Acknowledgement Letter For Partial Payment Template for Singapore

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Acknowledgement Letter For Partial Payment

"I need an Acknowledgement Letter for Partial Payment to confirm receipt of SGD 50,000 from ABC Trading Pte Ltd against their outstanding debt of SGD 150,000, preserving our right to collect the remaining balance and including a payment schedule for the outstanding amount to be paid by March 2025."

Document background

The Acknowledgement Letter for Partial Payment is essential in Singapore's business environment where partial settlements are common. This document is used when a debtor makes a payment that doesn't fully satisfy their debt obligation. It serves multiple purposes: documenting the partial payment received, confirming the outstanding balance, preserving the creditor's rights to collect the remaining amount, and providing legal protection for both parties. The letter must comply with Singapore's Contract Act and related legislation, particularly regarding debt acknowledgement and limitation periods. It's commonly used in various scenarios, from commercial transactions to loan repayments, and can be crucial evidence in future disputes or collection efforts.

Suggested Sections

1. Date and Reference: Current date and any reference numbers for the original debt

2. Parties' Details: Full names and addresses of both creditor and debtor

3. Original Debt Reference: Details of the original debt amount and agreement

4. Partial Payment Details: Amount being paid and payment method/date

5. Outstanding Balance: Confirmation of remaining balance after partial payment

6. Rights Reservation: Statement preserving creditor's rights to collect remaining balance

Optional Sections

1. Payment Schedule: Future payment arrangements for remaining balance if agreed upon

2. Interest Terms: Details of any interest applicable to the remaining balance

3. Security Details: Reference to any security arrangements or guarantees for the payment

Suggested Schedules

1. Payment Receipt: Copy of payment confirmation for the partial payment

2. Original Debt Document: Copy of original agreement or invoice being partially paid

3. Payment Schedule: Detailed schedule of future payments if applicable

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

alex.den.21@genieai.co

Relevant legal definitions

Original Debt
Partial Payment
Outstanding Balance
Payment Date
Original Agreement
Creditor
Debtor
Interest Rate
Due Date
Business Day
Payment Method
Security

Clauses

Acknowledgement of Payment
Outstanding Balance
Rights Reservation
Payment Terms
Further Assurance
Interest
Default
Security
Governing Law
Notices
Severability
Assignment

Relevant Industries

Banking and Finance
Real Estate
Commercial Trade
Construction
Retail

Relevant Teams

Finance
Accounts
Legal
Treasury
Credit Control

Relevant Roles

Finance Manager
Credit Controller
Accounts Receivable Manager
Financial Controller
Treasury Manager

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Let's create your Acknowledgement Letter For Partial Payment

Authors

Alex Denne

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