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Simple Payment Agreement Template
I need a Simple Payment Agreement Template for a construction project where my company will pay the contractor in 5 installments starting March 2025, with specific default provisions if payments are delayed more than 15 days.
1. Parties: Identification and details of all parties to the agreement
2. Background: Context and purpose of the payment agreement
3. Definitions: Key terms used tHRoughout the agreement
4. Payment Terms: Amount, currency, payment schedule, and method of payment
5. Payment Conditions: Any conditions that must be met before payment is due
6. Default Provisions: Consequences of failing to make payments as agreed
7. Governing Law: Specification of Singapore law as governing law
1. Interest Provisions: Terms for interest on late payments - used when parties agree to interest charges for late payments
2. Security: Details of any security or guarantee for the payment - used when payment is secured by assets or third-party guarantee
3. Early Payment Provisions: Terms for early payment or prepayment - used when early payment options are allowed
4. Force Majeure: Provisions for unforeseen circumstances affecting payment - used when parties want to address potential external disruptions
1. Payment Schedule: Detailed breakdown of payment amounts and dates
2. Bank Details: Banking information for payment processing
3. Security Documents: Details of any security arrangements if applicable
4. Calculation Methods: Formulas for calculating interest or adjustments if applicable
Authors
Business Day
Commencement Date
Completion Date
Default Event
Default Interest Rate
Due Date
Effective Date
Force Majeure Event
Interest Rate
Late Payment
Notice
Outstanding Amount
Party/Parties
Payment Amount
Payment Currency
Payment Date
Payment Method
Payment Schedule
Payment Terms
Principal Sum
Relevant Interest
Singapore Dollars
Term
Working Day
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