Document background
A Non Payment Agreement is typically used when parties need to formalize arrangements where standard payment terms are being modified or suspended. Under Singapore law, this document provides a clear legal framework for situations such as payment holidays, debt restructuring, or temporary suspension of payment obligations. The agreement includes essential details about the original payment obligations, the new arrangements, duration of the modification, and any conditions that must be met. It's particularly relevant in times of financial hardship, business restructuring, or when parties need to modify existing payment terms while maintaining their business relationship.
