Document background
A Promissory Deed is commonly used in Singapore when one party wishes to make a legally binding promise to another without necessarily receiving consideration in return. The document's formal nature as a deed overcomes the common law requirement for consideration. Promissory Deeds are particularly useful in financial arrangements, property transactions, and business commitments where one party needs to rely on a formal promise. Under Singapore law, these deeds must meet specific execution requirements and may need to be registered depending on their nature and content.
