Download Promissory Note For Late Payment Of Tuition Fee - Singapore

Promissory Note For Late Payment Of Tuition Fee for Singapore

Promissory Note For Late Payment Of Tuition Fee Template for Singapore

A legally binding document under Singapore law that represents a formal promise by a student to pay outstanding tuition fees to an educational institution. The document specifies the amount owed, payment terms, due dates, and any applicable interest rates, while complying with Singapore's Private Education Act and related regulations. It serves as both a acknowledgment of debt and a commitment to pay according to agreed terms.

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What is a Promissory Note For Late Payment Of Tuition Fee?

The Promissory Note For Late Payment Of Tuition Fee is a crucial document in Singapore's educational sector, typically used when students require extended time to settle outstanding tuition fees. This document, governed by Singapore law including the Private Education Act and Bills of Exchange Act, provides educational institutions with legal security while offering students a structured payment solution. It includes specific payment terms, schedules, and consequences of default, while ensuring compliance with Singapore's regulatory requirements regarding educational fee collection and student protection measures.

What sections should be included in a Promissory Note For Late Payment Of Tuition Fee?

1. Promise to Pay: Clear statement of the promise to pay, including the exact amount owed for tuition fees

2. Payment Terms: Specific details about payment schedule, method of payment, and conditions

3. Due Date: Clear specification of when the payment is due and consequences of non-payment

4. Student Details: Identification of the student, course details, and student ID

5. Institution Details: Details of the educational institution including registration number

What sections are optional to include in a Promissory Note For Late Payment Of Tuition Fee?

1. Interest Rate: Section specifying any applicable late payment interest rates and calculation method

2. Security: Section detailing any collateral or guarantee requirements for the promissory note

3. Acceleration Clause: Provision allowing immediate payment to be demanded upon default of any installment

What schedules should be included in a Promissory Note For Late Payment Of Tuition Fee?

1. Payment Schedule: Detailed breakdown of payment installments and due dates

2. Course Fee Details: Itemized breakdown of tuition fees and other applicable charges

3. Guarantor Information: Details and declaration of guarantor if applicable

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

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Education
Higher Education
Vocational Training
International Education

Relevant Teams

Finance
Student Administration
Legal
Admissions
Compliance

Relevant Roles

Finance Manager
Registrar
Bursar
Student Services Manager
Compliance Officer

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Unsecured Promissory Note

A legally binding promise to pay under Singapore law, documenting an unsecured debt obligation between parties.

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What is a Promissory Note For Late Payment Of Tuition Fee?

What sections should be included in a Promissory Note For Late Payment Of Tuition Fee?

What sections are optional to include in a Promissory Note For Late Payment Of Tuition Fee?

What schedules should be included in a Promissory Note For Late Payment Of Tuition Fee?

Authors

Alex Denne

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