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Agreement For Deposit Payment

Agreement For Deposit Payment Template for Malaysia

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Key Requirements PROMPT example:

Agreement For Deposit Payment

"I need an Agreement For Deposit Payment under Malaysian law for a property development project, where my company will pay a 20% deposit of RM 500,000 to secure construction materials, with the deposit to be paid in three installments starting March 2025."

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Document background
The Agreement For Deposit Payment is essential in Malaysian business transactions where one party needs to secure a commitment or guarantee future performance through a monetary deposit. This document is commonly used in various business contexts, from real estate transactions to service contracts, where significant financial commitments are involved. The agreement ensures compliance with Malaysian legal requirements, including the Contracts Act 1950 and relevant financial regulations. It provides a clear framework for handling deposit payments, establishing refund conditions, and managing potential disputes. The document typically includes detailed payment terms, security measures, and specific conditions under which the deposit may be forfeited or refunded, offering protection to both the deposit payer and recipient while maintaining alignment with Malaysian business practices and legal standards.
Suggested Sections

1. Parties: Identifies and provides full details of all parties to the agreement

2. Background: Sets out the context and purpose of the deposit payment arrangement

3. Definitions and Interpretation: Defines key terms used in the agreement and establishes rules of interpretation

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

5. Purpose of Deposit: Clearly states what the deposit is for and how it will be applied

6. Refund Conditions: Specifies circumstances under which the deposit will be refunded

7. Forfeiture Conditions: Outlines conditions under which the deposit may be forfeited

8. Representations and Warranties: Standard warranties from both parties regarding their capacity and authority

9. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction

10. Notices: Details how formal communications between parties should be made

Optional Sections

1. Interest on Deposit: Include when the deposit will earn interest while held

2. Security Measures: Include when specific security arrangements are needed for holding the deposit

3. Third Party Rights: Include when third parties may have rights under the agreement

4. Force Majeure: Include when needed to address potential extraordinary circumstances

5. Confidentiality: Include when the deposit arrangement involves sensitive commercial information

6. Dispute Resolution: Include when specific dispute resolution procedures are required beyond court jurisdiction

Suggested Schedules

1. Payment Schedule: Details of payment installments if the deposit is to be paid in multiple tranches

2. Bank Account Details: Specific banking information for deposit payment and refund

3. Calculation of Interest: If applicable, the method and basis for calculating interest on the deposit

4. Supporting Documents: List of required supporting documents from either party

5. Authorized Signatories: List of persons authorized to act in relation to the deposit

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Hospitality

Professional Services

Import/Export

Technology

Automotive

Education

Relevant Teams

Legal

Finance

Compliance

Treasury

Risk Management

Commercial

Operations

Business Development

Accounts

Corporate Secretarial

Relevant Roles

Legal Counsel

Contract Manager

Finance Manager

Business Development Manager

Chief Financial Officer

Compliance Officer

Risk Manager

Treasury Manager

Account Executive

Project Manager

Operations Manager

Commercial Director

Company Secretary

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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