Non Refundable Payment Agreement for Singapore

Non Refundable Payment Agreement Template for Singapore

A Non-Refundable Payment Agreement under Singapore law is a legally binding document that establishes the terms and conditions for payments that will not be returned to the payer under specified circumstances. This agreement, governed by Singapore's Contract Law and related legislation, clearly outlines the payment terms, conditions, and the non-refundable nature of the transaction. It provides protection for both parties by clearly stating the circumstances under which the payment is made and the understanding that it cannot be recovered.

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What is a Non Refundable Payment Agreement?

The Non-Refundable Payment Agreement is essential in transactions where advance payments or deposits are required without the possibility of refund. This document, governed by Singapore law, is commonly used in various business contexts where service providers need to secure commitments from customers or protect against last-minute cancellations. The agreement typically includes specific payment terms, clear statements about non-refundability, conditions of service, and relevant legal protections for all parties involved. It's particularly important in industries with high advance booking requirements or where resources are allocated based on commitments.

What sections should be included in a Non Refundable Payment Agreement?

1. Parties: Identification and details of all parties to the agreement

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Payment Terms: Details of payment amount, method, and timing

5. Non-Refundable Nature: Clear statement of non-refundable status and justification

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

What sections are optional to include in a Non Refundable Payment Agreement?

1. Force Majeure: Addresses unforeseen circumstances that may affect the agreement - recommended for high-value transactions or long-term agreements

2. Confidentiality: Protection of sensitive information - include when sensitive business information is involved

3. Dispute Resolution: Specific procedures for resolving disputes - recommended for complex or high-value transactions

What schedules should be included in a Non Refundable Payment Agreement?

1. Payment Schedule: Detailed breakdown of payment terms if multiple payments involved

2. Service Description: Detailed description of services or goods being provided

3. Cancellation Policy: Detailed terms regarding cancellation and non-refundability

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

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Payment Agreement

Sector

Banking

Cost

Free to use
Industries

Singapore Contract Law: Common law principles governing contract formation, execution, and enforcement in Singapore, including fundamental elements of offer, acceptance, consideration, and intention to create legal relations

Contract Law Act 1961: Primary legislation governing contractual relationships in Singapore, providing statutory framework for contract enforcement and interpretation

Unfair Contract Terms Act (Cap. 396): Legislation regulating unfair terms in contracts, particularly focusing on reasonableness of contract terms and limitations of liability

Payment Services Act 2019: Regulates payment systems and payment service providers in Singapore, relevant for payment terms and mechanisms in the agreement

Electronic Transactions Act (Cap. 88): Provides legal framework for electronic transactions and digital signatures, important for electronic payment provisions

Consumer Protection (Fair Trading) Act (Cap. 52A): Protects consumer interests against unfair practices, particularly relevant if the agreement involves B2C transactions

Rule Against Penalties: Legal principle requiring that non-refundable payments must not constitute a penalty and must be a genuine pre-estimate of loss

Mediation Act 2017: Framework for mediation procedures in Singapore, relevant for dispute resolution provisions in the agreement

Arbitration Act (Cap. 10): Governs arbitration proceedings in Singapore, important for alternative dispute resolution clauses

Supreme Court of Judicature Act: Establishes jurisdiction and powers of Singapore courts, relevant for legal enforcement and dispute resolution provisions

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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