30 Day Credit Agreement Template for Singapore

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Key Requirements PROMPT example:

30 Day Credit Agreement

"Need a 30 Day Credit Agreement under Singapore law for our manufacturing company extending credit to a new distributor, with a credit limit of SGD 50,000 and requiring personal guarantee from the distributor's director, to be effective from March 1, 2025."

Document background
The 30 Day Credit Agreement is commonly used in Singapore business transactions where one party extends short-term credit to another. This document is essential for businesses managing cash flow and establishing clear payment terms. The agreement complies with Singapore's commercial and financial regulations, including the Civil Law Act and Moneylenders Act. It typically specifies credit limits, payment schedules, interest calculations, and default remedies. This type of agreement is particularly important in establishing clear commercial relationships and managing credit risk in business operations.
Suggested Sections

1. Parties: Identification of creditor and debtor, including registration details and addresses

2. Background: Context of the credit agreement and relationship between parties

3. Definitions: Key terms used tHRoughout the agreement

4. Credit Terms: Amount, duration, and repayment terms of the credit facility

5. Interest and Charges: Interest rates, calculation methods, and applicable fees

6. Payment Terms: Payment schedule, methods, and processing details

7. Default Provisions: Consequences of default and remedies available

8. Governing Law: Specification of Singapore law and jurisdiction

Optional Sections

1. Security Provisions: Details of any security or guarantees required for the credit facility

2. Insurance Requirements: MaNDAtory insurance coverage requirements for securing the credit

3. Electronic Communications: Terms and conditions for electronic notices and communications between parties

4. Data Protection: PDPA compliance provisions for handling personal data

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Interest Rate Schedule: Detailed interest calculations and variations

3. Security Details: Description of security assets or guarantees if applicable

4. Standard Terms and Conditions: General terms applicable to all credit facilities

Authors

Alex Denne

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

Industries

Civil Law Act (Cap. 43): Primary legislation governing contract formation, validity, and enforcement in Singapore

Contracts (Rights of Third Parties) Act: Regulates the rights of third parties to enforce terms of a contract they are not directly party to

Electronic Transactions Act: Governs the legal recognition and use of electronic transactions and signatures in contracts

Moneylenders Act (Cap. 188): Regulates moneylending activities and protects borrowers from unfair lending practices

Banking Act (Cap. 19): Provides framework for banking operations and financial services in Singapore

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and provides additional rights in trading relationships

Interest Act (Cap. 141): Governs the charging and calculation of interest in financial transactions

Late Payment of Commercial Debts (Interest) Act: Regulates the charging of interest on late payments in commercial transactions

Personal Data Protection Act: Governs the collection, use, and disclosure of personal data in Singapore

MAS Regulations: Regulatory requirements set by the Monetary Authority of Singapore for financial transactions

Credit Bureau Singapore Requirements: Guidelines for credit reporting and credit information sharing in Singapore

Debt Collection Act: Regulates debt collection practices and protects debtors from harassment

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

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