The Partial Payment Agreement Template is designed for use in Singapore when parties need to formalize arrangements for settling existing debts tHRough structured or reduced payments. This document is particularly relevant when full immediate payment isn't feasible, and parties agree to alternative payment arrangements. It complies with Singapore's Civil Law Act and related legislation, incorporating necessary provisions for debt restructuring, payment schedules, and default consequences. The agreement protects both creditor and debtor interests while ensuring enforceability under Singapore law.
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Partial Payment Agreement Template
I need a Partial Payment Agreement Template for a $50,000 business debt to be paid in monthly installments over 24 months starting March 2025, with a 5% interest rate and default provisions if payments are missed.
1. Parties: Identifies and defines the creditor and debtor
2. Background: Details original debt and circumstances leading to partial payment arrangement
3. Definitions: Defines key terms used tHRoughout the agreement
4. Original Debt Amount: States the original amount owed and its origin
5. Payment Terms: Details the agreed payment schedule, amounts, and methods
6. Default Provisions: Consequences of missing payments and remedies available
7. Governing Law: Specifies Singapore law as governing law and jurisdiction
1. Interest Charges: Terms for interest on outstanding amounts and calculation methods
2. Security Provisions: Details of any collateral or security provided for the debt
3. Early Payment Provisions: Terms and conditions for early repayment options
4. Third-Party Guarantees: Details of guarantors and their obligations
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Original Debt Documentation: Copies of original debt agreements or invoices
3. Schedule 3 - Security Documentation: Details of any security arrangements and related documents
4. Schedule 4 - Guarantee Documentation: Third-party guarantee agreements and related documents
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