Document background
The Arrears Repayment Agreement is essential when parties need to formalize arrangements for settling overdue payments in Singapore. It's commonly used when standard payment terms have not been met and a new arrangement is required to manage the debt repayment. The document complies with Singapore's legal framework, particularly the Contracts Act and Moneylenders Act, and typically includes detailed repayment schedules, interest calculations, and default provisions. This agreement provides legal protection for both parties while facilitating debt recovery in a structured manner.
