A Non Payment Agreement is typically used when parties need to formalize arrangements where standard payment terms are being modified or suspended. Under Singapore law, this document provides a clear legal framework for situations such as payment holidays, debt restructuring, or temporary suspension of payment obligations. The agreement includes essential details about the original payment obligations, the new arrangements, duration of the modification, and any conditions that must be met. It's particularly relevant in times of financial hardship, business restructuring, or when parties need to modify existing payment terms while maintaining their business relationship.
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1. Parties: Identification and details of all parties to the agreement
2. Background: Context and purpose of the non-payment agreement
3. Definitions: Key terms used throughout the agreement
4. Non-Payment Terms: Core terms regarding the non-payment arrangement
5. Duration: Period for which the non-payment agreement remains valid
6. Governing Law: Specification of Singapore law as governing law
1. Confidentiality: Terms regarding confidential information and when sensitive information is involved
2. Force Majeure: Provisions for unforeseen circumstances, particularly relevant for long-term arrangements
3. Alternative Dispute Resolution: Mediation or arbitration provisions when parties prefer alternative dispute resolution to litigation
1. Payment History Schedule: Details of historical payment arrangements or obligations
2. Related Agreements: List of other agreements affected by this non-payment agreement
3. Contact Details: Detailed contact information for notices and communications
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