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Third Party Payment Contract for Singapore

Third Party Payment Contract Template for Singapore

A legally binding agreement governed by Singapore law that establishes and regulates an arrangement where a third party agrees to make payments on behalf of a principal debtor to a creditor. The document outlines payment terms, obligations, and responsibilities of all parties involved, while ensuring compliance with Singapore's Payment Services Act 2019 and related financial regulations.

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Third Party Payment Contract

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What is a Third Party Payment Contract?

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.

What sections should be included in a Third Party Payment Contract?

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

What sections are optional to include in a Third Party Payment Contract?

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

What schedules should be included in a Third Party Payment Contract?

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

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

Contracts Act (Cap. 53): Primary legislation governing fundamental contract law principles in Singapore, including formation, validity, and enforcement of contracts

Electronic Transactions Act (Cap. 88): Regulates electronic transactions, digital signatures, and electronic contracts, particularly relevant for electronic payment provisions

Banking Act (Cap. 19): Regulates banking operations and financial institutions in Singapore, relevant when payment involves banks

Payment Services Act 2019: Comprehensive framework for regulation of payment systems and payment service providers in Singapore

Payment Systems (Oversight) Act: Provides oversight of payment systems and stored value facilities to ensure safety and efficiency

Currency Act (Cap. 69): Governs the use of currency in Singapore and related payment matters

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Anti-money laundering legislation that must be considered in payment arrangements

Terrorism (Suppression of Financing) Act: Regulations preventing and criminalizing terrorism financing through payment systems

MAS Notice PSN01: Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for payment service providers

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in payment transactions

PDPA Regulations 2021: Updated regulations for personal data protection compliance in Singapore

Consumer Protection (Fair Trading) Act: Protects consumer interests in commercial transactions including payment arrangements

Unfair Contract Terms Act: Regulates unfair terms in contracts to protect contracting parties

Civil Law Act (Cap. 43): General civil law provisions that may affect contract interpretation and enforcement

Evidence Act (Cap. 97): Governs the admissibility of evidence in legal proceedings related to payment disputes

Limitation Act (Cap. 163): Sets time limits for bringing legal claims related to contract disputes

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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