Promissory Certificate for Singapore

Promissory Certificate Template for Singapore

A Promissory Certificate under Singapore law is a formal written promise to pay a specified sum of money to a named party under defined terms and conditions. It serves as a legally binding document governed by Singapore's Contract Act and related legislation, creating an enforceable obligation for payment. The document includes specific payment terms, dates, and conditions, and may include provisions for interest, security, and default scenarios.

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What is a Promissory Certificate?

A Promissory Certificate is commonly used in Singapore's business and financial transactions when one party needs to formalize a promise to pay another party a specific sum of money. This document, governed by Singapore law, serves as evidence of debt and creates a legally enforceable obligation. The certificate typically includes the amount promised, payment schedule, interest rates (if applicable), and any security arrangements. It's particularly useful in business financing, loan documentation, and commercial transactions where formal documentation of payment obligations is required.

What sections should be included in a Promissory Certificate?

1. Certificate Number: Unique identifier for the promissory certificate

2. Date of Issuance: Date when the certificate is issued

3. Parties: Details of promisor and promisee

4. Promise to Pay: Core promise stating amount and payment terms

5. Payment Terms: Specific details about how and when payment will be made

6. Signatures: Execution block for all parties

What sections are optional to include in a Promissory Certificate?

1. Interest Rate: Terms of interest, applicable when the promise includes interest payments

2. Security: Details of any collateral or security, used when the promise is secured by assets

3. Default Provisions: Consequences of default, included when specific default terms are required

4. Transfer Rights: Terms for transferability of the certificate, used when the certificate needs to be transferable

What schedules should be included in a Promissory Certificate?

1. Payment Schedule: Detailed breakdown of payment installments if applicable

2. Security Details: Detailed description of any security or collateral

3. Authorization Documents: Corporate authorizations or power of attorney if required

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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Free to use

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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 Promissory Certificate?

What sections should be included in a Promissory Certificate?

What sections are optional to include in a Promissory Certificate?

What schedules should be included in a Promissory Certificate?

Authors

Alex Denne

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