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The Promissory Note Letter for Delayed Payment is commonly used in Singapore when parties need to formalize a debt or payment arrangement with a delayed or installment-based payment structure. This document, governed by Singapore law, particularly the Bills of Exchange Act, serves as evidence of debt and outlines specific terms including the amount owed, payment schedule, interest rates (if applicable), and consequences of default. It's particularly useful in business transactions, supplier arrangements, and personal loans where immediate payment isn't possible or desired. The document provides legal protection for both the maker and payee while ensuring clarity in payment obligations.
