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Non Refundable Payment Agreement

Non Refundable Payment Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Non Refundable Payment Agreement

I need a Non-Refundable Payment Agreement for a real estate development project in Dubai, where the buyer will make an advance payment of AED 500,000 by March 2025, which will be non-refundable if they fail to proceed with the full property purchase by June 2025.

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Document background
The Non-Refundable Payment Agreement is a crucial document used in UAE business transactions where parties need to establish clear terms regarding payments that will not be returned or refunded. This agreement is particularly relevant in scenarios such as deposits for major purchases, advance payments for services, or commitment fees in commercial transactions. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related commercial regulations, while potentially incorporating Shariah law principles where necessary. It includes detailed payment terms, explicit acknowledgments of the non-refundable nature of the payment, and specific circumstances under which the payment is made. This type of agreement is commonly used in real estate transactions, service contracts, and commercial arrangements where substantial upfront or commitment payments are required.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and registration details

2. Background: Context of the agreement, relationship between parties, and purpose of the non-refundable payment

3. Definitions: Definitions of key terms used throughout the agreement

4. Payment Terms: Detailed description of the payment amount, timing, and method of payment

5. Non-Refundable Nature: Clear statement of the non-refundable nature of the payment and the specific circumstances under which this applies

6. Purpose of Payment: Detailed explanation of what the payment is for and the consideration being provided

7. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and authority to enter into the agreement

8. Acknowledgments: Explicit acknowledgment by the paying party of the non-refundable nature of the payment

9. Governing Law and Jurisdiction: Specification of UAE law as governing law and designation of appropriate courts

10. Entire Agreement: Standard clause confirming this document represents the entire agreement between parties

Optional Sections

1. Force Majeure: Include when there's a need to address circumstances under which performance might be excused

2. Confidentiality: Include when the payment relates to confidential business arrangements

3. Tax Provisions: Include when the payment has tax implications that need to be clearly addressed

4. Anti-Money Laundering: Include when dealing with significant payment amounts or when required by regulatory compliance

5. Dispute Resolution: Include when parties wish to specify alternative dispute resolution methods before court proceedings

6. Shariah Compliance: Include when the agreement needs to explicitly comply with Islamic finance principles

7. Assignment: Include when there's a need to address whether rights under the agreement can be transferred

Suggested Schedules

1. Payment Schedule: If payment is to be made in installments, details of payment dates and amounts

2. Bank Details: Specified bank account information for making the payment

3. Supporting Documents: List of any supporting documents evidencing the basis for the payment

4. Related Agreements: References to any related agreements that form part of the overall transaction

5. Corporate Authorizations: Copies of corporate approvals or board resolutions authorizing the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Construction

Professional Services

Financial Services

Technology

Healthcare

Education

Hospitality

Retail

Manufacturing

Consulting

Relevant Teams

Legal

Finance

Commercial

Procurement

Operations

Compliance

Risk Management

Treasury

Business Development

Project Management

Relevant Roles

Legal Counsel

Contract Manager

Finance Director

Chief Financial Officer

Business Development Manager

Commercial Director

Project Manager

Procurement Manager

Compliance Officer

Risk Manager

Treasury Manager

Corporate Lawyer

Operations Director

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): The foundational law governing contracts, civil transactions, and obligations in the UAE. It sets out basic principles of contract formation, validity, and enforcement.
UAE Federal Law No. 18 of 1993 (Commercial Code): Governs commercial transactions and business relationships, including provisions about payment terms and commercial contracts.
UAE Federal Law No. 14 of 2018 (Central Bank Law): Relevant for payment arrangements and financial transactions, especially regarding the regulation of payment systems and settlement finality.
UAE Federal Law No. 8 of 2004 (Financial Free Zones Law): Important if either party is operating from a UAE financial free zone, as different regulations might apply.
DIFC Contract Law (DIFC Law No. 6 of 2004): Applicable if the agreement involves parties in the Dubai International Financial Centre (DIFC), providing specific provisions about contractual relationships.
UAE Federal Law No. 4 of 2012 (Competition Law): May be relevant if the non-refundable payment agreement is part of a larger commercial arrangement that could affect market competition.
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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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