Entrusted Payment Agreement Template for Singapore

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Key Requirements PROMPT example:

Entrusted Payment Agreement

"Need an Entrusted Payment Agreement for a construction project in Singapore where our company will manage milestone payments to contractors, with expected monthly disbursements of SGD 500,000 starting March 2025."

Document background

The Entrusted Payment Agreement serves as a crucial instrument in situations where parties require secure and structured payment arrangements through a trusted intermediary. This document is particularly relevant in Singapore's sophisticated financial landscape, where complex payment arrangements are common in various business contexts. The agreement typically details payment mechanisms, authorization protocols, compliance requirements, and risk management measures. It's designed to align with Singapore's robust regulatory framework, including the Payment Services Act 2019 and MAS guidelines, making it an essential tool for businesses requiring managed payment services with proper oversight and control.

Suggested Sections

1. Parties: Identification and details of all parties involved in the agreement

2. Background: Context and purpose of the entrusted payment arrangement

3. Definitions: Key terms used throughout the agreement

4. Appointment: Terms of appointment of the entrusted party

5. Payment Terms: Details of payment amounts, timing, and mechanisms

6. Obligations of Parties: Duties and responsibilities of each party

7. Compliance with Laws: Requirements for compliance with relevant Singapore laws and regulations

8. Representations and Warranties: Standard declarations and assurances from all parties

9. Term and Termination: Duration of agreement and termination provisions

10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes

Optional Sections

1. Security Arrangements: Additional security measures for payments, recommended for high-value transactions or high-risk arrangements

2. Force Majeure: Provisions for unforeseen circumstances affecting the ability to perform obligations

3. Confidentiality: Protection of sensitive information and trade secrets

4. Data Protection: Compliance with Personal Data Protection Act and data handling procedures

5. Anti-Money Laundering: Specific provisions for compliance with AML regulations and reporting requirements

Suggested Schedules

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

2. Schedule 2 - Bank Account Details: Specified accounts for payments and transfers

3. Schedule 3 - Authorization Matrix: List of authorized personnel and their approval limits

4. Schedule 4 - KYC Requirements: Required identification and verification documents for regulatory compliance

5. Schedule 5 - Service Level Agreement: Specific performance metrics and service standards

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
Construction
International Trade
Investment Management

Relevant Teams

Finance
Treasury
Legal
Compliance
Operations

Relevant Roles

Chief Financial Officer
Treasury Manager
Finance Director
Compliance Officer
Project Manager

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Let's create your Entrusted Payment Agreement

Authors

Alex Denne

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