Contract For Repayment Of Debt Template for Singapore

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Key Requirements PROMPT example:

Contract For Repayment Of Debt

"I need a Contract For Repayment Of Debt for a SGD 50,000 business loan to be repaid in monthly installments over 24 months starting January 2025, with a 5% annual interest rate and security against company equipment."

Document background

The Contract For Repayment Of Debt is essential when parties need to formalize debt repayment arrangements in Singapore. This document is commonly used when restructuring existing debts, converting informal lending arrangements into formal agreements, or establishing payment plans for outstanding obligations. It must comply with Singapore's legal framework, including the Civil Law Act, Moneylenders Act, and relevant banking regulations. The contract typically includes detailed repayment schedules, interest calculations, default provisions, and any security arrangements, providing clarity and legal protection for all parties involved.

Suggested Sections

1. Parties: Identification of creditor and debtor with full legal names and addresses

2. Background: Origins of the debt and circumstances leading to this repayment agreement

3. Definitions: Key terms used throughout the agreement

4. Acknowledgment of Debt: Clear statement of the amount owed and debtor's acknowledgment

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

6. Interest: Interest rate and calculation method

7. Default Provisions: Consequences of missing payments or breaching agreement

8. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Security: Details of any collateral or security provided when debt is secured by assets

2. Guarantee: Terms of any guarantee provided when a third party guarantees the debt

3. Early Repayment: Terms for early repayment of the debt when this option is offered

4. Insurance: Requirements for insurance coverage when insurance is required to secure the debt

Suggested Schedules

1. Repayment Schedule: Detailed payment schedule with dates and amounts

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

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

4. Guarantee Documentation: If applicable, guarantee agreement and related documents

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
Treasury
Risk Management

Relevant Roles

Chief Financial Officer
Credit Manager
Financial Controller
Accounts Receivable Manager
Legal Counsel

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Contract For Repayment Of Debt

Authors

Alex Denne

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