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Deposit On Sales Contract Template for Singapore

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Key Requirements PROMPT example:

Deposit On Sales Contract

"I need a Deposit On Sales Contract under Singapore law for the sale of manufacturing equipment worth SGD 500,000, with a 10% deposit to be paid by March 2025 and completion scheduled for June 2025."

Document background
The Deposit On Sales Contract is essential in Singapore business transactions where a deposit is required to secure a sale. This document establishes the legal framework for the deposit payment, protecting both buyer and seller interests. It typically includes details about the deposit amount, payment terms, conditions for completion, and circumstances for refund or forfeiture. Under Singapore law, this contract type must comply with various legislation including the Civil Law Act and Sale of Goods Act, making it a crucial tool for risk management in sales transactions.
Suggested Sections

1. Parties: Identification and details of contracting parties

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of goods/property being sold

5. Purchase Price: Total price and payment terms

6. Deposit Terms: Amount, payment schedule, and conditions of deposit

7. Completion: Terms and timing of final transaction completion

8. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Conditions Precedent: Conditions that must be met before completion - used for complex transactions or when specific prerequisites exist

2. Due Diligence: Buyer's right to investigate the subject matter - used for high-value transactions or business sales

3. Warranties: Seller's guarantees about the subject matter - used when specific assurances are required

4. Force Majeure: Provisions for unforeseen circumstances - used for longer-term contracts or high-value transactions

Suggested Schedules

1. Schedule 1 - Property/Goods Description: Detailed specification of items being sold

2. Schedule 2 - Payment Schedule: Breakdown of deposit and payment installments

3. Schedule 3 - Completion Requirements: List of documents and actions required for completion

4. Appendix A - Due Diligence Requirements: List of documents to be provided for due diligence (for complex transactions)

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




















Clauses


























Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including contract law principles and enforcement

Contract Law of Singapore: Fundamental principles governing contract formation, execution, and enforcement in Singapore's legal system

Sale of Goods Act (Cap. 393): Legislation governing the sale of goods, including terms, conditions, and rights of buyers and sellers

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts and limits the extent to which civil liability can be avoided through contract terms

Misrepresentation Act (Cap. 390): Governs cases of misrepresentation in contract formation and provides remedies for affected parties

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures if contract is executed electronically

Consumer Protection (Fair Trading) Act: Protects consumer interests in transactions and ensures fair trading practices when dealing with consumers

Law of Deposits: Legal principles governing the handling of deposits, including rules on retention and forfeiture

Housing Development (Control and Licensing) Act: Regulatory framework for property development and sales if contract involves real estate

Currency Act: Regulates currency matters and foreign exchange transactions if contract involves international payments

Singapore Common Law: Body of law derived from English common law principles and Singapore court decisions regarding deposits and sales contracts

Doctrine of Part Performance: Legal principle allowing enforcement of contracts where partial performance has occurred despite formal defects

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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