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Debt Payment Agreement Form

Debt Payment Agreement Form Template for Singapore

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Key Requirements PROMPT example:

Debt Payment Agreement Form

"I need a Debt Payment Agreement Form for a business loan of SGD 250,000 to be repaid in monthly installments over 36 months starting from March 2025, with a security interest in company equipment and a personal guarantee from our CEO."

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Document background
The Debt Payment Agreement Form is a crucial legal instrument used in Singapore when parties need to formalize arrangements for debt repayment. This document is particularly relevant when there's an existing debt that needs to be restructured, consolidated, or when payment terms need to be modified. It complies with Singapore's legal framework, including the Civil Law Act and Moneylenders Act, and typically includes detailed payment schedules, interest calculations, and default provisions. The agreement provides legal protection for both creditor and debtor while ensuring clear documentation of the debt repayment terms and conditions.
Suggested Sections

1. Parties: Identifies the creditor and debtor with full legal names and addresses

2. Background: Details the circumstances of the debt and previous agreements or arrangements

3. Definitions: Defines key terms used tHRoughout the agreement

4. Debt Amount: Specifies the total amount owed and breakdown if applicable

5. Payment Terms: Details payment schedule, installment amounts, and payment methods

6. Interest Rate: Specifies applicable interest rates and calculation method

7. Default Provisions: Outlines consequences of missed payments or default

8. Governing Law: Specifies Singapore law as governing law

Optional Sections

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

2. Guarantor Provisions: Terms relating to guarantors of the debt - use when a third party guarantees the debt

3. Early Payment Provisions: Terms for early repayment or prepayment - use when early repayment is allowed

4. Insurance Requirements: Required insurance coverage details - use when insurance is required for secured assets

Suggested Schedules

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

2. Original Debt Documentation: Copies of original loan agreements or debt evidence

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

4. Guarantor Documentation: Guarantor identification and commitment 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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships, regulating interest rates and charges, and establishing requirements for valid contract formation in Singapore

Moneylenders Act (Cap. 188): Legislation regulating moneylending transactions, setting maximum interest rates, and defining requirements for licensed moneylenders in Singapore

Consumer Protection (Fair Trading) Act: Act ensuring fair trading practices and protecting consumers against unfair practices in debt collection activities

Limitation Act (Cap. 163): Legislation establishing time limits for debt recovery and defining limitation periods for different types of debts in Singapore

Contract Law: Common law principles governing contract formation, including requirements for valid contracts such as offer, acceptance, and consideration

Banking Act (Cap. 19): Legislation governing banking institutions, including regulations on banking practices and loans when debt involves financial institutions

Personal Data Protection Act 2012: Act regulating the collection, use, and disclosure of personal data in Singapore, including consent requirements for data handling in agreements

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

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