Lawyer

Debt Recovery Specialist

Financial Controller

Business Development Manager

Contract Administrator

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Electronic Contract

A New Zealand law-compliant electronic contract template for digital transactions and agreements, incorporating electronic signature and security provisions.

find out more

Service Level Guarantee

A New Zealand-compliant agreement that defines guaranteed service performance levels and remedies for non-compliance.

find out more

Lease Agreement For Trucking Company

A New Zealand-governed commercial lease agreement specifically designed for trucking company operations, including provisions for vehicle facilities and operational requirements.

find out more

Notarial Contract

A formally authenticated legal document executed before a New Zealand Notary Public, carrying legal weight domestically and internationally.

find out more

Distance Contract

New Zealand-compliant Distance Contract template for remote selling arrangements, suitable for online, telephone, and mail-order transactions.

find out more

Client Confidentiality Policy

An internal policy document governing the protection of client confidential information under New Zealand law, including handling procedures and compliance requirements.

find out more

Labor Agreement

A New Zealand-compliant employment agreement establishing terms and conditions between employer and employee under NZ employment law.

find out more

Design Agreement

A New Zealand-governed agreement establishing terms between a design service provider and client, covering design services, deliverables, and related obligations.

find out more

Website Maintenance Agreement

A New Zealand-governed agreement defining terms and conditions for professional website maintenance services, including updates, support, and security management.

find out more

IT Service Level Agreement

A New Zealand-governed agreement defining IT service delivery terms, performance standards, and operational requirements between service provider and customer.

find out more

General Contract For Services

A New Zealand-compliant contract template for establishing service provision relationships between providers and clients, aligned with NZ contract law.

find out more

Bartender Contract

New Zealand-compliant employment agreement for bartending positions, covering essential terms and alcohol service requirements.

find out more

House Share Agreement

A New Zealand-compliant agreement establishing terms and conditions for multiple occupants sharing a residential property, aligned with local tenancy laws.

find out more

Training Agreement Between Company And Trainer

A New Zealand-governed agreement establishing terms between a company and trainer for professional training services delivery.

find out more

Service Bond Agreement

A New Zealand-compliant agreement binding an employee to serve an organization for a specified period in exchange for receiving training or educational support.

find out more

Reservation Contract

A New Zealand-compliant contract establishing terms and conditions for reservations, including payment terms, cancellation policies, and party obligations.

find out more

Public Service Agreement

A New Zealand-governed agreement for engaging service providers within the public sector, aligned with Public Service Act 2020 requirements.

find out more

Operation And Maintenance Contract

A New Zealand-governed agreement establishing terms for facility operation and maintenance services, including service scope, performance standards, and compliance requirements.

find out more

Framework Contract In Procurement

New Zealand Framework Contract establishing terms and conditions for ongoing procurement relationships between purchasers and suppliers.

find out more

Facility Letter

A formal document under New Zealand law that outlines the terms and conditions of a credit facility or loan, serving as a binding agreement between a financial institution and borrower.

find out more

Exclusive Buyer Brokerage Agreement

A New Zealand-compliant agreement establishing exclusive representation rights between a real estate agent and property buyer, governed by NZ real estate law.

find out more

Enterprise Subscription Agreement

A New Zealand-governed agreement establishing terms for enterprise subscription services, including service delivery, performance standards, and compliance requirements.

find out more

Development Services Agreement

A New Zealand-governed agreement establishing terms for development services provision, including scope, IP rights, and delivery requirements.

find out more

Customer Protection Agreement

A legal agreement outlining customer protections and rights under New Zealand law, establishing clear standards for business-consumer relationships.

find out more

Admission Agreement

A New Zealand-compliant legal agreement establishing the terms of admission between an educational institution and a student, outlining rights, responsibilities, and conditions of enrollment.

find out more

Administrative Contract

A New Zealand-governed contract for public sector arrangements, establishing terms for service delivery and compliance with government requirements.

find out more

Transfer Contract

A New Zealand law-governed agreement facilitating the formal transfer of assets, property, rights, or obligations between parties.

find out more

Shared Services Agreement

A New Zealand law-governed agreement establishing terms and conditions for shared services delivery between organizations, including service specifications, performance standards, and governance structures.

find out more

Installation Agreement

A New Zealand-governed agreement setting out terms and conditions for equipment or system installation services, including scope, specifications, and compliance requirements.

find out more

Payment Settlement Agreement

A New Zealand-compliant agreement that formalizes payment settlement terms between parties, including settlement amount, payment schedule, and release of claims.

find out more

Dispatcher Agreement

A New Zealand-compliant agreement establishing terms and conditions for dispatch services, including operational procedures and performance standards.

find out more

Staffing Agreement

A New Zealand-governed agreement between a staffing agency and client organization for temporary staffing and permanent placement services.

find out more

Personal Services Contract

A New Zealand-governed agreement establishing terms and conditions between an independent contractor and client for professional services delivery.

find out more

Staff Contract

A legally compliant New Zealand employment agreement establishing the terms and conditions of employment under New Zealand law.

find out more

Volunteer Agreement

A New Zealand-compliant agreement establishing the relationship between an organization and a volunteer, defining rights, responsibilities, and expectations of both parties.

find out more

Home Construction Contract

New Zealand residential construction agreement defining terms, specifications, and obligations between homeowner and builder under NZ law.

find out more

Home Repair Contract

A New Zealand-compliant contract governing residential repair works between contractors and homeowners, including scope, terms, and obligations.

find out more

Truck Driver Contract Agreement

A New Zealand-governed agreement establishing employment terms between a transport company and truck driver, ensuring compliance with NZ transport and employment regulations.

find out more

Real Estate Purchase Contract

A legally binding agreement under New Zealand law for the sale and purchase of real property, detailing terms, conditions, and obligations of the transaction.

find out more

Data Processing Agreement

A New Zealand law-governed agreement establishing terms and obligations for processing personal information between a data controller and processor under the Privacy Act 2020.

find out more
See more related templates

ұԾ’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ұԾ’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it