A Demand Promissory Note is commonly used in Singapore's business and financial transactions when one party needs to formalize a promise to pay another party a specific sum of money. This instrument, regulated under Singapore's Bills of Exchange Act, provides a flexible yet legally enforceable method of documenting debt obligations. It's particularly useful in situations requiring immediate payment upon demand, unlike term notes which specify a payment date. The note can include provisions for interest, security, and may be transferable to third parties. It's widely used in both commercial and personal lending contexts, offering creditors a straightforward means of evidencing and enforcing debt obligations.
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1. Promise to Pay Statement: Unconditional promise to pay a specific sum of money
2. Amount: The principal sum to be paid, stated in both numbers and words
3. Payee Details: Full name and details of the person to whom payment is to be made
4. Date: Date of execution of the note
5. Maker's Signature: Signature block for the person making the promise
1. Interest Rate: Applicable when the note bears interest, stating the rate and calculation method
2. Place of Payment: Optional specification of where payment should be made
3. Security Details: If the note is secured by any assets or guarantees
4. Witness Details: When additional verification of execution is desired
1. Payment Schedule: Optional schedule detailing installment amounts and dates, if applicable
2. Security Details Schedule: If secured, detailed description of the security provided including asset details and terms
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