The Third Party Payment Contract is essential in situations where an entity other than the original debtor assumes responsibility for making payments. This document, governed by Singapore law, is commonly used in commercial arrangements, property transactions, and financial restructuring. It details payment schedules, methods of payment, default provisions, and the respective obligations of all parties. The contract ensures compliance with Singapore's financial regulations, including the Payment Services Act 2019 and relevant MAS guidelines. It provides legal protection for all parties by clearly defining roles, responsibilities, and remedies in case of default.
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1. Parties: Identifies all parties involved: Principal Debtor, Third Party Payor, and Creditor
2. Background: Explains the context of the original debt and reason for third party payment arrangement
3. Definitions: Defines key terms used throughout the agreement including Payment, Original Debt, Security (if any)
4. Payment Terms: Specifies amount, timing, and method of payments, including payment instructions and confirmation processes
5. Obligations of Parties: Details responsibilities of each party including payment obligations, notification requirements, and compliance with laws
6. Representations and Warranties: States facts and promises made by each party regarding their capacity, authority, and compliance
7. Governing Law: Specifies Singapore law as governing law and jurisdiction for disputes
1. Security Arrangements: Details any collateral, guarantees, or other security arrangements provided to secure the payment obligations
2. Default Provisions: Specifies events of default, consequences, and remedies available to the parties
3. Force Majeure: Provisions addressing unforeseen circumstances that may affect payment obligations
1. Payment Schedule: Detailed breakdown of payment amounts, dates, and installment schedule if applicable
2. Original Debt Documentation: Copy or summary of the original debt agreement or evidence of debt
3. Bank Account Details: Designated payment account information for all relevant parties
4. Security Documentation: Details and documentation of any security arrangements or collateral provided
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