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Debt Repayment Agreement Template for Singapore

A Debt Repayment Agreement under Singapore law is a legally binding document that formalizes the terms and conditions for repaying an outstanding debt. It establishes a clear payment schedule, interest rates (if applicable), and consequences of default, while ensuring compliance with Singapore's monetary and lending regulations. The agreement provides protection for both creditor and debtor by clearly documenting the debt acknowledgment, repayment terms, and enforcement mechanisms available under Singapore law.

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What is a Debt Repayment Agreement?

The Debt Repayment Agreement is utilized when parties wish to formalize arrangements for settling an outstanding debt under Singapore jurisdiction. This document is particularly important when restructuring existing debts or establishing formal payment plans. The agreement includes essential elements such as the amount owed, payment schedule, interest rates (subject to Singapore's usury laws), and default provisions. It provides legal protection for both parties and can be used as evidence in Singapore courts if enforcement becomes necessary. The agreement must comply with Singapore's Civil Law Act, Moneylenders Act, and other relevant legislation.

What sections should be included in a Debt Repayment Agreement?

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

2. Background: Context of the debt and circumstances leading to the agreement

3. Definitions: Key terms used throughout the agreement

4. Acknowledgment of Debt: Clear statement of the amount owed and its origin

5. Repayment Terms: Payment schedule, amounts, and method of payment

6. Interest: Interest rate and calculation method

7. Default Provisions: Consequences of missing payments or breaching the agreement

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

What sections are optional to include in a Debt Repayment Agreement?

1. Security: Details of any collateral or security provided for secured debts

2. Guarantor Provisions: Terms relating to guarantors of the debt when third party guarantees are involved

3. Early Repayment: Terms for early settlement of the debt when early repayment is permitted

4. Confidentiality: Terms regarding confidentiality of the agreement when parties require privacy

What schedules should be included in a Debt Repayment Agreement?

1. Repayment Schedule: Detailed payment dates and amounts

2. Original Debt Documentation: Copies of original agreements or invoices evidencing the debt

3. Security Documents: Details of any security or collateral arrangements

4. Guarantor Documents: Guarantor identification and commitment documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Payment Agreement

Sector

Banking

Cost

Free to use

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