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Delayed Payment Agreement for Singapore

Delayed Payment Agreement Template for Singapore

A Delayed Payment Agreement under Singapore law is a legally binding document that formalizes an arrangement between a creditor and debtor to modify the original payment terms of an existing debt. The agreement typically includes a revised payment schedule, interest rates, and consequences of default, all structured within Singapore's legal framework, particularly the Civil Law Act and Moneylenders Act. It provides protection for both parties by clearly documenting the new payment terms while ensuring compliance with Singapore's regulations on debt collection and interest rates.

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What is a Delayed Payment Agreement?

The Delayed Payment Agreement is commonly used when a debtor requires modified payment terms for an existing debt obligation. This document becomes essential in Singapore's business environment when parties need to formally document alternative payment arrangements while ensuring compliance with local laws. The agreement typically includes detailed payment schedules, interest calculations, and default provisions, providing clarity and legal protection for all parties involved. Under Singapore law, such agreements must comply with various regulations, including the Civil Law Act, Moneylenders Act, and relevant interest rate restrictions.

What sections should be included in a Delayed Payment Agreement?

1. Parties: Identification and details of the creditor and debtor

2. Background: Context of the original debt and reason for delayed payment

3. Definitions: Key terms used throughout the agreement

4. Original Debt Amount: Statement of the original amount owed

5. Payment Schedule: Detailed payment plan including dates and amounts

6. Interest Rate: Applicable interest rates and calculation method

7. Default Provisions: Consequences of missing payments

8. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Delayed Payment Agreement?

1. Security Provisions: Details of any collateral or security provided - use when debt is secured by assets

2. Guarantor Provisions: Terms relating to any guarantors - use when a third party guarantees the debt

3. Early Payment Provisions: Terms for early repayment - use when early repayment is allowed

4. Force Majeure: Provisions for unforeseen circumstances - use for longer-term payment arrangements

What schedules should be included in a Delayed Payment Agreement?

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

2. Original Debt Documentation: Copies of original invoices or debt evidence

3. Security Documentation: Details of any security or collateral

4. Guarantor Information: Details and declarations of guarantors if applicable

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

Payment Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions























Clauses

























Industries

Civil Law Act (Cap. 43): Primary legislation governing contract law in Singapore, incorporating English common law principles including fundamental contract formation requirements (offer, acceptance, consideration, intention)

Moneylenders Act (Cap. 188): Regulates money lending transactions and sets maximum interest rates for loans, crucial for structuring payment terms and late payment charges

Late Payment Act 2012: Provides guidelines for late payment interest and charges in commercial transactions

Banking Act (Cap. 19): Relevant when financial institutions are involved in the delayed payment arrangement, setting out regulatory requirements

Limitation Act (Cap. 163): Sets time limits for bringing claims, specifically 6-year limitation period for contractual debts

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and consumer protection in commercial transactions involving consumers

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts and protects against unreasonable contract conditions

Bankruptcy Act (Cap. 20): Governs bankruptcy proceedings and provides protection measures for both creditors and debtors

Companies Act (Cap. 50): Relevant for corporate entities, including provisions on corporate insolvency and debt arrangements

Stamp Duties Act (Cap. 312): Stipulates requirements for document stamping and applicable duties on certain types of agreements

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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