An Option Agreement is a critical legal instrument used in Singapore when parties wish to create a binding right to enter into a future transaction. This document is particularly relevant in real estate transactions, share purchases, or other asset acquisitions where a party needs time to evaluate the opportunity or secure financing. The agreement must comply with Singapore's legal framework, particularly the Contracts Act and relevant sector-specific regulations. It typically includes detailed provisions on exercise periods, consideration, conditions precedent, and completion mechanisms.
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1. Parties: Identification and details of the contracting parties
2. Background: Context and purpose of the option agreement
3. Definitions: Key terms used throughout the agreement
4. Grant of Option: Terms of the option grant including duration and scope
5. Option Price: Consideration paid for the option
6. Exercise Period: Timeframe and conditions for exercising the option
7. Exercise Procedure: Process and requirements for exercising the option
8. Governing Law: Applicable law and jurisdiction
1. Due Diligence: Terms regarding investigation of the subject matter - used for complex commercial options or property transactions
2. Conditions Precedent: Prerequisites before option can be exercised - used when specific conditions must be met before exercise
3. Assignment: Rights to transfer the option to third parties - used when transferability of the option is contemplated
4. Confidentiality: Provisions for maintaining confidentiality - used when sensitive information is involved
1. Schedule 1 - Subject Matter Description: Detailed description of the asset or right subject to the option
2. Schedule 2 - Form of Exercise Notice: Template notice for exercising the option
3. Schedule 3 - Due Diligence Requirements: List of required documents and information for due diligence
4. Schedule 4 - Completion Requirements: Documents and actions required upon exercise of the option
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