The 30 Day Credit Agreement is commonly used in Singapore business transactions where one party extends short-term credit to another. This document is essential for businesses managing cash flow and establishing clear payment terms. The agreement complies with Singapore's commercial and financial regulations, including the Civil Law Act and Moneylenders Act. It typically specifies credit limits, payment schedules, interest calculations, and default remedies. This type of agreement is particularly important in establishing clear commercial relationships and managing credit risk in business operations.
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Key Requirements PROMPT example:
30 Day Credit Agreement
"Need a 30 Day Credit Agreement under Singapore law for our manufacturing company extending credit to a new distributor, with a credit limit of SGD 50,000 and requiring personal guarantee from the distributor's director, to be effective from March 1, 2025."
1. Parties: Identification of creditor and debtor, including registration details and addresses
2. Background: Context of the credit agreement and relationship between parties
3. Definitions: Key terms used tHRoughout the agreement
4. Credit Terms: Amount, duration, and repayment terms of the credit facility
5. Interest and Charges: Interest rates, calculation methods, and applicable fees
6. Payment Terms: Payment schedule, methods, and processing details
7. Default Provisions: Consequences of default and remedies available
8. Governing Law: Specification of Singapore law and jurisdiction
1. Security Provisions: Details of any security or guarantees required for the credit facility
2. Insurance Requirements: MaNDAtory insurance coverage requirements for securing the credit
3. Electronic Communications: Terms and conditions for electronic notices and communications between parties
4. Data Protection: PDPA compliance provisions for handling personal data
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Interest Rate Schedule: Detailed interest calculations and variations
3. Security Details: Description of security assets or guarantees if applicable
4. Standard Terms and Conditions: General terms applicable to all credit facilities
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