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Partial Payment Agreement

Partial Payment Agreement Template for Singapore

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Key Requirements PROMPT example:

Partial Payment Agreement Template

I need a Partial Payment Agreement Template for a $50,000 business debt to be paid in monthly installments over 24 months starting March 2025, with a 5% interest rate and default provisions if payments are missed.

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The Partial Payment Agreement Template is designed for use in Singapore when parties need to formalize arrangements for settling existing debts tHRough structured or reduced payments. This document is particularly relevant when full immediate payment isn't feasible, and parties agree to alternative payment arrangements. It complies with Singapore's Civil Law Act and related legislation, incorporating necessary provisions for debt restructuring, payment schedules, and default consequences. The agreement protects both creditor and debtor interests while ensuring enforceability under Singapore law.
Suggested Sections

1. Parties: Identifies and defines the creditor and debtor

2. Background: Details original debt and circumstances leading to partial payment arrangement

3. Definitions: Defines key terms used tHRoughout the agreement

4. Original Debt Amount: States the original amount owed and its origin

5. Payment Terms: Details the agreed payment schedule, amounts, and methods

6. Default Provisions: Consequences of missing payments and remedies available

7. Governing Law: Specifies Singapore law as governing law and jurisdiction

Optional Sections

1. Interest Charges: Terms for interest on outstanding amounts and calculation methods

2. Security Provisions: Details of any collateral or security provided for the debt

3. Early Payment Provisions: Terms and conditions for early repayment options

4. Third-Party Guarantees: Details of guarantors and their obligations

Suggested Schedules

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

2. Schedule 2 - Original Debt Documentation: Copies of original debt agreements or invoices

3. Schedule 3 - Security Documentation: Details of any security arrangements and related documents

4. Schedule 4 - Guarantee Documentation: Third-party guarantee agreements and related documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions































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Industries

Civil Law Act (Cap. 43): Primary legislation governing contract formation and enforcement in Singapore, establishing fundamental principles of contract law

Contract Law (Amendment) Act: Updates and modifications to Singapore's contract law framework, including modern commercial practices

Limitations Act (Cap. 163): Establishes time limits for enforcement of payment obligations and statute of limitations for debt collection

Consumer Protection (Fair Trading) Act: Protects consumer interests in commercial transactions and ensures fair trading practices

Unfair Contract Terms Act: Regulates unfair terms in contracts, particularly in consumer transactions

Money-lenders Act (Cap. 188): Regulates interest rates and late payment charges, particularly relevant for payment agreements

Banking Act (Cap. 19): Governs banking institutions and their activities in Singapore, including payment-related services

Monetary Authority of Singapore (MAS) Guidelines: Regulatory guidelines for financial institutions and payment-related activities

Insolvency, Restructuring and Dissolution Act 2018: Provides framework for handling insolvency situations and protects creditors' interests

Electronic Transactions Act: Governs electronic transactions and digital signatures in Singapore

Stamp Duties Act: Regulates stamp duty requirements for certain types of payment agreements and financial documents

Mediation Act 2017: Framework for mediation as a dispute resolution mechanism in Singapore

Arbitration Act: Governs arbitration proceedings as an alternative dispute resolution method in Singapore

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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