Simple Note Payable Agreement for Singapore

Simple Note Payable Agreement Template for Singapore

A Simple Note Payable Agreement under Singapore law is a legally binding document that evidences a debt and contains a written promise by one party (the borrower) to pay a definite sum of money to another party (the lender) at a specified future date or on demand. The agreement is governed by Singapore's Contracts Act and related legislation, including provisions for interest rates, repayment terms, and enforcement mechanisms.

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What is a Simple Note Payable Agreement?

The Simple Note Payable Agreement is commonly used in Singapore for straightforward lending arrangements where one party seeks to formalize a promise to repay a specific sum of money. This document, governed by Singapore law, includes essential elements such as the principal amount, interest rate, repayment schedule, and any security arrangements. It's particularly useful for business loans, private lending, and commercial transactions where a clear record of debt obligation is required. The agreement must comply with Singapore's Contracts Act, Money-lenders Act, and other relevant legislation to ensure enforceability.

What sections should be included in a Simple Note Payable Agreement?

1. Parties: Identifies the lender and borrower with full legal names and addresses

2. Background: Brief context of the loan arrangement

3. Definitions: Key terms used in the agreement

4. Principal Amount: States the amount being borrowed

5. Interest Rate: Specifies the applicable interest rate

6. Repayment Terms: Details of how and when the loan will be repaid

7. Execution: Signature blocks and date of agreement

What sections are optional to include in a Simple Note Payable Agreement?

1. Security: Details of any collateral, use when loan is secured

2. Events of Default: Circumstances constituting default, recommended for larger loans

3. Early Repayment: Terms for early repayment, include if permitted

4. Assignment: Rights to assign the note, include if transferability is desired

What schedules should be included in a Simple Note Payable Agreement?

1. Repayment Schedule: Detailed payment schedule if installment payments are planned

2. Security Details: Description of security/collateral if applicable

3. Calculation of Interest: Detailed interest calculation method if complex

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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Financial Services
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Real Estate
Private Lending

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Finance
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Accounting
Corporate Secretarial

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Chief Financial Officer
Finance Manager
Treasury Manager
Business Owner
Legal Counsel

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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 Simple Note Payable Agreement?

What sections should be included in a Simple Note Payable Agreement?

What sections are optional to include in a Simple Note Payable Agreement?

What schedules should be included in a Simple Note Payable Agreement?

Authors

Alex Denne

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