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Good Faith Deposit Contract

Good Faith Deposit Contract Template for Malaysia

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Key Requirements PROMPT example:

Good Faith Deposit Contract

"I need a Good Faith Deposit Contract under Malaysian law for a commercial property purchase in Kuala Lumpur, with a 5% deposit of the purchase price to be held in escrow until March 15, 2025."

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Document background
The Good Faith Deposit Contract is essential in Malaysian business transactions where parties need to demonstrate serious commitment to proceed with a larger transaction. This document is commonly used in real estate purchases, business acquisitions, and major commercial deals within Malaysia's jurisdiction. It details the deposit amount, typically 2-10% of the total transaction value, and specifies conditions for its holding and release. The contract must comply with Malaysian legislation, including the Contracts Act 1950 and Financial Services Act 2013, and often includes provisions for escrow arrangements. It serves as a preliminary agreement that protects both parties' interests while the main transaction progresses, with specific attention to Malaysian banking regulations and property laws where applicable.
Suggested Sections

1. Parties: Identification and details of the depositor and recipient, including registration numbers for companies or ID numbers for individuals

2. Background: Context of the transaction and purpose of the good faith deposit

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

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

5. Purpose of Deposit: Clear statement of what the deposit is securing and its role in the broader transaction

6. Conditions for Holding: Terms and conditions under which the deposit will be held

7. Release Conditions: Specific conditions that must be met for the deposit to be released or returned

8. Forfeiture Conditions: Circumstances under which the deposit may be forfeited

9. Bank Account Details: Specific details of the account where the deposit will be held

10. Representations and Warranties: Basic representations by both parties regarding their capacity and authority

11. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes

12. Notices: Process and addresses for formal communications between parties

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Escrow Arrangements: Details of escrow arrangement if the deposit is to be held by a third party

2. Interest Provisions: Terms regarding any interest earned on the deposit amount

3. Tax Implications: Provisions regarding tax treatment of the deposit or interest earned

4. Force Majeure: Provisions for unforeseen circumstances affecting the transaction

5. Confidentiality: Terms regarding confidentiality of the transaction and deposit details

6. Assignment: Rights and restrictions regarding assignment of the agreement

7. Dispute Resolution: Detailed procedures for resolving disputes, including mediation or arbitration

Suggested Schedules

1. Schedule 1 - Payment Details: Detailed breakdown of the deposit amount and payment schedule if applicable

2. Schedule 2 - Bank Account Information: Complete banking details and requirements for the deposit account

3. Schedule 3 - Release Mechanism: Step-by-step process for deposit release or forfeiture

4. Appendix A - Required Documents: List of documents required for deposit release or transaction completion

5. Appendix B - Form of Notice: Template for formal notices under the agreement

6. Appendix C - Authorized Signatories: List of authorized signatories for release instructions or notifications

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

Banking and Finance

Manufacturing

Mergers and Acquisitions

Commercial Property

Retail

Hospitality

Industrial

Technology

Infrastructure Development

Relevant Teams

Legal

Finance

Real Estate

Corporate Development

Treasury

Compliance

Risk Management

Commercial Operations

Business Development

Company Secretariat

Relevant Roles

Legal Counsel

Corporate Lawyer

Real Estate Manager

Property Development Manager

Contract Administrator

Business Development Manager

Financial Controller

Transaction Manager

Company Secretary

Compliance Officer

Treasury Manager

Risk Manager

Commercial Director

Chief Financial Officer

Chief Legal 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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