Contract Act 1872 (Chapter 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for ensuring the late payment agreement meets basic contractual requirements.
Civil Law Act (Chapter 43): Contains provisions regarding interest rates in civil proceedings, specifically Section 12 which governs the calculation and application of interest rates in late payment scenarios.
Moneylenders Act (Chapter 188): Regulates lending practices and debt collection activities in Singapore, ensuring compliance with legal debt collection methods and restrictions.
Small Claims Tribunals Act (Chapter 308): Provides framework for claims up to SGD 20,000, offering an alternative dispute resolution mechanism for late payment issues.
Limitation Act (Chapter 163): Sets time limits for bringing claims, specifically 6 years for contract-based claims, affecting the enforcement period of late payment agreements.
Consumer Protection (Fair Trading) Act: Ensures fair trading practices and protects consumer rights when late payment agreements involve individual consumers.
Unfair Contract Terms Act (Chapter 396): Regulates unfair terms in contracts, ensuring late payment terms and conditions are reasonable and enforceable.
Banking Act (Chapter 19): Governs banking institutions and their practices, relevant when late payment agreements involve regulated financial institutions.
Insolvency, Restructuring and Dissolution Act 2018: Addresses scenarios involving insolvent debtors and the handling of late payments in insolvency situations.
Companies Act (Chapter 50): Provides framework for corporate dealings, particularly relevant when late payment agreements involve corporate entities.
