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Advance Payment Contract
"I need an Advance Payment Contract for a manufacturing project where we're paying SGD 500,000 upfront to our supplier in Singapore, with monthly repayment installments starting March 2025 and requiring a bank guarantee as security."
1. Parties: Identification and details of all contracting parties
2. Background: Context and purpose of the advance payment arrangement
3. Definitions: Key terms used throughout the contract
4. Advance Payment Amount: Specification of the amount, currency, and payment terms
5. Security Provisions: Details of security arrangements for the advance payment
6. Repayment Terms: Schedule and method of repayment or recovery
7. Default Provisions: Consequences and remedies in case of default
8. Governing Law: Specification of Singapore law as governing law
1. Interest Provisions: Terms for interest charges when applicable on the advance payment
2. Insurance Requirements: Insurance obligations of parties when specific coverage is required
3. Force Majeure: Provisions for unforeseen circumstances in long-term or high-value contracts
4. Assignment: Rights to assign the contract when transfer rights need to be addressed
1. Payment Schedule: Detailed breakdown of payment timeline and amounts
2. Bank Guarantee Format: Template for bank guarantee if required as security
3. Security Documents: Forms of security being provided
4. Project Timeline: Schedule of project milestones linked to advance payment terms
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