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Payment Plan Settlement Agreement
"I need a Payment Plan Settlement Agreement for a business debt of SGD 50,000, to be paid in monthly installments over 24 months starting from January 2025, with a 5% interest rate and security provisions for business equipment."
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1. Parties: Identification and details of the creditor and debtor
2. Background: Context of the debt and circumstances leading to the payment plan
3. Definitions: Key terms used tHRoughout the agreement
4. Acknowledgment of Debt: Formal recognition of the outstanding amount
5. Payment Terms: Details of payment schedule, amounts, and method of payment
6. Default Provisions: Consequences of missing payments or breaching the agreement
7. Governing Law: Specification of Singapore law as governing law