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.
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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."
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
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)
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
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