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Prepayment Agreement
"Need a Prepayment Agreement for a manufacturing contract where we'll pay 30% upfront for bulk order of electronic components, with monthly deliveries starting March 2025, must include refund mechanisms and security arrangements."
1. Parties: Identification and details of the parties entering into the agreement
2. Background: Context and purpose of the prepayment arrangement
3. Definitions: Key terms used throughout the agreement
4. Prepayment Terms: Amount, timing, and method of prepayment
5. Use of Prepaid Funds: How and when the prepaid amounts will be applied
6. Governing Law: Specification of Singapore law as governing law
7. Execution: Signature blocks and execution provisions
1. Security Arrangements: Details of any security provided for the prepayment - include when security is required for the prepayment
2. Interest Provisions: Terms relating to any interest payable on prepaid amounts - include when interest is applicable to the prepayment
3. Refund Mechanisms: Conditions and process for refunding prepaid amounts - include when refunds might be applicable
4. Force Majeure: Provisions for unforeseen circumstances - include when long-term arrangements are involved
1. Payment Schedule: Detailed breakdown of prepayment amounts and dates
2. Bank Account Details: Designated accounts for prepayments
3. Security Documents: Details of any security arrangements if applicable
4. Service Level Agreement: Performance standards related to the prepaid services if prepayment is for specific services
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