The Letter Of Intent For Payment Arrangement is commonly used in Singapore when parties need to formalize a debt repayment plan before executing a full payment agreement. This document is particularly relevant when dealing with significant outstanding amounts or complex payment structures that require careful planning and documentation. It typically includes specific payment terms, timelines, and conditions while complying with Singapore's Contract Act and relevant financial regulations. While not fully binding, it serves as a crucial stepping stone toward a formal agreement and demonstrates commitment to resolving financial obligations.
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1. Parties' Information: Full legal names and addresses of both creditor and debtor
2. Current Debt Status: Clear statement of the outstanding amount and its origin, including date of original debt
3. Payment Terms: Detailed payment schedule, amounts, and method of payment, including frequency and due dates
4. Timeline: Start date and duration of the payment arrangement, including completion date
5. Acknowledgment: Debtor's acknowledgment of the debt and commitment to the payment arrangement
1. Interest Terms: Details of any applicable interest rates and calculations on the outstanding amount
2. Default Provisions: Consequences and remedies in case of payment default or breach of arrangement
3. Security Arrangements: Details of any collateral, guarantees, or security provided for the debt
4. Dispute Resolution: Procedures for resolving any disputes related to the payment arrangement
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies of invoices, contracts, or agreements that created the original debt
3. Statement of Account: Current account statement showing detailed debt calculation and history
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