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Legal Templates
Confirmation Letter Of Payment Received

Confirmation Letter Of Payment Received for Singapore

Confirmation Letter Of Payment Received Template for Singapore

A Confirmation Letter of Payment Received is a formal document governed by Singapore law that serves as official acknowledgment of funds received. It includes specific details about the payment, such as amount, date, method of payment, and purpose. The document complies with Singapore's Contract Act and Electronic Transactions Act, providing legal evidence of payment completion and serving as a vital record for accounting and audit purposes.

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What is a Confirmation Letter Of Payment Received?

The Confirmation Letter of Payment Received is a crucial document in Singapore's business environment, used to formally acknowledge the receipt of funds and provide a clear audit trail. This document is particularly important for compliance with Singapore's strict financial regulations and record-keeping requirements. It typically includes detailed payment information, reference numbers, and authorized signatures, serving as legal proof of payment completion. The document is commonly used in business transactions, property dealings, and service contracts, providing protection for both parties and meeting requirements for accounting and tax purposes.

What sections should be included in a Confirmation Letter Of Payment Received?

1. Date: Current date of the confirmation letter

2. Recipient Details: Full name and address of the party receiving the confirmation

3. Payment Details: Amount received, currency, payment method, and date of receipt

4. Reference Information: Invoice numbers, purchase order numbers, or contract references

5. Confirmation Statement: Clear statement confirming receipt of payment

6. Signatory Details: Name and position of person confirming receipt

What sections are optional to include in a Confirmation Letter Of Payment Received?

1. Payment Purpose: Description of what the payment was for - used when multiple contracts or services are involved

2. Outstanding Balance: Statement of any remaining balance - used when payment is part of a larger sum

3. Bank Details: Details of the account where payment was received - used when required for audit purposes

What schedules should be included in a Confirmation Letter Of Payment Received?

1. Payment Receipt: Copy of bank transfer confirmation or receipt

2. Invoice Reference: Copy of the original invoice being paid

3. Payment Schedule: Schedule of payments if part of multiple payment installments

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

Document Type

Confirmation Letter

Sector

Sales

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 confirmation letter meets basic contractual requirements

Electronic Transactions Act: Governs electronic transactions and digital signatures, relevant when dealing with electronic payments and digital documentation

Bills of Exchange Act (Cap. 23): Regulates negotiable instruments and payment instruments, important for payment verification and documentation

Payment Systems (Oversight) Act: Regulates payment systems and settlement systems in Singapore

Payment Services Act 2019: Provides regulatory framework for payment systems and payment service providers, particularly relevant for digital payments

Evidence Act (Cap. 97): Governs the admissibility of evidence in legal proceedings, crucial as the confirmation letter may serve as evidence of payment

Income Tax Act: Relevant for tax implications and reporting requirements related to the payment

Goods and Services Tax Act: Applies to GST considerations if the payment includes any taxable supplies

Limitation Act (Cap. 163): Sets time limits for various types of legal actions and claims related to payments

Stamp Duties Act: Determines if the confirmation document requires stamp duty and the applicable rates

Currency Act: Regulates the use and acceptance of currency in Singapore

Monetary Authority of Singapore Act: Provides regulatory framework for monetary and financial sector policies affecting payment systems

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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