Accounts Payment Terms Contract
Accounts Payment Terms Contract
This Payment Agreement (the "Agreement") is entered into on this 2nd day of February, 2050 (the "Effective Date"), by and between [Your Company Name] having its principal place of business located at [Your Company Address] (the "Company") and [Your Partner Company Name / Second Party] having its principal place of business located at [Second Party's Address] (the "Second Party").
1. INTERPRETATION
The headings that are employed within this Agreement are incorporated purely for the sake of convenience and should not be interpreted as having the capacity to impose limitations or have any other impact on the terms stipulated within this Agreement.
2. PAYMENT TERMS
In the terms of this agreement, the individual or group identified as the Second Party gives their explicit agreement and commitment to provide the Company with a specified payment amount. This sum, known as the [Payment Amount], will not be tendered in a single lump sum, but will instead be divided into [Number of Payments] distinct installments. The specifics regarding this payment plan, in regards to schedule and timetabling, will adhere to the details provided in Exhibit A, which is attached to this document for reference. In terms of due dates, all installment payments must be received by the Company on or before their scheduled [Payment Due Date] as outlined in Exhibit A. Any deviation from this agreed-upon schedule will be considered non-compliance with the present agreement.
3. DEFAULT
In the event that the party, referred herein as the Second party, proves unsuccessful in fulfilling their obligation of making any of the stipulated payments by the date that has been clearly outlined and set forth in Exhibit A, the Company retains and reserves the right to enforce a specific measure. This measure involves the increase of the total cumulative payment that is due. The percentage of the increment will be equivalent to [Percentage] percent, imposed as a late fee or penalty.
4. DISPUTE RESOLUTION
Should there arise any kind of disagreement pertaining to the terms and conditions set forth in this Agreement, the preferred and primary mode of resolving such issues would be through a peaceful and cooperative process of negotiation.
5. GOVERNING LAW
This Agreement is subjected to be presided and interpreted following the principles, rules and regulations of the laws that are established and put into practice within the boundaries of the [Country].
6. CONFIDENTIALITY
Both the parties involved in this agreement have mutually agreed to maintain confidentiality with respect to the terms and conditions that have been laid out in this agreement.
7. ENTIRE AGREEMENT
This Agreement stands as the whole and complete agreement between the parties involved. It takes precedence over, and thereby supersedes and invalidates any and all prior agreements, claims, representations, and understandings that the parties may have previously had in relation to the subject matter at hand.
IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date first above written.
[Your Company Name]
______________________________
Name: [Your Name]
Title: [Your Job Title]
[Your Partner Company Name / Second Party]
____________________________
Name: [Your Client's Name]
Title:[Your Client's Job Title]
