Agreement For Supply Of Goods On Credit Template for Singapore

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Key Requirements PROMPT example:

Agreement For Supply Of Goods On Credit

"I need an Agreement For Supply Of Goods On Credit for my electronics manufacturing company in Singapore, with a credit limit of SGD 500,000 and monthly payment terms, including specific provisions for quality testing of semiconductor components."

Document background
The Agreement For Supply Of Goods On Credit is essential for businesses operating in Singapore that wish to establish ongoing supply relationships with deferred payment terms. This document is particularly relevant in the current business environment where trade credit is a crucial aspect of supply chain management. It provides legal protection for both suppliers and purchasers, incorporating Singapore's commercial law requirements while addressing practical aspects such as credit limits, payment schedules, and security arrangements. The agreement is designed to comply with Singapore's regulatory framework, including the Sale of Goods Act and relevant banking regulations.
Suggested Sections

1. Parties: Identification of supplier and purchaser with full legal details

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

3. Definitions: Key terms used throughout the agreement

4. Supply Terms: Details of goods to be supplied including specifications and quantities

5. Price and Payment Terms: Pricing, credit limits, payment schedules, and interest rates

6. Delivery Terms: Delivery arrangements, timelines, and responsibilities

7. Title and Risk: Transfer of ownership and risk in goods

8. Warranties: Quality guarantees and product warranties

9. Term and Termination: Duration and termination provisions

Optional Sections

1. Security Arrangements: Additional security provisions for credit arrangements, used for high-value contracts or where buyer credit risk is high

2. Insurance: Insurance requirements for goods, typically included for high-value goods or where specific risks need coverage

3. Returns Policy: Procedures for returning goods, particularly relevant when dealing with retail or consumer goods

4. Intellectual Property: IP rights and restrictions, included when supplied goods involve intellectual property rights

Suggested Schedules

1. Product Specifications: Detailed technical specifications of goods

2. Pricing Schedule: Detailed pricing information and volume discounts

3. Credit Application Form: Standard form for credit assessment

4. Delivery Schedule: Agreed delivery dates and locations

5. Security Documents: Forms of security or guarantee 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

Industries

Sale of Goods Act (SOGA): Primary legislation governing contracts for sale of goods, defining rights and obligations of buyers and sellers, including transfer of title and quality of goods requirements

Singapore Contract Act: Fundamental law governing contract formation and enforcement, covering essential elements like offer, acceptance, and consideration

Unfair Contract Terms Act (UCTA): Regulates unfair terms in contracts and limits the ability to exclude or restrict liability in contractual agreements

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices in transactions, applicable when the buyer is a consumer rather than a business

Moneylenders Act: Regulates credit arrangements and lending practices, relevant when credit terms are involved in the supply agreement

Banking Act: May be applicable depending on payment terms and financial arrangements in the contract

Electronic Transactions Act: Governs electronic transactions and digital signatures when contracts are executed electronically

Limitation Act: Establishes time limits for legal actions and enforcement of contractual rights

Personal Data Protection Act (PDPA): Regulates the collection, use, and disclosure of personal data in the course of commercial transactions

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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