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Promissory Note In English Template for Singapore

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Key Requirements PROMPT example:

Promissory Note In English

"I need a Promissory Note In English under Singapore law for a business loan of SGD 250,000 with 5% annual interest, to be repaid in monthly installments over 36 months starting from March 2025, with my company's equipment as collateral."

Document background
A Promissory Note In English under Singapore law serves as a formal debt instrument commonly used in both business and personal transactions. It creates a legally binding obligation when one party needs to document a promise to pay another party a specific sum of money. The document must comply with Singapore's legal requirements, including the Bills of Exchange Act and stamp duty regulations. Essential elements include the payment amount, timeline, parties' details, and specific terms regarding interest and enforcement. This type of note is particularly useful for loan documentation, installment payments, and business financing arrangements where a formal record of debt obligation is required.
Suggested Sections

1. Promise to Pay: Unconditional written promise to pay a specified sum, including clear statement of the principal amount in both numbers and words

2. Payment Terms: Specific date or timeline for payment, including due date and any installment arrangements

3. Maker Details: Full legal name, address, and signature of the person making the promise

4. Payee Details: Full legal name and address of the person to whom payment is promised

5. Place of Payment: Specific location where payment is to be made or method of payment

Optional Sections

1. Interest Rate Clause: Terms of interest including rate and calculation method, used when the note accrues interest

2. Security/Collateral Clause: Description of assets securing the note and terms of security arrangement

3. Acceleration Clause: Conditions under which full payment becomes immediately due and payable

4. Default Provisions: Consequences of default and remedies available to the payee

5. Prepayment Clause: Terms and conditions for early payment of the note

Suggested Schedules

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

2. Collateral Schedule: Detailed description and documentation of any security or collateral provided

3. Interest Calculation Schedule: Detailed breakdown of interest calculations and payment schedule 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




















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Industries

Bills of Exchange Act (Chapter 23): Primary legislation governing negotiable instruments including specific provisions about promissory notes in Singapore

Contract Law Reform Act 2023: Recent legislation affecting contract formation and enforcement in Singapore

Civil Law Act (Chapter 43): Fundamental legislation governing civil law matters and contractual relationships in Singapore

Moneylenders Act (Chapter 188): Relevant if the promissory note involves money lending activities; regulates money lending transactions

Banking Act (Chapter 19): Applicable when the promissory note involves financial institutions; regulates banking operations

Currency Act (Chapter 69): Governs currency specifications and monetary aspects in Singapore

Stamps Act (Chapter 312): Outlines requirements for stamp duty on legal documents including promissory notes

Evidence Act (Chapter 97): Establishes evidentiary requirements for legal documents in Singapore

Limitation Act (Chapter 163): Sets time limits for enforcement of legal documents including promissory notes

Unconditional Promise Requirement: Legal requirement that the promissory note must contain an unconditional promise to pay

Fixed Amount Requirement: Legal requirement that the promissory note must specify a fixed or determinable amount

Time of Payment Requirement: Legal requirement that the promissory note must specify a definite time of payment

Party Identification Requirement: Legal requirement that the promissory note must clearly identify all relevant parties

Signature Requirement: Legal requirement that the promissory note must be signed by the maker

Dating Requirement: Legal requirement that the promissory note must be properly dated

Delivery Requirement: Legal requirement that the promissory note must be delivered to be effective

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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