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Recurring Payment Agreement Template for Singapore

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Key Requirements PROMPT example:

Recurring Payment Agreement

"I need a Recurring Payment Agreement for my online education platform based in Singapore, where students will pay monthly tuition fees of SGD 299 starting from January 2025, with automatic renewal every 6 months unless cancelled."

What is a Recurring Payment Agreement?

The Recurring Payment Agreement is essential for businesses operating in Singapore that collect regular payments from customers. This document type has become increasingly important with the rise of subscription-based services and digital payments. The agreement must comply with Singapore's stringent financial regulations, including the Payment Services Act 2019 and MAS guidelines. It typically includes detailed provisions for payment schedules, data protection, termination rights, and dispute resolution procedures. Such agreements are crucial for establishing clear terms and protecting both service providers and customers in recurring payment arrangements.

What sections should be included in a Recurring Payment Agreement?

1. Parties: Identification of the service provider and customer, including full legal names and registration details

2. Background: Context of the agreement and relationship between parties, including purpose of the recurring payment arrangement

3. Definitions: Key terms used throughout the agreement including payment-related terminology

4. Payment Terms: Amount, frequency, and method of recurring payments, including payment processing details

5. Duration: Term of the agreement and renewal provisions, including initial term and automatic renewal terms

6. Termination: Conditions and process for ending the agreement, including notice periods and final payment handling

7. Data Protection: Handling of personal and payment information in compliance with PDPA requirements

What sections are optional to include in a Recurring Payment Agreement?

1. Service Level Agreement: Specific service standards and performance metrics for business-to-business arrangements

2. Force Majeure: Provisions for unforeseen circumstances affecting payment obligations

3. Rewards Program: Terms and conditions of any associated loyalty or rewards scheme

4. Dispute Resolution: Specific procedures for handling payment disputes and conflicts

What schedules should be included in a Recurring Payment Agreement?

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and frequency

2. Service Description: Detailed description of services or products covered by the recurring payment

3. Data Processing Agreement: Detailed terms for handling personal data in compliance with PDPA

4. Bank Authorization Form: Standard form for setting up recurring payments with financial institutions

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

Payment Services Act 2019: Primary legislation regulating payment systems and service providers in Singapore. Includes licensing requirements and consumer protection provisions for payment services.

Banking Act (Chapter 19): Legislation governing banking institutions and their operations in Singapore, particularly relevant for direct debit arrangements and recurring payment processing.

Electronic Transactions Act: Framework governing electronic transactions and digital signatures in Singapore, essential for validating online payment arrangements and electronic contracts.

Personal Data Protection Act 2012: Comprehensive framework for data protection in Singapore, governing the collection, use, and disclosure of personal data in payment processing and record keeping.

Consumer Protection (Fair Trading) Act: Legislation protecting consumers against unfair practices, including provisions for fair contract terms and cancellation rights in payment agreements.

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore covering payment transaction rules, e-payments user protection, and risk management practices.

Singapore Contract Law: Common law principles governing contract formation, terms and conditions, termination clauses, and notice periods 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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