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Installment Payment Promissory Note Template for Singapore

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Key Requirements PROMPT example:

Installment Payment Promissory Note

"I need an Installment Payment Promissory Note for a business loan of SGD 250,000 to be repaid over 36 months, with monthly payments starting from March 2025, secured against company equipment and including a personal guarantee from the company director."

What is a Installment Payment Promissory Note?

An Installment Payment Promissory Note is commonly used in Singapore when parties need to formalize a debt repayment through structured payments over time. This document is particularly relevant when a lender provides funds to a borrower and requires a legally enforceable agreement detailing the repayment schedule. Under Singapore law, it must include specific elements such as an unconditional promise to pay, clear payment terms, and proper execution to be legally valid. The document provides security for the lender while giving the borrower clear terms for meeting their obligations.

What sections should be included in a Installment Payment Promissory Note?

1. Promise to Pay: Unconditional promise to pay a specific sum of money, including the total amount and acknowledgment of debt

2. Payment Schedule: Detailed breakdown of installment amounts, frequency of payments, and specific due dates

3. Interest Rate: Specified interest rate, calculation method, and compound interest provisions if applicable

4. Default Provisions: Consequences of missing payments or defaulting, including acceleration clause and remedies

5. Governing Law: Specification that the note is governed by Singapore law and subject to Singapore courts' jurisdiction

What sections are optional to include in a Installment Payment Promissory Note?

1. Security Provisions: Details of any collateral securing the note, including description of assets and enforcement rights

2. Prepayment Terms: Conditions for early payment, including any prepayment penalties or discounts

3. Late Payment Penalties: Additional charges or interest for late payments and grace period provisions

4. Assignment Clause: Terms governing the transfer or assignment of the note to third parties

What schedules should be included in a Installment Payment Promissory Note?

1. Schedule A - Payment Schedule: Detailed table showing all installment payment dates, amounts, and running balance

2. Schedule B - Security Description: Detailed description of any collateral or security provided for the note

3. Schedule C - Interest Calculation Examples: Examples showing how interest is calculated and applied to the principal amount

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

Relevant legal definitions






















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Industries

Contract Law (Chapter 53): Primary legislation governing contract formation, validity, and enforcement in Singapore

Civil Law Act (Chapter 43): Fundamental legislation governing civil matters including contractual relationships and obligations

Moneylenders Act (Chapter 188): Regulates moneylending transactions if the promissory note involves a moneylending arrangement

Consumer Protection (Fair Trading) Act: Provides consumer protection measures if the transaction involves individual consumers

Banking Act (Chapter 19): Regulates banking institutions and financial transactions in Singapore

Bills of Exchange Act (Chapter 23): Relevant for promissory notes due to their similarity with bills of exchange

Limitation Act (Chapter 163): Sets time limits for enforcement of contractual rights, typically 6 years for contract claims

Stamp Duties Act: Requires proper stamping of legal documents including promissory notes

Money-changing and Remittance Businesses Act: May apply if the transaction involves currency exchange or remittance aspects

Currency Act: Governs currency specifications and legal tender in Singapore

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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