Free Accounts Payable Agreement Template
Accounts Payable Agreement
This Payment Agreement ("Agreement") is made effective from January 1, 2050, by and between [Your Company Name] ("Company"), and [Your Partner Company Name / Second Party] ("Partner").
I. SCOPE OF THE AGREEMENT
The Company and the Partner, through this agreement, have reached a mutual understanding and given their consent to adhere to the payment terms that have been outlined within this agreement. These terms pertain to the goods, services, and obligations that have been highlighted according to their business purposes, which they had agreed upon in their previous discussions.
II. PAYMENT AND TERMS
The Company has the obligation to provide compensation to the Partner and this shall be executed in accordance with the payment terms as outlined below:
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Upon the signing of this Agreement, a primary or initial payment which amounts to twenty-five percent of the total sum agreed upon in the contract shall be made to the Partner.
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The remaining amount owed would be dealt with and resolved through quarterly installments. This process, of paying through quarterly installments, would last an enduring time period of four years. This period would commence and initiate from the effective date from which the Agreement was employed and made active.
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Unless the parties involved in this transaction mutually decide in writing to use a currency other than US Dollars, it is explicitly stated and agreed that all payments shall be rendered using US Dollars.
III. DISPUTE ON PAYMENT
Should there arise any disagreement or dispute in relation to payment matters, it is the collective agreement of both parties involved to aim for a peaceful and amicable resolution to the issue at hand. They will attempt to come to a mutually agreeable resolution through negotiation. However, in the event that the efforts of negotiation are unsuccessful and do not yield an acceptable outcome, it has been agreed upon that the dispute shall be directed to be sorted out by means of arbitration. This arbitration process will be carried out and adherently follow the rules, guidelines, and standards set by the American Arbitration Association.
IV. COMMENCEMENT AND DURATION
This Agreement is hereby established and recognized as effective, beginning its operations from the date mentioned as the Effective Date. It is agreed upon by all parties involved that this Agreement will persist in its validity, continuing persistently until it reaches the fulfillment and completion of the payment terms that have been previously agreed upon by all parties. However, please note that there is a provision that allows for the potential of an early termination. Should this be an avenue that is deemed necessary or appropriate under certain circumstances, it would be conducted in a manner that is wholly consistent with and adherent to the terms and conditions that have been explicitly mentioned within this Agreement.
V. TERMINATION
This Agreement is subject to termination by either of the involved parties, provided they furnish a written notice of intent to terminate, a full 30 days before the intended termination date. In the eventuality of such termination, it will be incumbent upon the Company to fulfill its obligation pertaining to the payment for any and all services previously rendered by the Partner up until the officially recognized date of termination.
VI. CONFIDENTIALITY
Both parties involved in these business dealings pledge to uphold and respect the confidentiality of any sensitive or proprietary information that may be shared or disclosed between them as part of their associations. This includes a vow not to reveal, expose or otherwise share this sensitive information with any third party that is not directly involved in the dealings. This undertaking also necessitates and binds both parties to seek the written consent of the other party before any such information is disclosed, distributed or shared in any manner or form. Both parties, through their association with each other, therefore commit to the confidentiality of all sensitive information shared between them.
VII. LIMITATION OF LIABILITY
Under the provisions of this agreement, it is stipulated that, in any circumstance or event, both of the involved parties are not obligated, nor should they hold themselves responsible, to the other party for any damages that fall under any of the following categories - indirect, special, exemplary, or consequential - that might arise or result due to the execution or implementation of the agreements or terms described herein.
VIII. GOVERNING LAW
The terms, conditions, interpretations, and execution of this Agreement will be placed under the governance and construction of the laws specifically pertaining to the jurisdiction mentioned [Jurisdiction]. Any possible disputes or interpretive concerns will be handled according to the same laws of the stated jurisdiction.
IX. ENTIRE AGREEMENT
This Agreement embodies the entire and complete understanding and agreement between the parties involved. This document takes precedence over, and supersedes, all prior communication, representations or agreements, whether these previous documents were in oral or written format, that the parties had been involved in, with specific regard to the subject matter dealt with in this present Agreement.
IN WITNESS WHEREOF, the parties have executed this Payment Agreement as of the date first above written.
[Your Company Name]
Date: [Month Day, Year]
[Your Partner Company Name / Second Party]
Date: [Month Day, Year]
