Billing Agent Agreement for Singapore

Billing Agent Agreement Template for Singapore

A comprehensive legal agreement governed by Singapore law that establishes the terms and conditions under which a billing agent provides billing and collection services to a principal. The agreement addresses key aspects including payment processing, compliance with Singapore's Payment Services Act and PDPA, data protection measures, fee structures, and service level commitments. It incorporates specific requirements of Singapore's regulatory framework for payment services and financial transactions.

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What is a Billing Agent Agreement?

The Billing Agent Agreement is essential for businesses operating in Singapore that require third-party billing and collection services. This agreement type is particularly relevant given Singapore's sophisticated financial services sector and strict regulatory environment. The document addresses crucial elements including compliance with the Payment Services Act 2019, data protection requirements, and financial services regulations. It outlines the scope of services, payment terms, liability provisions, and operational procedures while ensuring alignment with Singapore's legal framework for payment services and electronic transactions.

What sections should be included in a Billing Agent Agreement?

1. Parties: Identification and details of the billing agent and the principal

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Appointment and Scope: Terms of appointment and services to be provided

5. Fees and Payment Terms: Compensation structure and payment details

6. Obligations and Responsibilities: Duties of both parties including regulatory compliance requirements under Payment Services Act and other applicable laws

7. Term and Termination: Duration and termination conditions

8. Confidentiality: Protection of sensitive information and compliance with PDPA requirements

9. Data Protection: Obligations under PDPA and data handling requirements

10. Anti-Money Laundering: Compliance requirements with AML regulations and MAS guidelines

11. General Provisions: Standard boilerplate clauses including governing law, dispute resolution, and notices

What sections are optional to include in a Billing Agent Agreement?

1. Technology Requirements: Specific technology standards and requirements for service delivery

2. Service Level Agreement: Performance metrics, standards and remedies for non-compliance

3. International Payments: Provisions for cross-border transactions and compliance with international regulations

4. Business Continuity: Disaster recovery and business continuity requirements

What schedules should be included in a Billing Agent Agreement?

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees and charges

2. Schedule 2 - Service Description: Detailed description of services to be provided

3. Schedule 3 - Compliance Requirements: Regulatory compliance checklist and requirements

4. Schedule 4 - Data Processing Agreement: Terms for handling personal data under PDPA

5. Schedule 5 - Technical Integration Specifications: Technical requirements and API documentation 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

Payment Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions
Clauses
Industries

Payment Services Act 2019: Primary legislation governing payment services in Singapore, including licensing requirements and operational standards for payment service providers

Banking Act (Cap. 19): Regulates banking business in Singapore and includes provisions relevant to payment processing and financial services

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures, ensuring legal validity of electronic contracts and records

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data, including requirements for data protection and privacy

Goods and Services Tax Act: Regulates GST application and compliance requirements for billing and payment services

Income Tax Act: Governs taxation aspects of payment services and business income, including reporting requirements

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and establishes fair trading requirements

Consumer Protection (Trade Descriptions and Safety Requirements) Act: Ensures accurate description of services and compliance with safety standards

MAS Guidelines: Regulatory guidelines issued by Monetary Authority of Singapore covering various aspects of payment services

Payment Services Regulations 2019: Detailed regulations implementing the Payment Services Act, including operational requirements

E-Payments User Protection Guidelines: Specific guidelines for protecting users of electronic payment services and establishing liability framework

Anti-Money Laundering Act: Corruption, Drug Trafficking and Other Serious Crimes Act provisions for preventing money laundering through payment services

MAS Notice PSN02: Specific guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for payment service providers

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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