The Pre Contract Deposit Agreement Template is essential in Singapore business transactions where substantial deposits are required before finalizing a main contract. This document provides security for both parties by clearly defining the deposit terms, protecting the depositor's interests while giving the deposit holder assurance of commitment. It is particularly relevant in high-value transactions and includes provisions compliant with Singapore's contractual and property laws. The agreement addresses key aspects such as deposit amount, payment schedule, refund conditions, and forfeiture terms.
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1. Parties: Identification and details of the contracting parties
2. Background: Context and purpose of the deposit agreement
3. Definitions: Key terms used throughout the agreement
4. Deposit Amount: Specification of deposit amount and payment terms
5. Purpose of Deposit: Clear statement of what the deposit is for
6. Refund Conditions: Circumstances under which deposit will be refunded
7. Forfeiture Terms: Conditions under which deposit may be forfeited
1. Interest on Deposit: Terms for interest payment on deposit amount if held for extended periods
2. Escrow Arrangements: Terms for third-party handling of deposit when using escrow services
3. Currency Provisions: Specific terms for foreign currency deposits in international transactions
1. Payment Schedule: Detailed timeline of deposit payment(s)
2. Bank Details: Account information for deposit transfer
3. Supporting Documents: List of required documentation
Relevant legal definitions
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