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Third Party Payment Agreement Template for Singapore

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Key Requirements PROMPT example:

Third Party Payment Agreement

"Need a Third Party Payment Agreement under Singapore law where our parent company in Hong Kong will pay a $2M debt owed by our Singapore subsidiary to a local supplier, with monthly installments starting from March 2025."

What is a Third Party Payment Agreement?

The Third Party Payment Agreement is essential in situations where payment obligations need to be transferred or assumed by a party other than the original debtor. Under Singapore law, this document formalizes the tripartite arrangement, ensuring clear documentation of payment terms, responsibilities, and compliance with local financial regulations. The agreement is commonly used in corporate restructuring, international trade, and financial services, providing legal certainty and protection for all parties involved. It addresses crucial elements such as payment schedules, default provisions, and regulatory compliance requirements specific to Singapore's jurisdiction.

What sections should be included in a Third Party Payment Agreement?

1. Parties: Identification of all three parties: Payer, Payee, and Payment Facilitator

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement including payment-related terminology

4. Payment Terms: Detailed provisions regarding amount, currency, timing, and method of payments

5. Obligations of Parties: Specific duties and responsibilities of each party in the payment arrangement

6. Representations and Warranties: Statements of fact and assurances made by each party

7. Term and Termination: Duration of agreement and conditions for termination

8. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes

What sections are optional to include in a Third Party Payment Agreement?

1. Force Majeure: Provisions for unforeseen circumstances affecting payment obligations

2. Confidentiality: Provisions for protecting sensitive payment and commercial information

3. Anti-Money Laundering Compliance: Specific provisions regarding AML compliance and procedures

4. Data Protection: Provisions regarding handling of personal data in payment processing

What schedules should be included in a Third Party Payment Agreement?

1. Payment Schedule: Detailed breakdown of payment amounts, frequencies, and due dates

2. Bank Details Schedule: Banking and account information for all parties

3. Required Documents: List of documents required for payment processing and verification

4. Compliance Procedures: Detailed procedures for regulatory compliance and payment verification

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

Relevant legal definitions


























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Industries

Contract Law (Chapter 2): Primary legislation governing contract formation, validity, and enforcement in Singapore

Civil Law Act (Chapter 43): Fundamental legislation governing civil matters including contractual relationships and obligations

Electronic Transactions Act: Governs electronic transactions, digital signatures, and electronic payment systems in Singapore

Payment Services Act 2019: Regulates payment systems and payment service providers in Singapore

Payment and Settlement Systems (Finality and Netting) Act: Ensures legal certainty for payment and settlement systems, particularly regarding finality of transactions

Banking Act (Chapter 19): Regulates banking operations and financial transactions in Singapore

Currency Act (Chapter 69): Governs the use and handling of Singapore currency

Monetary Authority of Singapore Act: Establishes and defines the powers of MAS in regulating financial institutions and payment systems

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Anti-money laundering legislation relevant for payment processing

Terrorism (Suppression of Financing) Act: Prevents and criminalizes terrorism financing through payment systems

Consumer Protection (Fair Trading) Act: Protects consumer interests in commercial transactions including payment arrangements

Unfair Contract Terms Act: Regulates unfair terms in contracts and protects parties from unreasonable contract provisions

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in payment processing

Privity of Contract Principle: Legal doctrine particularly relevant for third-party agreements, determining rights and obligations of parties

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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