Commercial Promissory Note Template for Singapore

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Key Requirements PROMPT example:

Commercial Promissory Note

"I need a Commercial Promissory Note under Singapore law for a secured loan of SGD 500,000 to be repaid in quarterly installments over 18 months, starting from March 1, 2025, with an annual interest rate of 5.5% and our manufacturing equipment as collateral."

Document background

Commercial Promissory Notes are widely used in Singapore's business environment as negotiable debt instruments. They provide a formal mechanism for documenting financial obligations and facilitating commercial transactions. Under Singapore law, a Commercial Promissory Note must contain an unconditional promise to pay, be properly executed, and comply with the Bills of Exchange Act (Chapter 23). These instruments are particularly useful for business financing, supplier credit arrangements, and structured payment plans, offering a secure and legally recognized method of documenting debt obligations.

Suggested Sections

1. Promise to Pay Statement: Unconditional promise to pay a specific sum

2. Payment Amount: Precise amount in numbers and words

3. Payment Date: Specific date or on-demand terms

4. Maker Details: Full legal name and address of the party making the promise

5. Payee Details: Full legal name and address of the party to be paid

6. Execution Block: Signature section with date and witness provisions

Optional Sections

1. Interest Rate Provisions: Terms for interest payment, used when note carries interest

2. Security Provisions: Details of any collateral or security

3. Default Provisions: Consequences of default and acceleration clauses

4. Transfer Rights: Terms regarding negotiability and assignment

Suggested Schedules

1. Payment Schedule: If installment payments are involved, details of payment dates and amounts

2. Security Details: Description of any collateral or security arrangements

3. Calculation of Interest: Method and examples of interest calculation 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

Clauses

Relevant Industries

Banking and Financial Services
Commercial Real Estate
Manufacturing
Import/Export
Retail

Relevant Teams

Finance
Treasury
Legal
Accounting
Credit Control

Relevant Roles

Chief Financial Officer
Treasury Manager
Finance Director
Credit Manager
Accounts Receivable Manager

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Let's create your Commercial Promissory Note

Authors

Alex Denne

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