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Third Party Payment Contract
"I need a Third Party Payment Contract for my Singapore-based manufacturing company to handle payments to our supplier on behalf of our subsidiary, with monthly installments of SGD 50,000 starting from March 2025."
1. Parties: Identifies all parties involved: Principal Debtor, Third Party Payor, and Creditor
2. Background: Explains the context of the original debt and reason for third party payment arrangement
3. Definitions: Defines key terms used throughout the agreement including Payment, Original Debt, Security (if any)
4. Payment Terms: Specifies amount, timing, and method of payments, including payment instructions and confirmation processes
5. Obligations of Parties: Details responsibilities of each party including payment obligations, notification requirements, and compliance with laws
6. Representations and Warranties: States facts and promises made by each party regarding their capacity, authority, and compliance
7. Governing Law: Specifies Singapore law as governing law and jurisdiction for disputes
1. Security Arrangements: Details any collateral, guarantees, or other security arrangements provided to secure the payment obligations
2. Default Provisions: Specifies events of default, consequences, and remedies available to the parties
3. Force Majeure: Provisions addressing unforeseen circumstances that may affect payment obligations
1. Payment Schedule: Detailed breakdown of payment amounts, dates, and installment schedule if applicable
2. Original Debt Documentation: Copy or summary of the original debt agreement or evidence of debt
3. Bank Account Details: Designated payment account information for all relevant parties
4. Security Documentation: Details and documentation of any security arrangements or collateral provided
Authors
Applicable Law
Banking Day
Business Day
Creditor
Default Event
Due Date
Effective Date
Electronic Payment
Force Majeure Event
Governing Law
Interest Rate
Original Debt
Outstanding Amount
Party/Parties
Payment Account
Payment Date
Payment Method
Payment Schedule
Principal Amount
Principal Debtor
Relevant Currency
Security
Singapore Dollar/SGD
Term
Third Party Payor
Transaction
Working Day
Payment Method
Default
Representations and Warranties
Indemnification
Force Majeure
Confidentiality
Assignment
Termination
Notices
Governing Law
Dispute Resolution
Amendment
Entire Agreement
Severability
Third Party Rights
Security
Set-Off Rights
Costs and Expenses
Further Assurance
Anti-Money Laundering
Compliance with Laws
Record Keeping
Electronic Payments
Currency
Bank Account Details
Interest on Late Payments
Waiver
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