Promissory Note For Late Payment Of Tuition Fee Template for Singapore

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Key Requirements PROMPT example:

Promissory Note For Late Payment Of Tuition Fee

"Need a Promissory Note For Late Payment Of Tuition Fee for an international student who needs to pay outstanding fees of SGD 15,000 in three installments by March 2025, with their parent as guarantor."

Document background
The Promissory Note For Late Payment Of Tuition Fee is a crucial document in Singapore's educational sector, typically used when students require extended time to settle outstanding tuition fees. This document, governed by Singapore law including the Private Education Act and Bills of Exchange Act, provides educational institutions with legal security while offering students a structured payment solution. It includes specific payment terms, schedules, and consequences of default, while ensuring compliance with Singapore's regulatory requirements regarding educational fee collection and student protection measures.
Suggested Sections

1. Promise to Pay: Clear statement of the promise to pay, including the exact amount owed for tuition fees

2. Payment Terms: Specific details about payment schedule, method of payment, and conditions

3. Due Date: Clear specification of when the payment is due and consequences of non-payment

4. Student Details: Identification of the student, course details, and student ID

5. Institution Details: Details of the educational institution including registration number

Optional Sections

1. Interest Rate: Section specifying any applicable late payment interest rates and calculation method

2. Security: Section detailing any collateral or guarantee requirements for the promissory note

3. Acceleration Clause: Provision allowing immediate payment to be demanded upon default of any installment

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment installments and due dates

2. Course Fee Details: Itemized breakdown of tuition fees and other applicable charges

3. Guarantor Information: Details and declaration of guarantor 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

Industries

Civil Law Act (Cap. 43): Primary legislation governing contracts in Singapore, covering contract validity, consideration requirements, and legal capacity of parties in contractual agreements.

Bills of Exchange Act (Cap. 23): Key legislation governing promissory notes in Singapore, detailing requirements for valid promissory notes and defining rights and obligations of all parties involved.

Private Education Act (Cap. 247A): Legislation governing private education institutions in Singapore, including regulations on fee collection and student protection measures.

Private Education Regulations: Specific regulations detailing rules about fee collection, maximum fee collection periods, and mandatory fee protection schemes for educational institutions.

Moneylenders Act (Cap. 188): Legislation governing money lending practices in Singapore, including interest rate restrictions and ensuring promissory note terms don't constitute regulated money lending.

Unfair Contract Terms Act (Cap. 396): Legislation ensuring contract terms are fair and reasonable, with specific provisions for consumer protection in contractual agreements.

Limitation Act (Cap. 163): Legislation specifying time limits for enforcement of promissory notes and statute of limitations for debt collection in Singapore.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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