The Preliminary Sales Agreement is a vital commercial document used in the Philippines when parties have reached initial understanding on key terms of a sale but require a formal framework before proceeding to a final sale agreement. This document is particularly important in transactions involving significant assets or complex due diligence requirements. It provides legal protection during negotiations while allowing flexibility for final terms. Governed by Philippine civil and commercial law, it typically includes essential elements such as subject matter description, purchase price, timeline, due diligence provisions, and conditions precedent. The agreement is commonly used in both business-to-business and significant business-to-consumer transactions, serving as a crucial risk management tool by establishing clear expectations and commitments while maintaining room for necessary adjustments before final closing.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Ƶ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identification of the seller and buyer with complete legal names and addresses
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of the goods or property to be sold
5. Purchase Price: Agreed price and payment terms for the contemplated sale
6. Timeline: Expected dates for key milestones including due diligence, final agreement, and closing
7. Due Diligence: Terms regarding the buyer's right to inspect and verify the subject matter
8. Conditions Precedent: Conditions that must be met before proceeding to final sale
9. Exclusivity Period: Period during which the seller cannot negotiate with other potential buyers
10. Good Faith Deposit: Details of any earnest money or initial deposit required
11. Representations and Warranties: Basic preliminary warranties about the subject matter and authority to sell
12. Termination: Circumstances under which either party may terminate the preliminary agreement
13. Governing Law: Specification of Philippine law as governing law
14. Signing and Execution: Signature blocks and execution requirements
1. Confidentiality: Terms regarding non-disclosure of sensitive information, used when confidential information will be shared during due diligence
2. Break Fee: Compensation payable if either party backs out, used in high-value transactions
3. Broker or Agent: Details of any intermediaries involved, included if a broker facilitated the transaction
4. Tax Provisions: Preliminary agreement on tax responsibilities, included for complex or high-value transactions
5. Force Majeure: Provisions for unforeseen circumstances, important in long-term preliminary agreements
6. Assignment: Rights to transfer the agreement to other parties, included when such transfers might be contemplated
7. Dispute Resolution: Specific procedures for resolving disputes, included in high-value transactions
8. Language: Specification of controlling language if agreement is in multiple languages
1. Schedule A - Property Description: Detailed technical description of the subject matter of sale
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and milestone payments
3. Schedule C - Due Diligence Requirements: List of documents and information to be provided during due diligence
4. Schedule D - Timeline: Detailed timeline with specific dates and milestones
5. Appendix 1 - Required Documents: List of documents required for closing
6. Appendix 2 - Form of Final Sale Agreement: Draft or outline of the contemplated final agreement
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Manufacturing
Retail
Technology
Agriculture
Mining
Construction
Automotive
Energy
Healthcare
Telecommunications
Hospitality
Industrial Equipment
Consumer Goods
Professional Services
Relevant Teams
Legal
Sales
Procurement
Finance
Business Development
Operations
Risk Management
Compliance
Corporate Secretariat
Commercial
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Commercial Director
Sales Director
Procurement Manager
Legal Counsel
Business Development Manager
Contract Manager
Risk Manager
Corporate Secretary
Operations Director
Property Manager
Asset Manager
Compliance Officer
Financial Controller
Find the exact document you need
Offer To Purchase Vehicle
A legally binding offer to purchase a vehicle under Philippine law, specifying purchase terms and conditions while ensuring compliance with local regulations.
find out more
Offer To Purchase Commercial (Real Estate)
A formal offer document for the purchase of commercial real estate in the Philippines, compliant with Philippine property laws and regulations.
find out more
Offer Agreement (Real Estate)
A formal proposal document under Philippine law outlining terms and conditions for purchasing real estate property, including offer price and contingencies.
find out more
Horse Purchase Contract
A Philippine law-governed contract for the sale and purchase of horses, detailing terms of sale, horse identification, and ownership transfer.
find out more
Agreement To Buy And Sell (Real Estate)
A Philippine law-governed agreement documenting the terms and conditions for the sale and purchase of real estate property between seller and buyer.
find out more
Simple Agreement Of Sale (Real Estate)
A standardized real estate sale agreement under Philippine law for transferring property ownership, detailing essential terms and conditions of the sale transaction.
find out more
Lease Purchase Agreement (Real Estate)
A Philippine law-governed agreement combining property lease terms with a purchase option, where rent payments contribute to the final purchase price.
find out more
Forward Purchase Agreement (Real Estate)
A Philippine law-governed agreement for the future purchase of real estate, typically used for properties under development, detailing purchase terms and transfer requirements.
find out more
Contract To Sell (Real Estate)
A Philippine law-compliant contract committing to transfer real estate ownership upon full payment, governed by the Civil Code and real estate protection laws.
find out more
Contract For The Sale And Purchase Of (Real Estate)
A legally binding agreement under Philippine law that documents the terms and conditions for the sale and transfer of real estate property between a seller and buyer.
find out more
Sellers Agreement (Real Estate)
A legally binding agreement under Philippine law that documents the terms and conditions for the sale of real estate property between a seller and buyer.
