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A Simple Promise To Pay Agreement is commonly used in Singapore when there is a need to formally document a debt obligation. This document is particularly useful for business transactions, personal loans, or settlement of outstanding payments. Under Singapore law, it creates a legally enforceable obligation for the debtor to repay a specified amount according to agreed terms. The agreement typically includes payment schedules, interest rates (if applicable), and default provisions, providing clarity and protection for both parties while ensuring compliance with Singapore's financial and contractual regulations.
