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Debt Resolution Agreement
"I need a Debt Resolution Agreement under Singapore law to formalize a repayment plan for a S$250,000 business loan, with monthly installments starting from March 2025 and including provisions for early repayment options."
1. Parties: Identification of creditor(s) and debtor(s) with full legal names and addresses
2. Background: Details of the original debt, current outstanding amount, and circumstances leading to resolution
3. Definitions: Key terms used tHRoughout the agreement
4. Acknowledgment of Debt: Formal recognition of the debt amount and its validity
5. Payment Terms: Detailed payment schedule, amounts, and methods
6. Default Provisions: Consequences of failing to meet payment obligations
7. General Terms: Standard contractual provisions including governing law
1. Security Arrangements: Details of any collateral or security provided - use when debt is secured by assets
2. Guarantor Provisions: Terms relating to any guarantors of the debt - use when third-party guarantors are involved
3. Interest Provisions: Terms regarding interest calculations and payments - use when interest is part of the resolution
4. Early Payment Provisions: Terms for early settlement of the debt - use when early payment options are offered
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 or collateral
4. Statement of Account: Current debt balance and payment history
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