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Good Faith Deposit Contract
"Need a Good Faith Deposit Contract under Singapore law for a $5 million property purchase, where the deposit is 10% and will be held in escrow until March 2025, with specific provisions for interest accrual."
1. Parties: Identification and details of the depositor and recipient
2. Background: Context and purpose of the good faith deposit
3. Definitions: Key terms used throughout the agreement
4. Deposit Amount: Specification of deposit amount and payment terms
5. Purpose of Deposit: Clear statement of what the deposit secures
6. Return or Forfeiture Conditions: Conditions under which deposit will be returned or forfeited
7. Payment Instructions: Details of how and where deposit should be paid
1. Interest Provisions: Terms regarding any interest earned on deposit when the deposit is held for extended period
2. Escrow Arrangements: Terms for third-party holding of deposit when using escrow agent
3. Dispute Resolution: Specific procedures for resolving disputes, recommended for high-value deposits or complex transactions
1. Payment Schedule: Timeline for deposit payment if in installments
2. Bank Details: Account information for deposit payment
3. Related Transaction Documents: References to main transaction documents
Authors
Business Day
Completion Date
Deposit
Deposit Account
Deposit Amount
Effective Date
Escrow Agent
Forfeiture Event
Good Faith Deposit
Interest Rate
Notice
Parties
Payment Date
Permitted Purpose
Principal Transaction
Recipient
Refund Event
Related Documents
Return Date
Singapore Dollars
Transaction Documents
Underlying Transaction
Working Day
Purpose and Application
Payment Terms
Return of Deposit
Forfeiture Conditions
Interest
Bank Account Details
Escrow Arrangements
Representations and Warranties
Conditions Precedent
Default Events
Force Majeure
Confidentiality
Notices
Assignment
Amendments
Governing Law
Dispute Resolution
Entire Agreement
Severability
Counterparts
Time of Essence
Further Assurance
Costs and Expenses
Termination
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