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An Agreement To Pay Letter is commonly used in Singapore when parties need to formalize a payment obligation or restructure an existing debt. This document, governed by Singapore law, provides clear evidence of the debt and payment terms, making it easier to enforce if needed. It typically includes the amount owed, payment schedule, interest rates (if applicable), and consequences of default. The agreement helps protect both creditor and debtor by clearly documenting their rights and obligations, while ensuring compliance with Singapore's legal requirements for debt acknowledgment and recovery.
