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Acknowledgement Of Receipt Of Payment for Singapore

Acknowledgement Of Receipt Of Payment Template for Singapore

A formal document governed by Singapore law that provides written confirmation of receiving a payment. It serves as legal evidence of the transaction and typically includes details such as the payment amount, date, method of payment, and purpose. This document is particularly important in Singapore's business environment, where it can be used to prevent future payment disputes and maintain clear financial records in compliance with local regulations.

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What is a Acknowledgement Of Receipt Of Payment?

An Acknowledgement Of Receipt Of Payment is a crucial business document used in Singapore to formally confirm the receipt of funds between parties. This document is essential for maintaining accurate financial records, preventing payment disputes, and complying with Singapore's financial regulations and tax requirements. It should be issued promptly upon receipt of payment and must include specific details such as payment amount, date, method, and purpose. The document serves as legal evidence under Singapore law and is particularly important for audit trails and financial documentation.

What sections should be included in a Acknowledgement Of Receipt Of Payment?

1. Date: Date of acknowledgement issuance

2. Parties' Information: Full names and addresses of payer and payee

3. Payment Details: Amount received, currency, payment method, and date of receipt

4. Purpose Statement: Clear statement acknowledging receipt of payment

5. Reference Information: Invoice numbers, purchase order numbers, or contract references

What sections are optional to include in a Acknowledgement Of Receipt Of Payment?

1. Payment Terms: Used when acknowledging partial payments or installments

2. GST Statement: Include when payment includes GST components

3. Settlement Statement: Used when payment represents full and final settlement

What schedules should be included in a Acknowledgement Of Receipt Of Payment?

1. Copy of Payment Instrument: Copies of checks, bank transfer confirmations, or other payment proof

2. Original Invoice: Copy of the invoice being paid

3. Payment Schedule: If payment is part of a series of scheduled payments

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

Cost

Free to use
Relevant legal definitions












Clauses












Industries

Contract Law Act 1999: Primary legislation governing contractual relationships and agreements in Singapore, providing the legal framework for formation and enforcement of contracts

Electronic Transactions Act 2010: Legislation governing electronic transactions and digital signatures, relevant if the acknowledgement is issued electronically

Currency Act (Chapter 69): Legislation governing the use and handling of Singapore currency in transactions and payments

Payment Services Act 2019: Regulates payment systems and payment service providers in Singapore

Payment and Settlement Systems (Finality and Netting) Act: Provides legal basis for payment settlement systems and ensures finality of payments

Goods and Services Tax Act: Tax legislation that may affect payment documentation requirements if GST is applicable to the transaction

Income Tax Act: Provides requirements for financial record-keeping and documentation for tax purposes

Evidence Act (Chapter 97): Governs the admissibility of documentary evidence and electronic records in legal proceedings

Limitation Act (Chapter 163): Sets time limits for claims related to payments and establishes record retention requirements

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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