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Letter Of Intent For Payment Arrangement
"I need a Letter of Intent for Payment Arrangement for a construction company that owes my firm SGD 250,000, to be paid in monthly installments starting March 2025, with a 5% interest rate and security against their equipment."
1. Parties' Information: Full legal names and addresses of both creditor and debtor
2. Current Debt Status: Clear statement of the outstanding amount and its origin, including date of original debt
3. Payment Terms: Detailed payment schedule, amounts, and method of payment, including frequency and due dates
4. Timeline: Start date and duration of the payment arrangement, including completion date
5. Acknowledgment: Debtor's acknowledgment of the debt and commitment to the payment arrangement
1. Interest Terms: Details of any applicable interest rates and calculations on the outstanding amount
2. Default Provisions: Consequences and remedies in case of payment default or breach of arrangement
3. Security Arrangements: Details of any collateral, guarantees, or security provided for the debt
4. Dispute Resolution: Procedures for resolving any disputes related to the payment arrangement
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies of invoices, contracts, or agreements that created the original debt
3. Statement of Account: Current account statement showing detailed debt calculation and history
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