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Deposit On Purchase Agreement

Deposit On Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Deposit On Purchase Agreement

"I need a Deposit On Purchase Agreement under Singapore law for the purchase of manufacturing equipment worth SGD 2.5 million, with a 15% deposit payable by March 2025 and completion scheduled for June 2025."

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Document background
The Deposit On Purchase Agreement is commonly used in Singapore when a buyer wishes to secure a purchase by paying an initial deposit. This document is essential for protecting both parties' interests during the period between deposit payment and purchase completion. It typically includes details about the deposit amount, purchase price, completion timeline, and conditions precedent. Under Singapore law, this agreement must comply with various legislation including the Civil Law Act and Sale of Goods Act. The document is particularly important in transactions where there is a significant gap between initial commitment and final completion.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Purchase Price and Deposit: Details of total purchase price and deposit amount

5. Payment Terms: Schedule and method of payment

6. Conditions Precedent: Conditions that must be met before completion

7. Completion: Details of completion process and requirements

8. Default and Termination: Consequences of default and termination rights

Optional Sections

1. Due Diligence: Terms regarding buyer's right to conduct due diligence (used for complex purchases or property transactions)

2. Warranties and Representations: Specific promises about the purchase subject (used when specific assurances are required)

3. Insurance: Requirements for insurance coverage (used when risk needs to be managed during transition period)

4. Third Party Rights: Rights of third parties under the agreement (used when third parties may have enforceable rights)

Suggested Schedules

1. Schedule 1 - Property/Asset Description: Detailed description of purchase subject

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and dates

3. Schedule 3 - Completion Requirements: List of documents and actions required at completion

4. Appendix A - Form of Notice: Standard form for notices under 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 legal definitions
Agreement
Business Day
Completion
Completion Date
Conditions Precedent
Confidential Information
Deposit
Deposit Payment Date
Default Interest Rate
Due Diligence
Effective Date
Encumbrance
Force Majeure Event
Governmental Authority
Intellectual Property Rights
Law
Losses
Material Adverse Change
Notice
Parties
Payment Schedule
Permitted Encumbrances
Purchase Price
Property
Related Entities
Representatives
Security Interest
Seller's Warranties
Singapore Dollars
Stamp Duty
Tax
Term
Third Party
Transaction Documents
Working Hours
Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships, including requirements for valid contracts and rules regarding consideration and deposits

Sale of Goods Act (Cap. 393): Regulates transactions involving goods, including rules on title transfer and the rights and obligations of buyers and sellers

Misrepresentation Act (Cap. 390): Provides protections against false statements and remedies for misrepresentation in contractual dealings

Contract Law Principles: Common law principles governing offer and acceptance, consideration, contractual capacity, and terms and conditions

Unfair Contract Terms Act (Cap. 396): Imposes restrictions on unfair terms and limitations on liability exclusions in contracts

Consumer Protection (Fair Trading) Act: Protects consumer rights and establishes fair trading provisions for consumer transactions

Electronic Transactions Act: Governs electronic transactions and sets requirements for electronic signatures and digital contracts

Stamp Duties Act: Establishes requirements for stamp duty payment, including applicable rates and timing for document stamping

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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