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Hold Deposit Agreement

Hold Deposit Agreement Template for Singapore

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Key Requirements PROMPT example:

Hold Deposit Agreement

"Need a Hold Deposit Agreement for a commercial property purchase in Singapore, where we'll hold SGD 500,000 until March 2025, with specific release conditions tied to property inspection and financing approval."

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Document background
The Hold Deposit Agreement is commonly used in Singapore when one party needs to secure a commitment from another through a monetary deposit. This document is essential in various transactions, from property deals to large purchases, where funds need to be held securely until specific conditions are met. The agreement provides legal protection for both parties under Singapore law, clearly defining the deposit amount, holding terms, release conditions, and the rights and obligations of all parties involved. It must comply with Singapore's banking regulations, contract law, and consumer protection requirements.
Suggested Sections

1. Parties: Identification and details of the depositor and deposit holder

2. Background: Context and purpose of the hold deposit arrangement

3. Definitions: Key terms used throughout the agreement

4. Deposit Amount: Specification of the deposit amount and payment terms

5. Purpose of Deposit: Clear statement of why the deposit is being held

6. Duration of Hold: Period for which the deposit will be held

7. Release Conditions: Conditions under which the deposit will be released

8. Forfeiture Terms: Circumstances under which the deposit may be forfeited

Optional Sections

1. Interest Arrangements: Terms regarding any interest earned on the deposit - include when the deposit will be held in an interest-bearing account

2. Third Party Rights: Rights of any third parties in relation to the deposit - include when third parties have interests in the deposit

3. Insurance: Insurance requirements for the held funds - include for large deposits or when required by regulation

Suggested Schedules

1. Payment Schedule: Details of payment arrangements and timelines

2. Bank Account Details: Specified account information for deposit holding

3. Required Documents: List of documents required for deposit release

4. Compliance Checklist: Checklist of regulatory requirements and conditions

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

alex.den.21@genieai.co
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Industries

Civil Law Act (Cap. 43): Primary legislation governing contract law in Singapore, establishing fundamental principles of contract formation and enforcement

Sale of Goods Act (Cap. 393): Regulates transactions involving the sale of goods and related deposits, establishing rights and obligations of parties

Misrepresentation Act (Cap. 390): Governs false statements or misrepresentations made during contract formation, providing remedies for affected parties

Banking Act (Cap. 19): Regulates banking operations and financial transactions, including deposit handling and fund transfers

Consumer Protection (Fair Trading) Act (Cap. 52A): Protects consumer interests and ensures fair trading practices in commercial transactions

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts and protects parties from unreasonable contract conditions

Limitation Act (Cap. 163): Sets time limits for bringing legal actions and claims related to contract disputes

Housing Development (Control and Licensing) Act: Regulates residential property transactions and related deposits if the agreement involves real estate

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in the agreement and related transactions

Civil Law (Amendment) Act: Provides regulations regarding interest rates and other monetary aspects of civil agreements

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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