A Release of Debt Agreement is a crucial legal instrument in Singapore's commercial landscape, used when a creditor decides to formally discharge a debtor from their payment obligations. This document is particularly relevant in debt restructuring, settlement negotiations, or when parties wish to conclude their financial relationship. The agreement must comply with Singapore's contract law requirements and typically includes details of the original debt, the extent of release, and any conditions attached. Care must be taken to ensure the Release of Debt Agreement meets all legal requirements for enforceability, including proper consideration and execution formalities.
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Key Requirements PROMPT example:
Release Of Debt Agreement
"I need a Release of Debt Agreement under Singapore law to release my company's claim of SGD 250,000 against ABC Trading Pte Ltd, with the release to take effect from March 1, 2025, in exchange for a one-time settlement payment of SGD 175,000."
1. Parties: Identifies and defines the creditor and debtor
2. Background: Details of the original debt and circumstances leading to release
3. Definitions: Key terms used in the agreement
4. Release Details: Specific terms of the debt release
5. Consideration: Value given in exchange for the release
6. Representations and Warranties: Statements of fact by both parties
7. Governing Law: Specifies Singapore law as governing law
8. Execution: Signature blocks and execution requirements
1. Partial Release Provisions: Used when only part of the debt is being released
2. Conditions Precedent: Conditions that must be met before release becomes effective
3. Confidentiality: Provisions regarding confidentiality of the release
4. Tax Provisions: Handling of tax implications of the debt release
1. Schedule 1 - Original Debt Documentation: Copies of original loan agreements or debt instruments
2. Schedule 2 - Payment History: Record of payments made against the debt
3. Schedule 3 - Release Calculation: Detailed calculation of released amount including interest
4. Schedule 4 - Corporate Authorizations: Required when parties are corporate entities
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