The Letter of Agreement for Payment of Debt is commonly used in Singapore when parties need to formalize arrangements for settling outstanding debts. This document is particularly useful when restructuring existing debt obligations or creating payment plans for overdue amounts. It provides legal protection for both creditor and debtor by clearly documenting the debt amount, payment terms, and obligations of each party. The agreement must comply with Singapore's Contract Act, Civil Law Act, and other relevant legislation, including limitations on interest rates and debt collection practices. It serves as evidence of the debt acknowledgment, effectively resetting the limitation period for debt recovery under Singapore law.
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1. Date and Parties: Full names and addresses of creditor and debtor, with proper identification details
2. Debt Acknowledgment: Clear statement acknowledging the debt amount, its origin, and confirmation of the outstanding sum
3. Payment Terms: Detailed payment schedule, including installment amounts, payment dates, and method of payment
4. Default Provisions: Consequences of missing payments, including any acceleration clauses or penalties
5. Governing Law: Statement that the agreement is governed by Singapore law
6. Signature Block: Space for both parties to sign, date, and include witness signatures if required
1. Interest Rate: Terms regarding interest charges on the outstanding amount, ensuring compliance with Singapore's interest rate regulations
2. Security Provisions: Details of any collateral or security provided for the debt
3. Early Payment Terms: Conditions and procedures for early repayment of the debt
4. Dispute Resolution: Specific mechanisms for resolving disputes, including mediation or arbitration provisions
5. Force Majeure: Provisions for unforeseen circumstances that might affect the debtor's ability to pay
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, installment amounts, and running balance
2. Schedule B - Debt Calculation: Itemized breakdown of the total debt amount, including any interest or charges already accrued
3. Schedule C - Supporting Documents: List of relevant documents evidencing the original debt, such as loan agreements or unpaid invoices
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