A Late Payment Agreement becomes necessary when a debtor has failed to meet original payment obligations and both parties wish to formalize a new payment arrangement. Under Singapore law, this document outlines the outstanding amount, establishes a new payment schedule, defines interest rates within legal limits, and specifies consequences of default. The agreement ensures compliance with Singapore's Contract Act, Civil Law Act, and relevant financial regulations while providing clear terms for debt resolution. It's particularly valuable for maintaining business relationships while protecting both parties' interests tHRough legally enforceable terms.
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1. Parties: Identification of creditor and debtor with full legal names and addresses
2. Background: Details of original debt, circumstances leading to late payment, and current outstanding amount
3. Definitions: Key terms used in the agreement including Payment Date, Outstanding Amount, Interest Rate
4. Payment Terms: Revised payment schedule, amounts, and payment methods
5. Interest Calculation: Specification of interest rates and calculation method
6. Default Provisions: Consequences of failing to meet revised payment terms
7. Governing Law: Specification of Singapore law as governing law
1. Security Provisions: Details of any collateral or security provided when debt is secured by assets or guarantees
2. Early Payment Provisions: Terms for early settlement of debt when early payment options are offered
3. Third Party Guarantor: Details of guarantor obligations when a guarantor is involved
4. Dispute Resolution: Specific procedures for handling disputes, recommended for larger debts or complex arrangements
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Original Debt Documentation: Copies of original invoices or debt agreements
3. Interest Calculation Schedule: Detailed breakdown of interest calculations
4. Security Documentation: Details of any security arrangements if applicable
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