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Arrears Repayment Agreement for Singapore

Arrears Repayment Agreement Template for Singapore

A legally binding agreement under Singapore law that formalizes the terms and conditions for repaying outstanding debts in arrears. The document establishes a structured repayment schedule, includes provisions for default scenarios, and complies with Singapore's regulatory requirements including the Contracts Act and Moneylenders Act. It provides protection for both creditor and debtor by clearly defining payment obligations, timeframes, and consequences of non-compliance.

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Arrears Repayment Agreement

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What is a Arrears Repayment Agreement?

The Arrears Repayment Agreement is essential when parties need to formalize arrangements for settling overdue payments in Singapore. It's commonly used when standard payment terms have not been met and a new arrangement is required to manage the debt repayment. The document complies with Singapore's legal framework, particularly the Contracts Act and Moneylenders Act, and typically includes detailed repayment schedules, interest calculations, and default provisions. This agreement provides legal protection for both parties while facilitating debt recovery in a structured manner.

What sections should be included in a Arrears Repayment Agreement?

1. Parties: Identification of creditor and debtor with full legal names and addresses

2. Background: Details of original debt, circumstances leading to arrears, and current outstanding amount

3. Definitions: Key terms used throughout the agreement

4. Acknowledgment of Debt: Formal acknowledgment of the outstanding amount

5. Repayment Terms: Payment schedule, amounts, and method of payment

6. Default Provisions: Consequences of failing to meet repayment obligations

7. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Arrears Repayment Agreement?

1. Interest Provisions: Terms regarding interest charges - used when interest is to be charged on the outstanding amount

2. Security Provisions: Details of any security or collateral - used when debt is secured against assets

3. Guarantor Provisions: Terms relating to guarantors - used when a third party guarantees the debt

4. Early Repayment: Terms for early settlement - used when early repayment options are offered

What schedules should be included in a Arrears Repayment Agreement?

1. Schedule 1: Repayment Schedule: Detailed payment dates and amounts

2. Schedule 2: Original Debt Documentation: Copies of original loan agreement or debt evidence

3. Schedule 3: Security Details: Details of any security or collateral (if applicable)

4. Appendix A: Statement of Account: Current statement showing debt calculation and history

Authors

Alex Denne

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

Jurisdiction

Singapore

Document Type

Payment Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions



























Clauses
























Industries

Contracts Act (Cap. 53): Primary legislation governing contract formation, enforceability, requirements for valid contracts, and rules regarding consideration in Singapore

Moneylenders Act (Cap. 188): Regulates moneylending activities, including interest rate restrictions and licensing requirements, particularly relevant if the original debt involves moneylending

Limitation Act (Cap. 163): Establishes time limits for debt recovery and defines statute of limitations for different types of debts

Consumer Protection (Fair Trading) Act: Protects consumer interests in transactions and prevents unfair practices, applicable if the debt relates to consumer transactions

Personal Data Protection Act 2012: Governs the handling of personal information and privacy considerations in agreements and transactions

Bankruptcy Act (Cap. 20): Relevant if debtor is at risk of bankruptcy, governs impact on repayment arrangements and bankruptcy proceedings

Civil Law Act (Cap. 43): Covers general principles of civil law and regulations regarding interest rates 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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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