The Single Option Agreement is a crucial legal instrument used in various commercial contexts under Irish law. It creates a unilateral right for the Option Holder to proceed with a defined transaction, while binding the Option Grantor to honor that right if exercised. This type of agreement is commonly used in real estate transactions, share purchases, asset acquisitions, and other commercial dealings where parties want to secure future rights without an immediate commitment to proceed. The document typically includes detailed provisions about the option's exercise price, duration, conditions, and completion mechanics, along with necessary warranties and representations. It's particularly important in the Irish context to ensure compliance with the Land and Conveyancing Law Reform Act 2009 for property-related options, and the Companies Act 2014 for corporate transactions.
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1. Parties: Identifies and defines the parties to the agreement
2. Background: Sets out the context and purpose of the option agreement
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Grant of Option: Details the specific option rights being granted
5. Option Period: Specifies the duration for which the option can be exercised
6. Option Price and Payment: States the consideration for the option and payment terms
7. Exercise of Option: Describes the mechanism and process for exercising the option
8. Completion: Details what happens when the option is exercised
9. Warranties and Representations: Standard warranties from both parties
10. Assignment and Transfer: Restrictions on transfer of option rights
11. Notices: Communication procedures between parties
12. General Provisions: Standard boilerplate clauses
13. Governing Law and Jurisdiction: Confirms Irish law applies and jurisdiction
14. Execution: Signature blocks and execution formalities
1. Security: Include when the option is secured against assets
2. Third Party Rights: Include when third parties have enforcement rights
3. Conditions Precedent: Include when option exercise is subject to specific conditions
4. Tax Provisions: Include when specific tax arrangements need to be addressed
5. Confidentiality: Include when specific confidentiality obligations are required
6. Registration Rights: Include for options over shares with registration requirements
7. Anti-dilution Provisions: Include for options over shares to protect against dilution
1. Schedule 1 - Option Notice Form: Template form for exercising the option
2. Schedule 2 - Asset Description: Detailed description of the asset subject to the option
3. Schedule 3 - Option Exercise Price Calculation: Formula or mechanism for calculating the exercise price
4. Schedule 4 - Completion Requirements: List of documents and actions required at completion
5. Schedule 5 - Warranties: Detailed warranties if extensive
6. Appendix A - Required Consents: List of third-party consents required
7. Appendix B - Encumbrances: Details of any existing encumbrances on the option asset
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