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6 Month Promissory Note for Singapore

6 Month Promissory Note Template for Singapore

A promissory note governed by Singapore law that documents a legally binding promise to pay a specified sum of money within a 6-month period. The document complies with Singapore's Bills of Exchange Act and includes essential terms such as principal amount, interest rate, and maturity date. It creates a negotiable instrument that can be transferred and enforced under Singapore's legal framework.

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What is a 6 Month Promissory Note?

A 6 Month Promissory Note is commonly used in Singapore for short-term financing arrangements where one party requires immediate funds and agrees to repay within a fixed 6-month period. The document creates a legally binding obligation under Singapore law and must comply with the Bills of Exchange Act (Chapter 23). It typically includes the principal amount, interest rate, payment terms, and consequences of default. This type of note is particularly useful for businesses seeking working capital or individuals requiring bridge financing, offering a formal and enforceable promise of repayment.

What sections should be included in a 6 Month Promissory Note?

1. Promise to Pay Statement: Clear statement of unconditional promise to pay a specific sum

2. Principal Amount: Specific amount to be paid in numbers and words

3. Maturity Date: Specific date when payment is due (6 months from issuance)

4. Interest Rate: Stated interest rate and calculation method

5. Maker Details: Full name and address of person/entity making the promise

6. Payee Details: Full name and address of person/entity to whom payment is promised

What sections are optional to include in a 6 Month Promissory Note?

1. Security Provisions: Details of any collateral securing the note, use when note is secured

2. Prepayment Terms: Conditions for early payment, include if early payment is allowed

3. Default Provisions: Consequences of default, include if specific default terms are needed

4. Transfer Rights: Terms for negotiability, include if note is intended to be transferable

What schedules should be included in a 6 Month Promissory Note?

1. Payment Schedule: If payments are to be made in installments

2. Security Description: Detailed description of any collateral (if secured)

3. Guarantor Details: Information about guarantors 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

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions












Clauses




















Industries

Bills of Exchange Act (Chapter 23): Primary legislation governing negotiable instruments in Singapore, defining requirements for valid promissory notes and setting out rights and obligations of parties

Contracts Act (Chapter 53): Governs basic principles of contract formation, including consideration, capacity to contract, and validity

Money-lending Act (Chapter 188): Regulates money lending practices and interest rates, applicable if the promissory note is related to a money-lending transaction

Limitation Act (Chapter 163): Sets time limits for enforcement of promissory notes, including 6-year limitation period for contractual claims

Evidence Act (Chapter 97): Covers requirements for documentary evidence and admissibility of electronic records if the note is in electronic form

Electronic Transactions Act (Chapter 88): Provides legal framework for electronic transactions and recognition of electronic signatures, relevant if the promissory note is to be executed electronically

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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