The Debt Cancellation Agreement Template is designed for use in Singapore when parties wish to formally terminate a debt obligation. This document is crucial in situations where a creditor agrees to forgive a debt, whether for commercial reasons, as part of a settlement, or due to financial restructuring. The agreement ensures compliance with Singapore's legal framework, including the Contract Act and Civil Law Act, while providing clear documentation of the debt cancellation terms, remaining obligations (if any), and mutual releases. It's particularly important for maintaining clear financial records and preventing future disputes over the cancelled debt.
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1. Parties: Identification of creditor and debtor with full legal names and addresses
2. Background: Details of the original debt and circumstances leading to cancellation
3. Definitions: Key terms used in the agreement including 'Debt', 'Cancellation Date'
4. Debt Acknowledgment: Clear statement of the debt amount and its origin
5. Cancellation Terms: Express terms of debt cancellation and effective date
6. Release and Discharge: Mutual release of obligations related to the debt
7. Governing Law: Specification of Singapore law as governing law
1. Partial Cancellation Terms: Used when only part of the debt is being cancelled - include when debt is partially cancelled
2. Conditions Precedent: Conditions that must be met before cancellation takes effect - include when cancellation is conditional
3. Tax Provisions: Treatment of tax implications of the debt cancellation - include when significant tax implications exist
4. Confidentiality: Terms regarding confidentiality of the agreement - include when parties want to keep terms private
1. Schedule 1 - Original Debt Documentation: Copies of original loan agreement or debt evidence
2. Schedule 2 - Payment History: Record of payments made against the debt
3. Schedule 3 - Related Security Documents: List of any security documents to be discharged
4. Appendix A - Calculation of Cancelled Amount: Detailed calculation of debt amount being cancelled
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