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Demand Promissory Note for Singapore

Demand Promissory Note Template for Singapore

A Demand Promissory Note under Singapore law is a written, signed, and unconditional promise by one party (the maker) to pay a specified sum of money to another party (the payee) upon demand. Governed by Singapore's Bills of Exchange Act (Chapter 23), it serves as a legally binding instrument that can be enforced in Singapore courts. The note typically includes the principal amount, any applicable interest rates, and can be either secured or unsecured.

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What is a Demand Promissory Note?

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.

What sections should be included in a Demand Promissory Note?

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

What sections are optional to include in a Demand Promissory Note?

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

What schedules should be included in a Demand Promissory Note?

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

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

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions













Clauses















Industries

Bills of Exchange Act (Chapter 23): Primary legislation governing negotiable instruments in Singapore, particularly Part IV which contains specific provisions about promissory notes and defines legal requirements for their validity

Application of English Law Act: Governs contract law principles in Singapore, including common law principles of contract formation, consideration requirements, and capacity to contract

Limitation Act (Chapter 163): Sets time limits for enforcement of contractual claims, generally 6 years in Singapore

Moneylenders Act (Chapter 188): Regulates moneylending activities, including licensing requirements and interest rate restrictions if the promissory note is related to moneylending

Civil Law Act (Chapter 43): Contains provisions regarding interest rates and enforceability of contracts in Singapore

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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