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Non Refundable Deposit Agreement

Non Refundable Deposit Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Non Refundable Deposit Agreement

"I need a Non-Refundable Deposit Agreement for a commercial property purchase in Hong Kong, where the deposit is HKD 500,000 and will be paid in two installments, with the deal expected to close by March 2025."

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Document background
The Non-Refundable Deposit Agreement is a crucial document used in various commercial and private transactions under Hong Kong law. It is typically employed when one party needs to secure a commitment from another party through a monetary deposit that will not be returned if specific conditions are not met or if the transaction does not proceed. Common scenarios include property purchases, service contracts, event bookings, and large-scale procurement deals. The agreement must be carefully drafted to comply with Hong Kong's Contract Ordinance and related legislation, ensuring that the non-refundable nature of the deposit is clearly communicated and legally enforceable while avoiding terms that might be deemed unconscionable under Hong Kong law.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement

2. Background: Context of the agreement and the purpose for which the deposit is being paid

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

4. Deposit Amount and Payment: Specification of the deposit amount, payment method, and timing

5. Non-Refundable Nature: Clear statement of the non-refundable nature of the deposit and circumstances under which it applies

6. Purpose of Deposit: Detailed explanation of what the deposit secures or represents

7. Obligations of the Parties: Respective obligations of both parties regarding the deposit and underlying transaction

8. Default and Consequences: Consequences of default or breach by either party

9. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes

10. Entire Agreement: Standard entire agreement clause confirming this document represents the complete agreement between parties

Optional Sections

1. Payment Schedule: Include when deposit is to be paid in multiple installments

2. Conditions Precedent: Include when deposit payment is subject to specific conditions being met

3. Special Conditions: Include when there are unique circumstances or requirements specific to the transaction

4. Representations and Warranties: Include when specific assurances from either party are required

5. Force Majeure: Include when protection against unforeseen circumstances is needed

6. Confidentiality: Include when transaction details need to be kept confidential

7. Assignment: Include when rights under the agreement may need to be transferred

Suggested Schedules

1. Payment Details: Detailed breakdown of payment amounts, dates, and methods

2. Property Description: If deposit relates to property, detailed description of the property

3. Bank Account Details: Specified bank account information for deposit payment

4. Related Documents: List and copies of any related agreements or documents referenced

5. Special Terms: Any special terms or conditions that are too detailed for the main agreement

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

Property Development

Retail

Hospitality

Events and Entertainment

Construction

Professional Services

Manufacturing

Education

Healthcare

Tourism

Automotive

Relevant Teams

Legal

Compliance

Commercial

Sales

Procurement

Operations

Finance

Risk Management

Business Development

Property Management

Contract Administration

Company Secretariat

Relevant Roles

Legal Counsel

Contract Manager

Commercial Director

Property Manager

Sales Manager

Procurement Manager

Business Development Manager

Operations Manager

Company Secretary

Compliance Officer

Real Estate Agent

Project Manager

Financial Controller

Risk Manager

General Manager

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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