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Cancellation Of Contract To Sell Template for Singapore

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Key Requirements PROMPT example:

Cancellation Of Contract To Sell

"I need a Cancellation Of Contract To Sell for a commercial property transaction in Singapore, where both parties have mutually agreed to terminate the sale due to financing issues, with a full refund of the $500,000 deposit to be processed by March 15, 2025."

Document background
The Cancellation Of Contract To Sell is utilized when parties wish to formally terminate their existing sales agreement in Singapore. This document is essential when circumstances necessitate the cancellation of a sale before completion, whether by mutual consent or under specific conditions outlined in the original contract. It addresses crucial elements such as the return of deposits, release of obligations, and settlement of any outstanding matters. The document must comply with Singapore's Civil Law Act and related legislation, ensuring all parties' rights are protected and obligations are clearly defined.
Suggested Sections

1. Parties: Identification of all parties involved in the original contract

2. Background: Details of the original contract and circumstances leading to cancellation

3. Definitions: Key terms used in the cancellation agreement

4. Cancellation Terms: Specific terms and conditions of the cancellation

5. Effective Date: When the cancellation takes effect

6. Mutual Release: Release of obligations and liabilities between parties

Optional Sections

1. Refund Terms: Details of any refunds or payments, applicable when money has been exchanged under the original contract

2. Return of Property: Provisions for returning any property or goods, applicable when physical items or property need to be returned

3. Confidentiality: Obligations regarding confidential information, applicable when sensitive information was shared during the original contract

4. Surviving Obligations: Clauses that continue after cancellation, applicable when certain obligations need to survive the cancellation

Suggested Schedules

1. Original Contract: Copy of the contract being cancelled

2. Payment Schedule: Details of any refunds or outstanding payments

3. Property Schedule: List of any property or items to be returned

4. Settlement Statement: Final accounting between the parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























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Industries

Civil Law Act (Cap. 43): Primary legislation governing contract law in Singapore, providing the fundamental framework for contract formation, enforcement, and termination

Common Law Principles: Singapore follows English common law tradition for contract interpretation, including principles of offer, acceptance, consideration, and termination

Sale of Goods Act (Cap. 393): Governs the sale of goods and related contracts, particularly relevant if the contract involves movable property

Conveyancing and Law of Property Act (Cap. 61): Regulates transactions involving real estate and property transfers in Singapore

Housing Developers (Control and Licensing) Act: Specific regulations for residential property transactions, including provisions for cancellation of property sale agreements

Consumer Protection (Fair Trading) Act (Cap. 52A): Protects consumer interests and ensures fair trading practices in contract cancellations

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts, particularly relevant for cancellation clauses and their enforceability

Notice Requirements: Legal requirements for proper notification of contract cancellation under Singapore law

Cooling-off Period Regulations: Statutory cooling-off periods during which contracts can be cancelled without penalty (where applicable)

Remedies Framework: Legal framework governing refunds, damages, and compensation in contract cancellations, including restrictions on penalty clauses

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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