A Conditional Sale Agreement is commonly used in Singapore for high-value transactions where the seller wishes to maintain security over goods while allowing the buyer immediate possession. The agreement details payment terms, conditions for title transfer, and remedies in case of default, all within Singapore's legal framework. This document type is particularly valuable for businesses seeking to balance commercial flexibility with security, incorporating protections under Singapore's Sale of Goods Act and related commercial legislation. The agreement typically includes specific provisions for default, maintenance obligations, and insurance requirements.
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1. Parties: Identification and details of the seller and buyer
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the conditional sale including price and goods description
5. Payment Terms: Structure and timing of payments, including conditions
6. Title and Risk: When title passes and risk allocation
7. Default and Remedies: Consequences of default and available remedies
8. Governing Law: Specification of Singapore law as governing law
1. Insurance: Required when goods need specific insurance coverage during the conditional sale period
2. Security Interest: Provisions for registration of security interest in goods when additional security is required
3. Maintenance and Use: Conditions for maintenance and permitted use of goods, typically for complex or high-maintenance items
1. Schedule 1 - Description of Goods: Detailed specification of goods being sold
2. Schedule 2 - Payment Schedule: Detailed payment terms and installment schedule
3. Schedule 3 - Condition Report: Initial condition of goods and any existing defects or marks
4. Appendix A - Warranty Terms: Detailed warranty provisions and conditions
Relevant legal definitions
Clauses
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