Acknowledgment Of Debt Template for Singapore

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Key Requirements PROMPT example:

Acknowledgment Of Debt

"I need an Acknowledgment of Debt for a business loan of SGD 250,000 with monthly repayments over 24 months, starting from March 2025, with an interest rate of 5% per annum and default provisions if payments are missed."

Document background

An Acknowledgment of Debt is commonly used in Singapore when there's a need to formally document an existing debt obligation between parties. This document is particularly useful when restructuring payment terms or when the original debt documentation requires reinforcement. The Acknowledgment of Debt provides creditors with strong documentary evidence of the debt, restarts the limitation period under Singapore law, and typically includes specific details about the debt amount, payment terms, and parties involved. It's especially valuable in both commercial and private lending contexts, offering protection to creditors while providing clear terms for debtors.

Suggested Sections

1. Date: Current date of acknowledgment

2. Parties' Details: Full names, addresses, and identification numbers of creditor and debtor

3. Debt Amount Declaration: Precise amount owed, including currency and clear acknowledgment of the debt

4. Original Debt Source: Description of how the debt was incurred and its origin

5. Payment Terms: Repayment schedule, method, and conditions of payment

6. Signatures: Signature blocks for debtor and date of signing

Optional Sections

1. Interest Rate: Details of any interest charges applicable to the debt

2. Security Provisions: Details of any collateral or security provided for the debt

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

4. Witness Section: Space for witness details and signatures if required

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment installments and due dates

2. Statement of Account: Detailed breakdown of how the debt amount was calculated

3. Security Details: Comprehensive description of any assets provided as security for the debt

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

Clauses

Relevant Industries

Banking and Finance
Real Estate
Small Business
Private Lending

Relevant Teams

Finance
Legal
Credit Control
Accounts
Risk Management

Relevant Roles

Credit Manager
Finance Director
Accounts Receivable Manager
Legal Counsel
Collection Officer

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Let's create your Acknowledgment Of Debt

Authors

Alex Denne

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