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Construction Deposit Agreement
"I need a Construction Deposit Agreement for a commercial building project in Singapore with a deposit of SGD 2 million, where the deposit will be released in three stages based on construction milestones to be completed by March 2025."
1. Parties: Identification of contracting parties including full legal names, registration numbers, and addresses
2. Background: Context of the agreement and construction project, including project overview and purpose of deposit arrangement
3. Definitions: Key terms used throughout the agreement including Project, Deposit, Completion Date, and other relevant definitions
4. Deposit Amount: Specification of deposit sum, payment terms, and timing of deposit payments
5. Purpose of Deposit: Intended use and allocation of deposit funds, including permitted uses and restrictions
6. Release Conditions: Terms and conditions for releasing the deposit, including milestones and verification procedures
7. Default Provisions: Consequences of breach or default, including remedies and enforcement mechanisms
8. Governing Law: Specification of Singapore law as governing law and jurisdiction clauses
1. Interest Provisions: Terms for interest earned on deposit, including calculation method and distribution
2. Insurance Requirements: Specific insurance obligations and minimum coverage requirements
3. Step-in Rights: Rights to take over project completion in case of contractor default
4. Dispute Resolution: Detailed dispute resolution procedures including mediation and arbitration processes
1. Schedule 1 - Project Specifications: Detailed description of construction work covered by deposit
2. Schedule 2 - Payment Schedule: Breakdown of deposit payments and associated project milestones
3. Schedule 3 - Bank Details: Account details for deposit holding and transfer instructions
4. Schedule 4 - Form of Notice: Template for formal notices required under the agreement
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