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An Installment Payment Promissory Note is commonly used in Singapore when parties need to formalize a debt repayment through structured payments over time. This document is particularly relevant when a lender provides funds to a borrower and requires a legally enforceable agreement detailing the repayment schedule. Under Singapore law, it must include specific elements such as an unconditional promise to pay, clear payment terms, and proper execution to be legally valid. The document provides security for the lender while giving the borrower clear terms for meeting their obligations.
