Download Late Fee Notice - Singapore

Late Fee Notice for Singapore

Late Fee Notice Template for Singapore

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Late Fee Notice

"I need a Late Fee Notice for a corporate client who has missed their January 2025 payment of SGD 25,000, with a 2% monthly late fee as per our service agreement, to be sent as a first reminder with a professional but firm tone."

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Late Fee Notice

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What is a Late Fee Notice?

The Late Fee Notice is a crucial document in Singapore's business ecosystem, used when payments become overdue according to agreed terms. It serves as a formal reminder and documentation of debt collection efforts, complying with Singapore's strict regulatory framework for financial transactions and debt collection. The notice typically includes details of the original invoice, calculation of late fees as per Singapore guidelines, and clear payment instructions. This document is often the first step in formal debt collection processes and may be required as evidence if legal action becomes necessary.

What sections should be included in a Late Fee Notice?

1. Recipient Details: Full name and address of the recipient

2. Original Invoice Reference: Reference to the original invoice number and date

3. Outstanding Amount: Clear statement of the original amount due and calculation details

4. Late Fee Calculation: Detailed breakdown of late fees, including calculation method and applicable interest rates

5. Payment Instructions: Clear instructions for making payment, including payment methods and bank details

6. Payment Deadline: Specific deadline for payment of outstanding amount and late fees

What sections are optional to include in a Late Fee Notice?

1. Payment History: Summary of previous payment attempts or partial payments, used when there's a complex payment history

2. Legal Warning: Notice of potential legal action for seriously overdue accounts or repeated late payments

3. Payment Plan Option: Offer of installment payment arrangement for large amounts or when seeking to maintain customer relationship

What schedules should be included in a Late Fee Notice?

1. Original Invoice Copy: Attachment of the original invoice being referenced

2. Statement of Account: Detailed statement showing all transactions and charges to date

3. Payment History Record: Documentation of previous payments and attempts where relevant

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

alex.den.21@genieai.co

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