find out more
Letter Of Intent To Purchase (Real Estate)
A preliminary document used in Philippine real estate transactions expressing a potential buyer's formal interest in purchasing a specific property and outlining basic terms of the proposed purchase.
find out more
Closing Agreement (Real Estate)
A legally binding agreement under Philippine law that finalizes real estate property transfer between parties, detailing closing requirements and transfer procedures.
find out more
For Sale By Owner Purchase Contract
A Philippine-compliant purchase agreement for direct property sales between owners and buyers, without broker involvement.
find out more
Agreement To Sell Immovable Property
A Philippine law-governed agreement establishing terms and conditions for the future sale of immovable property, serving as a preliminary contract before the final Deed of Absolute Sale.
find out more
For Sale By Owner Real Estate Purchase Agreement
A Philippine-law governed agreement for direct property sales between owners and buyers without primary broker involvement, documenting all essential terms and conditions of the real estate transfer.
find out more
Used Car Purchase Agreement
A legally binding agreement for the sale and purchase of used vehicles in the Philippines, compliant with local automotive and consumer protection laws.
find out more
As Is Sale Contract
A Philippine law-governed contract for the sale of property or goods in their current condition, with limited warranties and 'as is' provisions.
find out more
Offer To Purchase Land
A Philippine law-compliant document presenting formal terms and conditions for the purchase of land, initiating the property acquisition process.
find out more
Real Estate Purchase Agreement Form
A legal agreement under Philippine law for the sale and purchase of real property, detailing terms, conditions, and requirements for property transfer.
find out more
Agreement For Advance Payment For Purchase Of House
A Philippine law-compliant agreement establishing terms for advance payment in residential property purchase, protecting both buyer and seller interests.
find out more
Heavy Equipment Purchase Agreement
A Philippine law-governed agreement for the purchase of heavy equipment, detailing specifications, terms, and compliance requirements.
find out more
Car Lease To Own Agreement
A Philippine law-governed agreement establishing terms for vehicle lease-to-own arrangements, including lease terms, payment schedules, and eventual ownership transfer conditions.
find out more
Equipment Purchase Contract
A Philippine law-governed contract for equipment purchase, covering specifications, payment terms, warranties, and regulatory compliance.
find out more
Business Sale Contract
A Philippine law-governed agreement for the sale and purchase of a business, including terms, conditions, and transition arrangements.
find out more
Second Hand Car Purchase Agreement
A legally-binding agreement for the sale and purchase of a second-hand vehicle under Philippine law, detailing transaction terms and transfer requirements.
find out more
Buyback Agreement
A Philippine law-governed agreement detailing terms and conditions for a company's repurchase of its own shares from existing shareholders.
find out more
Vehicle Hire Purchase Agreement
A Philippine law-governed agreement for vehicle purchase through installment payments, establishing terms between a finance company and purchaser until full payment is made.
find out more
Model Asset Purchase Agreement
A standardized agreement under Philippine law governing the sale and purchase of business assets, including terms, conditions, and regulatory compliance requirements.
find out more
Commercial Real Estate Contract
A Philippine law-governed agreement for commercial real estate transactions, covering property sale terms, conditions, and compliance requirements.
find out more
Aircraft Sale Agreement
A Philippine law-governed agreement for the sale and transfer of aircraft ownership, including technical specifications, regulatory compliance, and transaction terms.
find out more
Agreement For Advance Payment For Purchase Of Goods
A Philippine law-governed agreement establishing terms for advance payment in goods purchase, including payment terms, delivery obligations, and security measures.
find out more
Advance Agreement For Land Purchase
A preliminary contract under Philippine law establishing terms and conditions for a future land purchase, including advance payment arrangements and completion timeline.
find out more
Residential Real Estate Contract
A legally binding agreement under Philippine law for the sale and purchase of residential real estate property, detailing terms, conditions, and obligations of all parties involved.
find out more
Sales Agreement For A Car
A legally binding agreement under Philippine law that documents the terms and conditions for the sale and purchase of a motor vehicle, ensuring proper transfer of ownership and regulatory compliance.
find out more
Purchase Agreement Letter
A formal letter-format document used in the Philippines that outlines the terms and conditions of a purchase agreement between parties, combining business correspondence with legal requirements.
find out more
Probate Purchase Agreement
A legal agreement under Philippine law governing the sale and transfer of probate assets or rights from an estate to a buyer.
find out more
Personal Property Purchase Agreement
A legally binding agreement under Philippine law that documents the sale and transfer of personal property between parties, specifying terms, conditions, and obligations.
find out more
Non Binding Letter Of Intent To Purchase Product
A preliminary, non-binding document under Philippine law expressing a potential buyer's intention to purchase specific products, outlining key terms and conditions for future negotiations.
find out more
Earnest Money Form
A Philippine legal document formalizing earnest money terms between buyer and seller in property transactions, governed by the Civil Code of the Philippines.
find out more
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)