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Appraisal Contingency Addendum
"Need an Appraisal Contingency Addendum for a Singapore commercial property purchase closing in March 2025, with a requirement for two independent valuations and a 15-day contingency period."
1. Parties: Identifies all parties to the addendum (buyer, seller, agents)
2. Background: References the main purchase agreement and context
3. Definitions: Key terms used in the addendum including 'Appraisal', 'Appraised Value', 'Purchase Price'
4. Appraisal Requirement: States the requirement for property appraisal and qualification requirements for the appraiser
5. Timeframe: Deadline for completing the appraisal and delivering results
6. Contingency Terms: Conditions under which the contract may be terminated based on appraisal results
1. Alternative Dispute Resolution: Optional clause for mediation/arbitration in case of disputes over appraisal results
2. Second Appraisal Rights: Optional provision allowing parties to obtain a second appraisal if dissatisfied with initial results
3. Cost Allocation: Optional section specifying how appraisal costs will be divided between parties
1. Schedule A - Approved Appraiser List: List of acceptable licensed appraisers in Singapore
2. Schedule B - Appraisal Standards: Required valuation methodology and standards as per SISV guidelines
3. Schedule C - Timeline Schedule: Detailed timeline for appraisal process including key milestones and deadlines
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