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Late Payment Agreement

Late Payment Agreement Template for Singapore

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Key Requirements PROMPT example:

Late Payment Agreement

"Need a Late Payment Agreement to formalize a revised payment schedule with our supplier ABC Manufacturing, who owes us SGD 250,000 in overdue payments, to be paid in monthly installments starting March 2025 with 5% annual interest."

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What is a Late Payment Agreement?

A Late Payment Agreement becomes necessary when a debtor has failed to meet original payment obligations and both parties wish to formalize a new payment arrangement. Under Singapore law, this document outlines the outstanding amount, establishes a new payment schedule, defines interest rates within legal limits, and specifies consequences of default. The agreement ensures compliance with Singapore's Contract Act, Civil Law Act, and relevant financial regulations while providing clear terms for debt resolution. It's particularly valuable for maintaining business relationships while protecting both parties' interests tHRough legally enforceable terms.

What sections should be included in a Late Payment Agreement?

1. Parties: Identification of creditor and debtor with full legal names and addresses

2. Background: Details of original debt, circumstances leading to late payment, and current outstanding amount

3. Definitions: Key terms used in the agreement including Payment Date, Outstanding Amount, Interest Rate

4. Payment Terms: Revised payment schedule, amounts, and payment methods

5. Interest Calculation: Specification of interest rates and calculation method

6. Default Provisions: Consequences of failing to meet revised payment terms

7. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Late Payment Agreement?

1. Security Provisions: Details of any collateral or security provided when debt is secured by assets or guarantees

2. Early Payment Provisions: Terms for early settlement of debt when early payment options are offered

3. Third Party Guarantor: Details of guarantor obligations when a guarantor is involved

4. Dispute Resolution: Specific procedures for handling disputes, recommended for larger debts or complex arrangements

What schedules should be included in a Late Payment Agreement?

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

2. Original Debt Documentation: Copies of original invoices or debt agreements

3. Interest Calculation Schedule: Detailed breakdown of interest calculations

4. Security Documentation: Details of any security arrangements 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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Industries

Contract Act 1872 (Chapter 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for ensuring the late payment agreement meets basic contractual requirements.

Civil Law Act (Chapter 43): Contains provisions regarding interest rates in civil proceedings, specifically Section 12 which governs the calculation and application of interest rates in late payment scenarios.

Moneylenders Act (Chapter 188): Regulates lending practices and debt collection activities in Singapore, ensuring compliance with legal debt collection methods and restrictions.

Small Claims Tribunals Act (Chapter 308): Provides framework for claims up to SGD 20,000, offering an alternative dispute resolution mechanism for late payment issues.

Limitation Act (Chapter 163): Sets time limits for bringing claims, specifically 6 years for contract-based claims, affecting the enforcement period of late payment agreements.

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and protects consumer rights when late payment agreements involve individual consumers.

Unfair Contract Terms Act (Chapter 396): Regulates unfair terms in contracts, ensuring late payment terms and conditions are reasonable and enforceable.

Banking Act (Chapter 19): Governs banking institutions and their practices, relevant when late payment agreements involve regulated financial institutions.

Insolvency, Restructuring and Dissolution Act 2018: Addresses scenarios involving insolvent debtors and the handling of late payments in insolvency situations.

Companies Act (Chapter 50): Provides framework for corporate dealings, particularly relevant when late payment agreements involve corporate entities.

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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