SLA Payment Terms documents are essential for businesses operating in Singapore that provide services under defined service levels. This document type combines standard payment terms with service level metrics, ensuring that payment obligations are properly tied to service delivery standards. The agreement must comply with Singapore's Contract Law and Payment Services Act 2019, making it particularly important for regulated industries. SLA Payment Terms are commonly used when establishing ongoing service relationships where regular payments are linked to service performance metrics.
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1. Parties: Identification of service provider and customer
2. Background: Context of the service relationship and scope of services
3. Definitions: Key terms used in the agreement including payment-related terminology
4. Payment Terms: Core payment obligations, timing, methods, and currencies
5. Service Levels: Agreed performance metrics and standards linked to payment
6. Invoice Requirements: Billing procedures, formats, and submission requirements
7. Late Payment Consequences: Interest rates, penalties, and remedies for late payment
1. Currency Provisions: Specific terms for international payments and currency conversion
2. Tax Provisions: GST handling and other tax-related obligations
3. Early Payment Discounts: Terms and conditions for early payment incentives
4. Force Majeure: Impact of force majeure events on payment obligations
1. Payment Schedule: Detailed payment milestones, amounts, and due dates
2. Service Level Metrics: Detailed performance indicators and their impact on payment
3. Rate Card: Standard rates for services and payment calculations
4. Payment Processing Procedures: Step-by-step payment processes and requirements
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