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Acknowledgement Receipt For Advance Payment for Singapore

Acknowledgement Receipt For Advance Payment Template for Singapore

A formal document governed by Singapore law that serves as official proof of receiving an advance payment. It details the amount received, payment method, purpose, and identifies both the paying and receiving parties. The document complies with Singapore's Contract Act and Payment Services Act 2019, providing legal protection for both parties and meeting local regulatory requirements for financial record-keeping.

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What is a Acknowledgement Receipt For Advance Payment?

The Acknowledgement Receipt For Advance Payment is a crucial document used in Singapore business transactions where payment is made before goods or services are delivered. It protects both parties by providing clear documentation of the advance payment, including payment details, purpose, and parties involved. This document is particularly important under Singapore law for maintaining accurate financial records, compliance with tax regulations, and establishing clear evidence of payment in case of future disputes. The receipt must comply with Singapore's Contract Act, Payment Services Act 2019, and relevant GST requirements where applicable.

What sections should be included in a Acknowledgement Receipt For Advance Payment?

1. Receipt Number: Unique identifier for the receipt and document date

2. Payer Details: Full name, registration number (if company), address and contact information of the paying party

3. Payee Details: Full name, registration number (if company), address and contact information of the receiving party

4. Payment Details: Amount received (in numbers and words), payment method, and date of receipt

5. Purpose of Payment: Description of goods/services for which advance payment is made, including any reference numbers

6. Acknowledgement: Formal acknowledgement of receipt of the advance payment

7. Signature Block: Space for signatures, names, and dates for both parties

What sections are optional to include in a Acknowledgement Receipt For Advance Payment?

1. GST Declaration: GST registration numbers and amounts, required when transaction is subject to GST

2. Balance Payment Terms: Details of remaining payment amounts and schedule, used when payment is partial advance payment

3. Delivery Terms: Expected delivery or completion dates and conditions, included when goods or services are to be delivered later

4. Special Conditions: Any special terms or conditions attached to the advance payment

What schedules should be included in a Acknowledgement Receipt For Advance Payment?

1. Schedule A - Payment Proof: Copy of bank transfer, check, or other payment evidence

2. Schedule B - Purchase Order: Reference document detailing the original order or agreement

3. Schedule C - Goods/Services Description: Detailed description of goods or services being paid for, if too lengthy for main document

Authors

Alex Denne

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

Jurisdiction

Singapore

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions



















Clauses















Industries

Contract Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for ensuring the acknowledgement receipt meets basic contractual requirements.

Electronic Transactions Act: Governs electronic transactions and digital signatures, relevant for electronic receipts and payment documentation.

Payment Services Act 2019: Regulates payment systems and payment service providers in Singapore, relevant for payment processing aspects.

Currency Act (Cap. 69): Governs the use of currency in Singapore and legal tender requirements for payments.

Sale of Goods Act (Cap. 393): Regulates the sale of goods and related transactions, including advance payments and deposits.

Supply of Goods Act: Provides additional regulations regarding the supply of goods and associated payment terms.

Goods and Services Tax Act (Cap. 117A): Governs GST requirements for receipts and tax documentation of payments.

Companies Act (Cap. 50): Specifies record-keeping requirements for companies, including documentation of financial transactions.

Consumer Protection (Fair Trading) Act: Protects consumer interests in transactions, including advance payments and deposits when dealing with consumers.

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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