Commitment Letter To Pay Debt Template for Singapore

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Commitment Letter To Pay Debt

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Commitment Letter To Pay Debt

"I need a Commitment Letter To Pay Debt for a corporate loan of SGD 250,000, with monthly installments over 24 months starting March 2025, including a 5% annual interest rate and default provisions."

Document background
A Commitment Letter To Pay Debt is commonly used in Singapore when formalizing debt repayment arrangements between parties. This document is particularly relevant when there's a need to convert an informal debt into a formal, documented obligation. It complies with Singapore's Contract Act and debt-related legislation, providing creditors with a legally enforceable document while giving debtors clear repayment terms. The letter typically includes specific payment schedules, interest calculations, and default provisions, making it a valuable tool for debt management and potential legal proceedings.
Suggested Sections

1. Debtor Details: Full legal name, identification/registration number, and address of the person/entity acknowledging the debt

2. Creditor Details: Full legal name, identification/registration number, and address of the person/entity to whom the debt is owed

3. Debt Acknowledgment: Clear statement acknowledging the existence and amount of the debt

4. Payment Terms: Specific details about how and when the debt will be repaid, including payment schedule

5. Date and Execution: Date of the commitment letter and signature blocks for all parties

Optional Sections

1. Interest Terms: Details of any interest applicable to the debt, used when interest is part of the repayment agreement

2. Security Details: Description of any collateral or security provided, used when the debt is secured

3. Default Provisions: Consequences of missing payments, used when specific default terms are agreed

4. Dispute Resolution: Process for handling disputes, used in more formal arrangements

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Original Debt Documentation: Copies of documents evidencing the original debt

3. Security Documentation: Details of any security or collateral (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

Contract Act 1872: Primary legislation governing contract formation, validity, and enforcement in Singapore, covering essential elements like offer, acceptance, consideration, and intention to create legal relations

Civil Law Act (Cap. 43): Fundamental legislation governing civil matters including contractual obligations and remedies in Singapore

Limitation Act (Cap. 163): Sets statutory time limits for bringing legal actions to recover debts, typically 6 years for contractual debts in Singapore

Moneylenders Act (Cap. 188): Regulates moneylending activities and provides protection for borrowers if the debt involves a licensed moneylender

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and ensures fair trading terms in contracts

Unfair Contract Terms Act: Controls the use of unfair terms in contracts and limits the extent to which liability can be excluded or restricted

Stamp Duties Act (Cap. 312): Governs the imposition of stamp duties on certain documents and instruments in Singapore

Evidence Act (Cap. 97): Regulates the admissibility of evidence in legal proceedings, including documentary evidence of debt

Rules of Court: Procedural rules governing civil litigation in Singapore courts, relevant for debt enforcement

Bankruptcy Act (Cap. 20): Governs bankruptcy proceedings and provides framework for handling insolvent debtors

Supreme Court of Judicature Act: Establishes the jurisdiction and powers of Singapore courts in civil matters including debt recovery

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

Find the exact document you need

Freelance Payment Contract

find out more

Undertaking Letter For Commission Payment

find out more

Tripartite Agreement For Third Party Payment

find out more

Settlement Agreement Payment Terms

find out more

Royalty Agreement Form

find out more

Recurring Payment Agreement

find out more

Rental Agreement Advance Payment

find out more

Personal Loan Repayment Agreement

find out more

Payment Plan Letter To Debtor

find out more

Payment For Non Compete Agreement

find out more

Payment For Contract

find out more

Pay Off Agreement

find out more

Pay Back Contract

find out more

Partial Payment Agreement For Lot

find out more

Partial Payment Agreement For House And Lot

find out more

Loan Repayment Agreement Letter

find out more

Non Payment Agreement

find out more

Lot Payment Agreement

find out more

Land Payment Agreement Letter

find out more

Install Agreement

find out more

Independent Contractor Payment Agreement

find out more

Final Payment Agreement

find out more

Employee Repayment Agreement Letter

find out more

Down Payment Contract

find out more

Delayed Payment Agreement

find out more

Commitment Letter To Pay Debt

find out more

Commission Payment Agreement

find out more

Car Payment Agreement Between Two Parties

find out more

Billing Agent Agreement

find out more

Arrears Repayment Agreement

find out more

Agreement To Pay Rent Arrears

find out more

Agreement Letter For Receiving Money

find out more

Agreement For Cash Payment

find out more

Accident Payment Agreement Letter

find out more

Advance Payment Contract

find out more

Advance Payment Agreement

find out more

Third Party Payment Contract

find out more

Tenancy Agreement Payment

find out more

Sale Payment Agreement

find out more

Prepayment Agreement

find out more

Payment Undertaking Agreement

find out more

Payment Plan Arrangement Letter

find out more

Pay Settlement Agreement

find out more

Partial Rent Payment Agreement

find out more

Part Payment Sale Agreement

find out more

Non Refundable Payment Agreement

find out more

Loan Repayment Agreement Employee

find out more

Loan Repayment Agreement Between Friends

find out more

Letter For Agreement Of Payment

find out more

Letter Of Commission Payment

find out more

Invoicing Agreement

find out more

Full Payment Agreement Of Property

find out more

Entrusted Payment Agreement

find out more

Down Payment Agreement

find out more

Direction To Pay Agreement

find out more

Deferred Sale Agreement

find out more

Deferred Payment Contract

find out more

Deferment Agreement

find out more

Debt Acknowledgement And Repayment Agreement

find out more

Contract For Installment Payments

find out more

Cash Payment Contract

find out more

Agreement Letter For Installment Payment

find out more

Payment Terms Contract

find out more

Collection Payment Plan Letter

find out more

Agreement To Pay Letter

find out more

Agreement Letter For Down Payment

find out more

Production Payment Agreement

find out more

Contract To Sell Installment Payment

find out more

Consultant Payment Agreement

find out more

Settlement Agreement For Payment

find out more

Auto Payment Agreement

find out more

Vehicle Sales Agreement Payment Plan

find out more

Vehicle Bill Of Sale Payment Agreement

find out more

Repayment Plan Agreement

find out more

Land Installment Agreement

find out more

Contract For Repayment Of Debt

find out more

Commitment Letter For Payment

find out more

Repayment Contract Agreement

find out more

Third Party Payment Agreement

find out more

Rent Payment Agreement

find out more

Payment Schedule Contract

find out more

Letter Of Agreement For Payment Of Debt

find out more

Debt Repayment Agreement

find out more

Agreement For Deposit Payment

find out more

Royalty Agreement

find out more

Repayment Agreement

find out more

Promise To Pay Contract

find out more

Payment Plan Contract

find out more

Payment Contract

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.