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Late Fee Notice

Late Fee Notice for Singapore

Late Fee Notice Template for Singapore

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Late Fee Notice

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What is a Late Fee Notice?

The Late Fee Notice is a crucial document in Singapore's business ecosystem, used when payments become overdue according to agreed terms. It serves as a formal reminder and documentation of debt collection efforts, complying with Singapore's strict regulatory framework for financial transactions and debt collection. The notice typically includes details of the original invoice, calculation of late fees as per Singapore guidelines, and clear payment instructions. This document is often the first step in formal debt collection processes and may be required as evidence if legal action becomes necessary.

What sections should be included in a Late Fee Notice?

1. Recipient Details: Full name and address of the recipient

2. Original Invoice Reference: Reference to the original invoice number and date

3. Outstanding Amount: Clear statement of the original amount due and calculation details

4. Late Fee Calculation: Detailed breakdown of late fees, including calculation method and applicable interest rates

5. Payment Instructions: Clear instructions for making payment, including payment methods and bank details

6. Payment Deadline: Specific deadline for payment of outstanding amount and late fees

What sections are optional to include in a Late Fee Notice?

1. Payment History: Summary of previous payment attempts or partial payments, used when there's a complex payment history

2. Legal Warning: Notice of potential legal action for seriously overdue accounts or repeated late payments

3. Payment Plan Option: Offer of installment payment arrangement for large amounts or when seeking to maintain customer relationship

What schedules should be included in a Late Fee Notice?

1. Original Invoice Copy: Attachment of the original invoice being referenced

2. Statement of Account: Detailed statement showing all transactions and charges to date

3. Payment History Record: Documentation of previous payments and attempts where relevant

Authors

Alex Denne

Head of Growth (Open Source Law) @ ΊμΠΣΦ±²₯ | 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















Industries

Civil Law Act (Cap. 43): Primary legislation governing contract law in Singapore, which provides the fundamental framework for contractual relationships and enforcement of contractual terms including late payment provisions

Common Law Principles on Penalties: Legal principles distinguishing between legitimate liquidated damages and unenforceable penalties, ensuring late fees are reasonable and proportionate to the actual loss

Late Payment Interest Guidelines: Guidelines governing the calculation and application of interest on late payments in Singapore

Late Payment of Commercial Debts (Interest) Act: Legislation specifically dealing with late payment in commercial transactions and the application of interest

Consumer Protection (Fair Trading) Act: Legislation protecting consumer rights and ensuring fair trading practices, including fair terms in consumer contracts

Consumer Protection (Trade Descriptions and Safety Requirements) Act: Law ensuring accurate descriptions in trade and commerce, relevant for clear communication of payment terms

Banking Act Guidelines on Debt Collection: Guidelines set by MAS regarding acceptable debt collection practices and procedures

Small Claims Tribunals Act: Legislation governing claims up to SGD 20,000 (or SGD 30,000 by agreement), providing an accessible dispute reΊμΠΣΦ±²₯ mechanism

Personal Data Protection Act 2012: Law governing the collection, use, and disclosure of personal data in Singapore, relevant when handling customer information in late fee notices

Electronic Transactions Act: Legislation governing electronic communications and transactions, applicable when sending late fee notices electronically

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, Β Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, Β Severance Pay, Governing Law, Entire Agreemen

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