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Cancellation Of Agreement To Sell Template for Singapore

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Key Requirements PROMPT example:

Cancellation Of Agreement To Sell

"I need a Cancellation Of Agreement To Sell for a manufacturing equipment purchase agreement signed last month, where both parties have mutually agreed to terminate due to supply chain issues, with a full refund of the $50,000 deposit to be processed by March 2025."

Document background
The Cancellation Of Agreement To Sell is a crucial legal instrument used in Singapore when parties mutually agree to terminate their original sale agreement. This document is particularly relevant when circumstances change after the initial agreement but before the completion of the sale, or when parties discover that proceeding with the sale is no longer viable or desirable. It addresses key aspects such as the return of deposits, mutual release of obligations, and any compensation terms, while ensuring compliance with Singapore's legal framework, including the Civil Law Act and Sale of Goods Act.
Suggested Sections

1. Parties: Identification of all parties involved in the original agreement and cancellation

2. Background: Details of the original agreement and circumstances leading to cancellation

3. Definitions: Key terms used in the cancellation agreement

4. Cancellation Terms: Specific terms and conditions of the cancellation

5. Effective Date: When the cancellation takes effect

6. Mutual Release: Release of obligations and liabilities between parties

7. Governing Law: Confirmation of Singapore law as governing law

Optional Sections

1. Refund Terms: Terms for refunding any payments made under the original agreement

2. Confidentiality: Provisions for maintaining confidentiality of the agreement and related information

3. Return of Property: Terms for returning any property or documents exchanged under the original agreement

4. Survival Clauses: Specifying which provisions of the original agreement survive the cancellation

Suggested Schedules

1. Schedule 1 - Original Agreement: Copy of the original agreement being cancelled

2. Schedule 2 - Payment Schedule: Details of any refunds or outstanding payments to be settled

3. Schedule 3 - Property Schedule: List of properties or items to be returned between parties

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

Relevant legal definitions






















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Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships, including requirements for valid contracts and their termination, provisions regarding consideration and damages

Sale of Goods Act (Cap. 393): Contains specific provisions related to sale agreements, rights and obligations of buyers and sellers, and conditions for contract termination

Contract Law: Common law principles applicable in Singapore, including doctrine of frustration and breach of contract provisions

Registration of Deeds Act (Cap. 269): Governs registration requirements for original agreements and their cancellation if the agreement was registered

Property-specific legislation: Includes Residential Property Act and Housing and Development Act, applicable if the sale involves real estate

Specific Relief Act (Cap. 321): Contains provisions regarding cancellation of instruments and remedies available to parties

Limitations Act (Cap. 163): Specifies time limits for actions relating to contract cancellation and statutory limitations for claims

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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