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Authorization Letter For Transaction

Authorization Letter For Transaction for Singapore

Authorization Letter For Transaction Template for Singapore

A formal document governed by Singapore law that grants specific authority to an individual or entity to conduct transactions on behalf of another party. The document complies with Singapore's Electronic Transactions Act and relevant banking regulations, providing legal protection for all parties involved while clearly defining the scope and duration of the authorization.

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What is a Authorization Letter For Transaction?

An Authorization Letter For Transaction is a crucial legal instrument in Singapore's business environment, used when an individual or organization needs to delegate transaction authority to another party. This document, governed by Singapore law, specifically outlines the scope of authorization, transaction limits, and duration of the authority granted. It's particularly important in situations where the authorizer cannot be physically present to conduct transactions, requiring clear documentation for banks, government agencies, or other institutions. The document must comply with Singapore's Electronic Transactions Act, Personal Data Protection Act, and relevant banking regulations.

What sections should be included in a Authorization Letter For Transaction?

1. Date and Location: Current date and place of execution

2. Authorizer Details: Full name, identification, contact details of person giving authorization

3. Authorized Party Details: Full name, identification, contact details of person receiving authorization

4. Transaction Details: Specific description of authorized transaction(s)

5. Scope of Authority: Clear description of powers being granted

6. Duration: Validity period of the authorization

7. Signature Block: Space for signatures and witness details

What sections are optional to include in a Authorization Letter For Transaction?

1. Special Conditions: Any specific conditions or limitations on the authorization when authority needs to be restricted or qualified

2. Revocation Clause: Terms for canceling the authorization when specific revocation terms are needed

3. Indemnification: Protection clauses for authorized party when transaction involves significant risk

What schedules should be included in a Authorization Letter For Transaction?

1. Identity Documents: Copies of relevant identification documents of parties

2. Corporate Resolution: If authorizer is a company, board resolution authorizing the transaction

3. Transaction Documents: Relevant documents related to the authorized transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant legal definitions




















Clauses




















Industries

Electronic Transactions Act (ETA): Primary legislation governing electronic transactions and signatures in Singapore, ensuring legal recognition of electronic documents and digital signatures. Critical for authorization letters that may be executed or transmitted electronically.

Companies Act: Framework governing corporate entities in Singapore, including requirements for corporate authorizations, signing authorities, and delegation of powers by directors. Essential when authorization involves corporate entities.

Banking Act: Legislation regulating banking operations in Singapore, including requirements for bank mandates, authorizations, and anti-money laundering compliance measures for financial transactions.

Personal Data Protection Act (PDPA): Law governing the collection, use, and disclosure of personal data in Singapore, including consent requirements, data sharing protocols, and data protection obligations.

Contract Law (Common Law): Common law principles governing contract formation, principal-agent relationships, and requirements for valid consent in Singapore's legal system.

Stamp Duties Act: Legislation governing stamp duty requirements for certain types of transactions, particularly those involving property or shares, including documentation requirements and payment obligations.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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