Payment Undertaking Agreement Template for Singapore

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Key Requirements PROMPT example:

Payment Undertaking Agreement

"Need a Payment Undertaking Agreement for our Singapore subsidiary to guarantee quarterly payments of SGD 2.5 million to our suppliers starting March 2025, with specific default provisions and cross-border payment mechanisms."

Document background

The Payment Undertaking Agreement is commonly used in Singapore's commercial landscape where parties require formal documentation of payment obligations. This document is particularly relevant in project finance, international trade, and complex commercial transactions where payment certainty is crucial. The agreement, governed by Singapore law, typically details payment terms, timing, conditions, and consequences of default. It provides beneficiaries with a legally enforceable commitment while giving undertakers a clear framework for their obligations. The document's importance has grown with Singapore's development as a major financial hub, particularly in cross-border transactions where payment security is paramount.

Suggested Sections

1. Parties: Identification and details of the parties entering into the agreement

2. Background: Context and purpose of the payment undertaking

3. Definitions: Key terms used throughout the agreement

4. Payment Obligations: Core undertaking terms, amounts, and payment schedule

5. Conditions Precedent: Conditions that must be satisfied before obligations become effective

6. Representations and Warranties: Statements of fact and assurances by the parties

7. Events of Default: Circumstances constituting breach and triggering remedies

8. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions

Optional Sections

1. Security Provisions: Details of any collateral or security arrangements - used when payment obligations are secured by assets or guarantees

2. Cross-Border Provisions: Specific provisions for international payments - used when parties are in different jurisdictions

3. Step-In Rights: Rights of intervention by specified parties - used in complex project finance structures

4. Currency Provisions: Currency conversion and exchange rate mechanisms - used when payments involve multiple currencies

Suggested Schedules

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

2. Form of Notice: Template for formal notices under the agreement

3. Security Documents: Details of any associated security arrangements

4. Conditions Precedent Documents: List of required documents and conditions

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
Infrastructure
International Trade
Real Estate

Relevant Teams

Finance
Legal
Treasury
Risk Management
Corporate Development

Relevant Roles

Chief Financial Officer
Treasury Manager
Legal Counsel
Finance Director
Project Finance Manager

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Let's create your Payment Undertaking Agreement

Authors

Alex Denne

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