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Non Refundable Deposit Agreement

Non Refundable Deposit Agreement Template for Canada

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Key Requirements PROMPT example:

Non Refundable Deposit Agreement

"I need a Non-Refundable Deposit Agreement for a luxury condo development project in Ontario, where buyers will pay deposits in three installments between January and March 2025, with the deposit being 20% of the purchase price."

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Document background
The Non-Refundable Deposit Agreement is a critical document used in Canadian business transactions where one party needs to secure a commitment from another through a monetary deposit that will not be returned. This agreement is commonly used in various sectors including real estate, retail, and service industries, where businesses need to protect themselves against potential losses from cancelled transactions or withdrawn commitments. The document complies with Canadian federal and provincial legislation, including consumer protection laws and contract law principles. It typically includes detailed payment terms, clear statements about the non-refundable nature of the deposit, and specific conditions under which the deposit will be retained. This agreement is particularly valuable in high-value transactions or situations where significant preparation or resource allocation is required based on the other party's commitment.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names and addresses

2. Background: Context of the agreement, including the purpose of the deposit and reference to the main transaction it relates to

3. Definitions: Definitions of key terms used throughout the agreement

4. Deposit Amount: Specification of the deposit amount and currency

5. Payment Terms: Details of how and when the deposit must be paid

6. Non-Refundable Nature: Clear statement that the deposit is non-refundable and specific circumstances under which this applies

7. Purpose of Deposit: Explanation of what the deposit secures or relates to

8. Representations and Warranties: Basic representations and warranties from both parties regarding their capacity to enter into the agreement

9. Governing Law: Specification of applicable Canadian jurisdiction

10. Entire Agreement: Standard clause confirming this document represents the entire agreement regarding the deposit

11. Execution: Signature blocks and execution details

Optional Sections

1. Multiple Payment Schedule: Include when the deposit is to be paid in installments rather than as a single payment

2. Third Party Payments: Include when deposits may be paid by or to third parties

3. Conditional Refund Terms: Include when there are specific exceptional circumstances under which the deposit might be refundable

4. Related Agreements: Include when the deposit agreement is closely tied to other specific contracts or agreements

5. Force Majeure: Include when parties want to address extraordinary circumstances that might affect the deposit arrangement

6. Dispute Resolution: Include when parties want to specify particular dispute resolution procedures

7. Assignment: Include when transfer rights need to be addressed

8. Notices: Include when formal communication procedures need to be established

Suggested Schedules

1. Payment Schedule: Detailed schedule of payment amounts and dates if multiple payments are involved

2. Main Transaction Details: Summary of the main transaction or agreement to which the deposit relates

3. Authorized Representatives: List of authorized representatives who can act on behalf of each party regarding the deposit

4. Bank Details: Banking or payment processing information for deposit payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Real Estate

Construction

Manufacturing

Retail

Professional Services

Hospitality

Event Management

Automotive

Equipment Leasing

Interior Design

Custom Manufacturing

Technology Services

Relevant Teams

Legal

Finance

Sales

Operations

Commercial

Risk & Compliance

Business Development

Contract Administration

Account Management

Treasury

Procurement

Relevant Roles

Contract Manager

Legal Counsel

Business Development Manager

Sales Manager

Financial Controller

Operations Manager

Project Manager

Commercial Director

Real Estate Agent

Procurement Manager

Account Executive

Business Owner

Chief Financial Officer

Risk Manager

Compliance Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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