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Affidavit Of Payment Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Affidavit Of Payment Agreement

I need an Affidavit of Payment Agreement for my company based in Hong Kong to formalize a HKD 500,000 debt repayment plan with a supplier, to be paid in monthly installments starting March 2025, with an early payment discount clause.

Document background
The Affidavit of Payment Agreement is a specialized legal document used in Hong Kong when parties need to formalize payment arrangements with the added security of a sworn statement. This document type is particularly useful in situations where creditors require stronger assurance of payment commitment or when formal documentation of payment arrangements is needed for legal or business purposes. It combines the features of a standard payment agreement with the legal gravity of an affidavit, making it enforceable under Hong Kong law. The document is commonly used in debt restructuring, business transactions, or when converting informal payment arrangements into formal, legally binding agreements. It must be executed before a Commissioner for Oaths or Notary Public to be valid and can be used as evidence in court proceedings if enforcement becomes necessary.
Suggested Sections

1. Parties: Identification of the affiant (person making the affidavit) and other relevant parties, including full legal names, addresses, and identification numbers

2. Background: Context of the debt or payment obligation, including its origin and current status

3. Definitions: Key terms used throughout the affidavit, ensuring clarity and preventing misinterpretation

4. Declaration of Debt: Formal acknowledgment of the debt amount, its origin, and current outstanding balance

5. Payment Terms: Detailed terms of the payment agreement, including amount, frequency, and method of payments

6. Default Provisions: Consequences and procedures in case of payment default

7. Representations and Warranties: Affiant's statements confirming the truth of the information provided and capacity to enter the agreement

8. Governing Law: Specification that Hong Kong law governs the agreement

9. Attestation: Formal sworn statement and signature section, including details of the oath administrator

Optional Sections

1. Security Provisions: Used when collateral or security is provided for the debt

2. Guarantor Details: Required when a third party guarantees the payment obligations

3. Interest Calculations: Included when interest applies to the outstanding amount

4. Early Payment Provisions: Terms for early repayment when permitted

5. Dispute Re红杏直播: Specific procedures for resolving disputes, if parties wish to specify beyond standard legal channels

6. Force Majeure: Included when parties want to address circumstances that may prevent payment fulfillment

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and milestones

2. Schedule B - Original Debt Documentation: Copies or details of original agreements or invoices creating the debt

3. Schedule C - Payment History: Record of any payments already made (if applicable)

4. Appendix 1 - Supporting Documents: Relevant documentation supporting the debt claim (contracts, invoices, correspondence)

5. Appendix 2 - Identification Documents: Copies of relevant identification documents of parties involved

Authors

Alex Denne

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

Relevant legal definitions






























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Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Information Technology

Logistics and Transportation

Relevant Teams

Legal

Finance

Accounts Receivable

Credit Control

Compliance

Risk Management

Treasury

Corporate Secretarial

Collections

Business Operations

Relevant Roles

Finance Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Compliance Officer

Chief Financial Officer

Collections Manager

Risk Manager

Business Development Manager

Contract Administrator

Company Secretary

Treasury Manager

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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