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Credit Agreement For Supply Of Goods Template for Singapore

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Key Requirements PROMPT example:

Credit Agreement For Supply Of Goods

"I need a Credit Agreement For Supply Of Goods to provide $500,000 worth of manufacturing equipment to a Singapore-based electronics company, with repayment over 36 months and personal guarantees from their directors."

Document background
The Credit Agreement For Supply Of Goods is essential in commercial transactions where suppliers offer both goods and financing options to their customers. This document, governed by Singapore law, is particularly relevant in situations where buyers require extended payment terms for substantial purchases. It provides comprehensive coverage of both the supply relationship and credit arrangement, including payment schedules, interest rates, security provisions, and specific details about the goods being supplied. The agreement ensures compliance with Singapore's commercial and financial regulations while protecting both parties' interests in the transaction.
Suggested Sections

1. Parties: Identification and details of the credit provider and recipient

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Credit Terms: Amount, interest rate, repayment schedule, and payment terms

5. Supply Terms: Specifications of goods, delivery terms, and quality standards

6. Security: Collateral or guarantees securing the credit

7. Default and Remedies: Consequences of default and available remedies

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

Optional Sections

1. Insurance: Requirements for insurance of goods (used when goods are high-value or risk of damage exists)

2. Personal Guarantees: Additional personal guarantees from directors/shareholders (used when dealing with corporate borrowers)

3. Early Repayment: Terms for early repayment of credit (used when early repayment option is offered)

Suggested Schedules

1. Schedule of Goods: Detailed description of goods being supplied

2. Payment Schedule: Detailed repayment schedule including dates and amounts

3. Security Documents: Forms and documents related to security arrangements

4. Personal Guarantee Form: Standard form for personal guarantees if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

































Clauses






























Industries

Sale of Goods Act (SOGA): Primary legislation governing contracts relating to the sale of goods, defining rights and obligations of buyers and sellers, and covering conditions and warranties.

Contracts Act (Cap. 53): Fundamental legislation governing contract formation, including common law principles and rules regarding offer, acceptance, consideration, and intention.

Unfair Contract Terms Act (UCTA): Regulates exclusion clauses, ensures fairness in contractual terms, and protects against unreasonable terms in contracts.

Consumer Protection (Fair Trading) Act: Provides protection for consumers in transactions and safeguards against unfair trading practices.

Moneylenders Act: Regulates money lending practices and applies to credit arrangements involving licensed moneylenders.

Banking Act: Relevant when the credit provider is a financial institution, governing banking operations and financial services.

Companies Act: Governs registration of charges and corporate matters when either party is a corporate entity.

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures when agreements are executed electronically.

Limitation Act: Sets time limits for legal actions and enforcement of contractual rights.

Personal Data Protection Act (PDPA): Governs the collection, use, and disclosure of personal data of parties involved in the agreement.

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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