Outright Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Outright Purchase Agreement

"I need an Outright Purchase Agreement governed by Singapore law for the purchase of manufacturing equipment worth SGD 2.5 million, with delivery scheduled for March 2025 and including installation and training provisions."

Document background

The Outright Purchase Agreement is essential when parties wish to execute a clean, permanent transfer of ownership of goods or assets in Singapore. This document is commonly used for significant purchases where clear documentation of ownership transfer, warranties, and parties' obligations is crucial. The agreement must comply with Singapore's Sale of Goods Act and related legislation, providing a comprehensive framework for the transaction, including payment terms, delivery conditions, warranties, and risk allocation. It's particularly relevant for business-to-business transactions and high-value purchases where detailed terms and conditions are necessary.

Suggested Sections

1. Parties: Identifies and defines the parties to the agreement

2. Background: Provides context and purpose of the purchase

3. Definitions: Defines key terms used throughout the agreement

4. Subject Matter: Describes the goods being purchased

5. Purchase Price: States the price and payment terms

6. Delivery: Specifies delivery terms and conditions

7. Title and Risk: Addresses transfer of ownership and risk

8. Warranties: States warranties provided by the seller

9. Governing Law: Specifies applicable law and jurisdiction

Optional Sections

1. Intellectual Property: Required when IP rights are involved in the purchase

2. Confidentiality: Protects confidential information exchanged during the transaction

3. Installation: Details installation requirements and procedures for complex equipment

4. Training: Specifies training obligations and requirements for product use

Suggested Schedules

1. Product Specification: Detailed technical specifications of goods being purchased

2. Price Schedule: Detailed breakdown of pricing components

3. Warranty Terms: Detailed warranty conditions and coverage

4. Delivery Schedule: Detailed delivery timelines and locations

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Technology
Retail
Real Estate
Healthcare

Relevant Teams

Procurement
Legal
Finance
Operations
Supply Chain

Relevant Roles

Procurement Manager
Commercial Director
Legal Counsel
Finance Director
Operations Manager

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Let's create your Outright Purchase Agreement

Authors

Alex Denne

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