Promissory Note For Delayed Payment Generator for Singapore

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Key Requirements PROMPT example:

Promissory Note For Delayed Payment

"I need a Promissory Note For Delayed Payment for a manufacturing equipment purchase worth SGD 250,000, to be paid in monthly installments over 18 months starting from March 2025, with a 5% annual interest rate."

Document background

A Promissory Note For Delayed Payment is commonly used in Singapore business transactions when parties need to formalize a debt obligation with delayed payment terms. This instrument, governed by Singapore law, provides a clear record of the debt, payment terms, and obligations of the parties involved. It's particularly useful in situations where goods or services have been provided but immediate payment isn't possible or desired. The note must comply with Singapore's Bills of Exchange Act and typically includes details about the principal sum, payment schedule, interest (if any), and consequences of default.

Suggested Sections

1. Promise to Pay: Unconditional promise to pay a specific sum, including maker's clear commitment to pay

2. Payment Amount: Clear specification of the principal sum in both numbers and words

3. Payment Terms: Payment schedule, due date(s), and method of payment

4. Maker's Details: Full legal name, address, and identification details of the person making the promise

5. Payee's Details: Full legal name, address, and identification details of the person to whom payment is promised

Optional Sections

1. Interest Rate: Details of interest rate, calculation method, and payment schedule if interest is to be charged on the principal sum

2. Security/Collateral: Description of any assets or guarantees securing the note, including valuation and terms

3. Acceleration Clause: Conditions and circumstances under which the full payment becomes immediately due and payable

4. Default Provisions: Consequences of default and remedies available to the payee

5. Prepayment Terms: Conditions and terms for early payment of the note, including any penalties or benefits

Suggested Schedules

1. Payment Schedule: Detailed breakdown of installment payments including dates, amounts, and running balance

2. Security Details: Comprehensive description of collateral or security arrangements including valuations and terms

3. Interest Calculation Schedule: Detailed breakdown of interest calculations and payment schedule if applicable

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

Manufacturing
Real Estate
Retail
Construction
Professional Services

Relevant Teams

Finance
Legal
Treasury
Accounts Payable
Credit Control

Relevant Roles

Chief Financial Officer
Finance Manager
Credit Controller
Treasury Manager
Accounts Payable Manager

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Let's create your Promissory Note For Delayed Payment

Authors

Alex Denne

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