Repayment Plan Agreement Template for Singapore

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Key Requirements PROMPT example:

Repayment Plan Agreement

"I need a Repayment Plan Agreement for a business loan of SGD 250,000, to be repaid over 36 months starting from January 2025, with monthly installments and a requirement for personal guarantees from two company directors."

Document background
The Repayment Plan Agreement is essential when parties need to formalize the structured repayment of an existing debt under Singapore law. It's commonly used in situations where the original payment terms need modification, such as when a debtor requires more manageable payment terms or during debt restructuring. The agreement must comply with Singapore's financial regulations, including interest rate caps and fair lending practices. It typically includes detailed payment schedules, interest calculations, default provisions, and may incorporate security arrangements or guarantees.
Suggested Sections

1. Parties: Identification of creditor and debtor with full legal names and addresses

2. Background: Description of the original debt and circumstances leading to the repayment plan

3. Definitions: Key terms used throughout the agreement

4. Repayment Terms: Detailed payment schedule, amounts, and frequency of payments

5. Interest Calculations: Method of calculating interest, if applicable

6. Default Provisions: Consequences of missing payments or breaching the agreement

7. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Security Provisions: Details of any collateral or security provided - use when the debt is secured by assets

2. Guarantor Provisions: Terms relating to any guarantors of the debt - use when a third party guarantees the debt

3. Early Repayment: Terms for early settlement of the debt - use when early repayment is permitted

4. Insurance Requirements: Any mandatory insurance coverage - use when insurance is required to secure the debt

Suggested Schedules

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

2. Original Debt Documentation: Copies of original loan agreements or debt instruments

3. Security Documents: Details of any security arrangements

4. Statement of Account: Current debt balance and payment history

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

Contract Law (Application of Laws) Act: Foundational legislation governing contract formation, validity, and enforcement in Singapore

Civil Law Act (Cap. 43): Key legislation governing civil matters including contractual relationships and remedies

Moneylenders Act (Cap. 188): Regulates moneylending activities and applies if the creditor is a licensed moneylender, including interest rate caps and licensing requirements

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and protects consumers from unfair practices in transactions

Unfair Contract Terms Act: Regulates unfair terms in contracts and provides protection against unreasonable contract conditions

Banking Act: Relevant when involving regulated financial institutions, governing banking operations and consumer protection in banking

MAS Guidelines: Monetary Authority of Singapore's regulatory guidelines for financial institutions and transactions

Debt Collection Bill: Upcoming legislation to regulate debt collection activities and protect debtors from harassment

Banking (Credit Bureau) Regulations: Governs credit reporting and information sharing between financial institutions

Moneylenders Rules: Specific regulations on maximum interest rates and fees that can be charged by moneylenders

Limitation Act: Sets time limits for bringing legal actions to recover debts and other claims

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in Singapore, relevant for handling debtor's information

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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