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Non Refundable Deposit Agreement
"I need a Non-Refundable Deposit Agreement for my real estate company in Lagos, where a client will pay a 20% deposit to secure a commercial property purchase, with the deposit amount being ₦50 million to be paid by March 2025."
1. Parties: Identifies and defines the parties entering into the agreement, including full legal names, addresses, and registration details if companies
2. Background: Sets out the context and purpose of the agreement, including the underlying transaction for which the deposit is being paid
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Deposit Amount: Specifies the exact amount of the deposit and currency
5. Payment Terms: Details of how and when the deposit must be paid, including payment method and deadline
6. Non-Refundable Nature: Clear statement and explanation of the non-refundable nature of the deposit and specific circumstances under which this applies
7. Purpose of Deposit: Explains what the deposit is securing and how it will be applied to the final transaction
8. Acknowledgment: Explicit acknowledgment by the paying party of understanding the non-refundable nature
9. Governing Law: Specifies that Nigerian law governs the agreement
10. Signatures: Execution block for all parties to sign, including date and witness provisions
1. Force Majeure: Optional clause for circumstances beyond parties' control - include when the underlying transaction might be affected by external events
2. Dispute Resolution: Include when parties wish to specify particular dispute resolution mechanisms or arbitration procedures
3. Partial Refund Conditions: Include if there are any specific circumstances under which a partial refund might be considered
4. Relationship with Main Transaction: Include when the deposit agreement is part of a larger transaction to clarify the relationship between agreements
5. Anti-Money Laundering Compliance: Include for high-value deposits or when dealing with corporate entities to ensure compliance with AML regulations
6. Third Party Rights: Include when the agreement might affect rights of parties not directly involved in the deposit arrangement
1. Payment Schedule: If the deposit is to be paid in installments, details the payment dates and amounts
2. Deposit Calculation: Where the deposit amount is calculated based on percentages or formulas, shows the detailed calculation
3. Related Transaction Documents: List of associated agreements or documents referenced in the main agreement
4. Bank Details: Separate schedule for payment details to allow for easy updates if needed
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Real Estate
Construction
Retail
Manufacturing
Events and Entertainment
Hospitality
Automotive
Professional Services
Education
Technology
Import/Export
Legal
Sales
Finance
Compliance
Operations
Commercial
Risk Management
Business Development
Procurement
Customer Relations
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Contract Manager
Sales Manager
Business Development Manager
Financial Controller
Compliance Officer
Property Manager
Operations Manager
Commercial Director
Risk Manager
Account Executive
Procurement Manager
Real Estate Agent
Project Manager
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