A Demand Note Payable is commonly used in Singapore when parties need to document a debt that is payable immediately upon the creditor's demand. This instrument, governed by Singapore law, provides flexibility in payment timing while maintaining legal enforceability. The document typically includes the principal amount, parties' details, and any applicable interest rates. It's particularly useful in business financing, personal loans, and inter-company arrangements. The Demand Note Payable must comply with Singapore's Bills of Exchange Act and related regulations to ensure its validity and enforceability.
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1. Date of Note: Specifies the date of execution of the demand note
2. Principal Amount: States the principal sum payable, expressed in both numbers and words
3. Maker Information: Full legal name, registration/identification number, and registered address of the person/entity making the promise to pay
4. Payee Information: Full legal name, registration/identification number, and registered address of the person/entity to whom payment is to be made
5. Payment Terms: Clear statement that the amount is payable on demand, including method of demand and payment
6. Execution: Signature blocks for maker and witness
1. Interest Clause: Specifies interest rate and calculation method, if applicable (must comply with Civil Law Act limits)
2. Security Provisions: Details of any collateral or security provided for the note
3. Default Terms: Specific consequences of non-payment and enforcement rights
4. Governing Law: Express statement of Singapore law as governing law (while implied, sometimes included for clarity)
1. Schedule A - Security Details: Detailed description of any assets provided as security for the note
2. Schedule B - Payment Schedule: If partial payments are contemplated (though unusual for demand notes)
3. Appendix 1 - Corporate Authorization: Board resolution or other evidence of authority to execute (if maker is a company)
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