Document background
The Debt Repayment Agreement is utilized when parties wish to formalize arrangements for settling an outstanding debt under Singapore jurisdiction. This document is particularly important when restructuring existing debts or establishing formal payment plans. The agreement includes essential elements such as the amount owed, payment schedule, interest rates (subject to Singapore's usury laws), and default provisions. It provides legal protection for both parties and can be used as evidence in Singapore courts if enforcement becomes necessary. The agreement must comply with Singapore's Civil Law Act, Moneylenders Act, and other relevant legislation.
