The Agreement To Pay Debt In Installments is commonly used in Singapore when parties wish to formalize a structured repayment plan for an existing debt. This document is particularly relevant when the debtor cannot make immediate full payment but is willing to settle the debt through regular installments. It provides legal protection under Singapore law for both creditor and debtor by clearly documenting the debt acknowledgment, payment schedule, and consequences of default. The agreement helps prevent future disputes by establishing clear terms and conditions while ensuring compliance with relevant Singapore legislation, including interest rate restrictions and fair trading practices.
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1. Parties: Identification and details of the creditor and debtor
2. Background: Origin of the debt and circumstances leading to the installment agreement
3. Definitions: Key terms used throughout the agreement
4. Acknowledgment of Debt: Formal recognition of the debt amount and its validity
5. Payment Terms: Installment amounts, payment schedule, and payment method
6. Default Provisions: Consequences of missing payments or breaching the agreement
7. Governing Law: Specification of Singapore law as governing law
1. Interest Calculations: Details of interest charges if applicable - use when interest is being charged on the outstanding amount
2. Security Provisions: Details of any collateral or security for the debt - use when the debt is secured by assets or guarantees
3. Early Payment Provisions: Terms for early repayment of the debt - use when early repayment options are offered
4. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - use when parties want to address potential extraordinary circumstances
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Original Debt Documentation: Copies of documents evidencing the original debt
3. Security Documentation: Details of any security or collateral (if applicable)
4. Interest Calculation Schedule: Detailed breakdown of interest calculations (if applicable)
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