Installment Payment Promissory Note for Singapore

Installment Payment Promissory Note Template for Singapore

A legally binding financial instrument under Singapore law that documents a promise to repay a specific sum of money through scheduled installment payments. The document outlines the payment terms, interest rates, and consequences of default, complying with Singapore's Contract Law and Bills of Exchange Act requirements. It provides a structured framework for both parties to manage and track the repayment process.

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What is a Installment Payment Promissory Note?

An Installment Payment Promissory Note is commonly used in Singapore when parties need to formalize a debt repayment through structured payments over time. This document is particularly relevant when a lender provides funds to a borrower and requires a legally enforceable agreement detailing the repayment schedule. Under Singapore law, it must include specific elements such as an unconditional promise to pay, clear payment terms, and proper execution to be legally valid. The document provides security for the lender while giving the borrower clear terms for meeting their obligations.

What sections should be included in a Installment Payment Promissory Note?

1. Promise to Pay: Unconditional promise to pay a specific sum of money, including the total amount and acknowledgment of debt

2. Payment Schedule: Detailed breakdown of installment amounts, frequency of payments, and specific due dates

3. Interest Rate: Specified interest rate, calculation method, and compound interest provisions if applicable

4. Default Provisions: Consequences of missing payments or defaulting, including acceleration clause and remedies

5. Governing Law: Specification that the note is governed by Singapore law and subject to Singapore courts' jurisdiction

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

1. Security Provisions: Details of any collateral securing the note, including description of assets and enforcement rights

2. Prepayment Terms: Conditions for early payment, including any prepayment penalties or discounts

3. Late Payment Penalties: Additional charges or interest for late payments and grace period provisions

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

What schedules should be included in a Installment Payment Promissory Note?

1. Schedule A - Payment Schedule: Detailed table showing all installment payment dates, amounts, and running balance

2. Schedule B - Security Description: Detailed description of any collateral or security provided for the note

3. Schedule C - Interest Calculation Examples: Examples showing how interest is calculated and applied to the principal amount

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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Chief Financial Officer
Finance 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 Installment Payment Promissory Note?

What sections should be included in a Installment Payment Promissory Note?

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

What schedules should be included in a Installment Payment Promissory Note?

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