Third Party Payment Contract

Third Party Payment Contract Template for Singapore

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Key Requirements PROMPT example:

"I need a Third Party Payment Contract for my Singapore-based manufacturing company to handle payments to our supplier on behalf of our subsidiary, with monthly installments of SGD 50,000 starting from March 2025."

Document background

The Third Party Payment Contract is essential in situations where an entity other than the original debtor assumes responsibility for making payments. This document, governed by Singapore law, is commonly used in commercial arrangements, property transactions, and financial restructuring. It details payment schedules, methods of payment, default provisions, and the respective obligations of all parties. The contract ensures compliance with Singapore's financial regulations, including the Payment Services Act 2019 and relevant MAS guidelines. It provides legal protection for all parties by clearly defining roles, responsibilities, and remedies in case of default.

Suggested Sections

1. Parties: Identifies all parties involved: Principal Debtor, Third Party Payor, and Creditor

2. Background: Explains the context of the original debt and reason for third party payment arrangement

3. Definitions: Defines key terms used throughout the agreement including Payment, Original Debt, Security (if any)

4. Payment Terms: Specifies amount, timing, and method of payments, including payment instructions and confirmation processes

5. Obligations of Parties: Details responsibilities of each party including payment obligations, notification requirements, and compliance with laws

6. Representations and Warranties: States facts and promises made by each party regarding their capacity, authority, and compliance

7. Governing Law: Specifies Singapore law as governing law and jurisdiction for disputes

Optional Sections

1. Security Arrangements: Details any collateral, guarantees, or other security arrangements provided to secure the payment obligations

2. Default Provisions: Specifies events of default, consequences, and remedies available to the parties

3. Force Majeure: Provisions addressing unforeseen circumstances that may affect payment obligations

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and installment schedule if applicable

2. Original Debt Documentation: Copy or summary of the original debt agreement or evidence of debt

3. Bank Account Details: Designated payment account information for all relevant parties

4. Security Documentation: Details and documentation of any security arrangements or collateral provided

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

Banking and Finance
Real Estate
Commercial Trading
Investment

Relevant Teams

Finance
Legal
Treasury
Accounts Payable
Risk Management

Relevant Roles

Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Accounts Payable Manager

Industries

Contracts Act (Cap. 53): Primary legislation governing fundamental contract law principles in Singapore, including formation, validity, and enforcement of contracts

Electronic Transactions Act (Cap. 88): Regulates electronic transactions, digital signatures, and electronic contracts, particularly relevant for electronic payment provisions

Banking Act (Cap. 19): Regulates banking operations and financial institutions in Singapore, relevant when payment involves banks

Payment Services Act 2019: Comprehensive framework for regulation of payment systems and payment service providers in Singapore

Payment Systems (Oversight) Act: Provides oversight of payment systems and stored value facilities to ensure safety and efficiency

Currency Act (Cap. 69): Governs the use of currency in Singapore and related payment matters

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Anti-money laundering legislation that must be considered in payment arrangements

Terrorism (Suppression of Financing) Act: Regulations preventing and criminalizing terrorism financing through payment systems

MAS Notice PSN01: Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for payment service providers

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in payment transactions

PDPA Regulations 2021: Updated regulations for personal data protection compliance in Singapore

Consumer Protection (Fair Trading) Act: Protects consumer interests in commercial transactions including payment arrangements

Unfair Contract Terms Act: Regulates unfair terms in contracts to protect contracting parties

Civil Law Act (Cap. 43): General civil law provisions that may affect contract interpretation and enforcement

Evidence Act (Cap. 97): Governs the admissibility of evidence in legal proceedings related to payment disputes

Limitation Act (Cap. 163): Sets time limits for bringing legal claims related to contract disputes

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Authors

Alex Denne

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