Document background
A Promissory Note Payable is commonly used in Singapore when there is a need to formalize a debt obligation between parties. The document, governed by Singapore's Bills of Exchange Act, creates a legally enforceable promise to pay a specific sum of money. It includes essential details such as the principal amount, payment terms, interest rates (if applicable), and the identities of both maker and payee. The Promissory Note Payable can be secured or unsecured and may be used in various contexts, from business loans to personal lending arrangements. It provides clear evidence of debt and can be transferred to third parties if properly structured.
