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Promissory Note For Delayed Payment for Singapore

Promissory Note For Delayed Payment Template for Singapore

A legally binding document under Singapore law that contains a written promise by one party (the maker) to pay a definite sum of money to another party (the payee) at a specified future date or on demand. The document is governed by Singapore's Bills of Exchange Act and must include specific elements such as an unconditional promise, fixed sum, and defined payment terms. It serves as evidence of debt and can be used to enforce payment obligations in Singapore courts.

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What is a Promissory Note For Delayed Payment?

A Promissory Note For Delayed Payment is commonly used in Singapore business transactions when parties need to formalize a debt obligation with delayed payment terms. This instrument, governed by Singapore law, provides a clear record of the debt, payment terms, and obligations of the parties involved. It's particularly useful in situations where goods or services have been provided but immediate payment isn't possible or desired. The note must comply with Singapore's Bills of Exchange Act and typically includes details about the principal sum, payment schedule, interest (if any), and consequences of default.

What sections should be included in a Promissory Note For Delayed Payment?

1. Promise to Pay: Unconditional promise to pay a specific sum, including maker's clear commitment to pay

2. Payment Amount: Clear specification of the principal sum in both numbers and words

3. Payment Terms: Payment schedule, due date(s), and method of payment

4. Maker's Details: Full legal name, address, and identification details of the person making the promise

5. Payee's Details: Full legal name, address, and identification details of the person to whom payment is promised

What sections are optional to include in a Promissory Note For Delayed Payment?

1. Interest Rate: Details of interest rate, calculation method, and payment schedule if interest is to be charged on the principal sum

2. Security/Collateral: Description of any assets or guarantees securing the note, including valuation and terms

3. Acceleration Clause: Conditions and circumstances under which the full payment becomes immediately due and payable

4. Default Provisions: Consequences of default and remedies available to the payee

5. Prepayment Terms: Conditions and terms for early payment of the note, including any penalties or benefits

What schedules should be included in a Promissory Note For Delayed Payment?

1. Payment Schedule: Detailed breakdown of installment payments including dates, amounts, and running balance

2. Security Details: Comprehensive description of collateral or security arrangements including valuations and terms

3. Interest Calculation Schedule: Detailed breakdown of interest calculations and payment schedule if applicable

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 | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions




















Clauses




















Industries

Bills of Exchange Act: Chapter 23 of Singapore Laws - Primary legislation governing negotiable instruments including promissory notes

Civil Law Act: Chapter 43 of Singapore Laws - Fundamental legislation governing civil obligations and contracts

Contract Law: General principles of contract law in Singapore that govern the formation and enforcement of promissory notes

Limitation Act: Chapter 163 of Singapore Laws - Establishes time limits for enforcement of promissory notes and other contractual obligations

Moneylenders Act: Regulations governing money lending practices in Singapore, relevant if the promissory note involves a loan

Interest Rate Regulations: Rules governing maximum interest rates and calculation methods under Singapore law

Stamp Duties Act: Requirements for proper stamping of promissory notes to ensure legal validity and enforceability

Unconditional Promise Requirement: Legal requirement that the promissory note must contain an unconditional promise to pay

Writing Requirement: Legal requirement that the promissory note must be in writing and signed by the maker

Sum Certain Requirement: Legal requirement that the promissory note must specify a definite amount in money

Payment Timeline Requirement: Legal requirement that the note must be payable either on demand or at a fixed/determinable future time

Singapore Case Law: Relevant precedents and jurisprudence regarding enforceability, consideration, and defaults on promissory notes

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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