Payment Release Form

Payment Release Form Template for Singapore

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1. Select your governing law and document type:

2. Enter your key requirements:

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Key Requirements PROMPT example:

"Need a Payment Release Form for a construction project completion payment of SGD 250,000, to be signed by March 15, 2025, which includes specific clauses about releasing the contractor from future maintenance obligations."

Document background

The Payment Release Form serves as a crucial document in Singapore's business environment, providing legal closure to financial transactions. It is commonly used when one party needs to formally acknowledge receipt of payment and release the other party from further claims or obligations. The document must comply with Singapore's legal framework, particularly the Contract Act and Payment Services Act. A properly executed Payment Release Form helps prevent future disputes by clearly documenting the settlement and release terms.

Suggested Sections

1. Payment Details: Specific amount, payment method, and transaction reference

2. Release Statement: Clear statement of release of claims and obligations

3. Date and Identification: Date of release and identification of all parties involved

4. Signature Block: Space for signatures and witness details if required

Optional Sections

1. Partial Release Clause: Used when only specific claims or obligations are being released rather than a comprehensive release

2. Confidentiality Clause: Terms regarding confidentiality of the payment and release terms

3. Dispute Resolution: Procedures for handling any disputes arising from the release

Suggested Schedules

1. Payment Schedule: Details of payment installments if applicable

2. List of Released Claims: Itemized list of specific claims being released

3. Supporting Documents: Copies of relevant invoices, contracts, or other documents referenced in the release

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Construction
Real Estate
Professional Services
Manufacturing
Insurance

Relevant Teams

Finance
Legal
Accounts Payable
Procurement
Contracts Administration

Relevant Roles

Chief Financial Officer
Finance Manager
Accounts Payable Manager
Contract Manager
Project Manager

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Let's create your Payment Release Form

Authors

Alex Denne

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