Discount Promissory Note for Singapore

Discount Promissory Note Template for Singapore

A Discount Promissory Note under Singapore law is a negotiable instrument where the maker promises to pay a specified sum to the payee, with the distinctive feature that the note is issued at a discount to its face value. The document is governed by Singapore's Bills of Exchange Act and follows common law principles. It includes specific terms about the discount rate, payment schedule, and any applicable security arrangements.

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What is a Discount Promissory Note?

A Discount Promissory Note is commonly used in Singapore's commercial and financial sectors when parties need a formal, negotiable instrument for debt obligations where the payment amount is discounted from face value. This document type is particularly useful for short-term financing, trade finance, and commercial transactions. The note must comply with Singapore's Bills of Exchange Act and typically includes essential elements such as the principal amount, discount rate, payment terms, and any security arrangements. It serves as both a proof of debt and a negotiable instrument that can be transferred to third parties.

What sections should be included in a Discount Promissory Note?

1. Promise to Pay: The unconditional written promise to pay a specified sum to the named payee

2. Principal Amount: Statement of the principal sum being promised, expressed in numbers and words

3. Payment Terms: Details of payment date or schedule, including the discount terms and conditions

4. Interest Rate: Specification of applicable interest rate, calculation method, and payment frequency

5. Place of Payment: The specified location or method where payment must be made

6. Maker Details: Full identification and contact details of the person making the promise

7. Payee Details: Full identification and contact details of the person to whom payment is promised

What sections are optional to include in a Discount Promissory Note?

1. Security Provisions: Details of any collateral or security arrangements securing the note

2. Acceleration Clause: Provisions allowing the holder to demand immediate payment upon specified default events

3. Prepayment Terms: Conditions and terms for early repayment of the note

4. Default Provisions: Consequences and remedies in case of default or late payment

5. Assignment Clause: Terms governing the transfer or assignment of the note to third parties

What schedules should be included in a Discount Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balances

2. Security Details: Comprehensive description of any collateral or security arrangements

3. Discount Calculation Method: Detailed explanation of how the discount is calculated and applied

4. Default Interest Calculation: Method for calculating default interest 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

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Banking and Finance
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Finance
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Chief Financial Officer
Treasury Manager
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Unsecured Promissory Note

A legally binding promise to pay under Singapore law, documenting an unsecured debt obligation between parties.

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What is a Discount Promissory Note?

What sections should be included in a Discount Promissory Note?

What sections are optional to include in a Discount Promissory Note?

What schedules should be included in a Discount Promissory Note?

Authors

Alex Denne

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