Document background
The Debt Acknowledgement And Repayment Agreement is a crucial legal instrument under Singapore law, typically used when parties wish to formally document an existing debt and establish clear repayment terms. This agreement is particularly valuable when converting informal lending arrangements into formal obligations, restructuring existing debts, or documenting verbal agreements. It provides clear evidence of the debt, protecting both creditor and debtor by establishing unambiguous terms and conditions for repayment, while ensuring compliance with Singapore's legal framework, including the Civil Law Act and Limitation Act.
