Promissory Contract for Singapore

Promissory Contract Template for Singapore

A Promissory Contract under Singapore law is a formal written promise to pay a specified sum of money under defined terms and conditions. This document, governed by Singapore's Contract Law and Bills of Exchange Act, creates a legally binding obligation for payment. It includes specific payment terms, interest rates, and enforcement provisions in accordance with Singapore's legal framework, providing security and clarity for both the promisor and promisee.

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What is a Promissory Contract?

The Promissory Contract is widely used in Singapore for both business and personal financial arrangements. This document type is essential when parties need to formalize payment obligations with clear terms and schedules. Under Singapore law, it must include specific elements to be legally enforceable, such as the promise to pay, payment amount, schedule, and interest terms. It's particularly valuable for structured payment arrangements, loans, and business transactions where payment security is crucial.

What sections should be included in a Promissory Contract?

1. Parties: Identification of promisor and promisee with full legal names and addresses

2. Background: Context and circumstances leading to the promise

3. Definitions: Key terms used in the document

4. Promise to Pay: Clear statement of the promise, including amount and payment terms

5. Payment Schedule: Detailed timeline of payments including dates and amounts

6. Interest Rate: Applicable interest rate and calculation method

What sections are optional to include in a Promissory Contract?

1. Security: Details of any collateral or security provided - use when the promise is secured by assets or guarantees

2. Early Payment Provisions: Terms for early repayment - use when early repayment is permitted

3. Default Provisions: Consequences of default - use when specific default terms are required

What schedules should be included in a Promissory Contract?

1. Payment Schedule: Detailed breakdown of payment instalments

2. Security Details: Description of any security or collateral provided

3. Guarantor Information: Details of any guarantors and their obligations

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking and Finance
Real Estate
Small Business
Private Lending

Relevant Teams

Finance
Treasury
Legal
Credit Control
Accounts Receivable

Relevant Roles

Chief Financial Officer
Finance Manager
Credit Manager
Treasury Manager
Business Owner

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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 Contract?

What sections should be included in a Promissory Contract?

What sections are optional to include in a Promissory Contract?

What schedules should be included in a Promissory Contract?

Authors

Alex Denne

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