Contract To Sell And Contract Of Sale for United Arab Emirates

Contract To Sell And Contract Of Sale Template for United Arab Emirates

This document serves as both a contract to sell (promise of sale) and a contract of sale under UAE law, primarily governed by the UAE Civil Code (Federal Law No. 5 of 1985) and related commercial regulations. It encompasses the preliminary agreement to sell and the final sale agreement, detailing the terms and conditions of the transaction, including property or goods description, purchase price, payment terms, delivery conditions, and transfer of ownership. The document ensures compliance with UAE legal requirements while protecting both parties' interests through clear specification of rights, obligations, and remedies in case of default.

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What is a Contract To Sell And Contract Of Sale?

The Contract to Sell and Contract of Sale is a comprehensive legal document used in the United Arab Emirates for documenting both the commitment to sell and the actual sale transaction. This dual-purpose agreement is particularly useful in complex sales transactions where there may be a time gap between the promise to sell and the actual transfer of ownership. The document must comply with UAE Civil Code (Federal Law No. 5 of 1985) and includes essential elements such as clear identification of parties, detailed description of the subject matter, price and payment terms, delivery conditions, and warranties. It's commonly used in both commercial and civil transactions, ranging from real estate deals to goods and equipment sales, and can be adapted for various transaction types while maintaining compliance with UAE legal requirements.

What sections should be included in a Contract To Sell And Contract Of Sale?

1. Parties: Identification of the seller and buyer with full legal names and addresses

2. Background: Context of the transaction and relationship between the parties

3. Definitions: Key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the goods or property being sold

5. Purchase Price: Amount, currency, and payment terms

6. Payment Terms: Schedule of payments, method of payment, and any conditions

7. Delivery Terms: Timing, location, and method of delivery

8. Title and Risk: When ownership and risk transfers from seller to buyer

9. Seller's Warranties: Warranties regarding ownership, condition, and quality of goods

10. Buyer's Obligations: Key responsibilities of the buyer including payment and acceptance

11. Default and Remedies: Consequences of breach and available remedies

12. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

13. Notices: How formal communications between parties should be made

14. Execution: Signature blocks and execution requirements

What sections are optional to include in a Contract To Sell And Contract Of Sale?

1. Condition Precedents: Used when completion is subject to certain conditions being met

2. Installment Terms: Required for installment sale agreements

3. Property Registration: Required for real estate sales

4. Inspection Rights: Used for sale of goods requiring quality inspection

5. Return Policy: Used in retail or consumer goods contracts

6. Insurance Requirements: Used when specific insurance is required during transition period

7. Intellectual Property Rights: Used when the sale includes IP components

8. Confidentiality: Used in commercial sales with sensitive information

9. Force Majeure: Used in longer-term sale contracts or where delivery timing is critical

What schedules should be included in a Contract To Sell And Contract Of Sale?

1. Schedule 1 - Product Specifications: Detailed technical specifications of goods being sold

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and dates

3. Schedule 3 - Delivery Schedule: Detailed delivery timelines and locations

4. Schedule 4 - Warranty Terms: Detailed warranty conditions and procedures

5. Appendix A - Property Documents: For real estate: title deeds, permits, certificates

6. Appendix B - Quality Certificates: Required certificates, testing reports, or compliance documents

7. Appendix C - Related Agreements: Any ancillary agreements referenced in main contract

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

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Energy

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Sales

Procurement

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Business Development

Compliance

Risk Management

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Relevant Roles

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Contract Manager

Sales Director

Procurement Manager

Business Development Manager

Commercial Director

Property Manager

Real Estate Agent

Compliance Officer

Risk Manager

General Manager

CEO

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A UAE-compliant legal document that transfers ownership rights in real property from seller to purchaser, subject to local property laws and registration requirements.

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What is a Contract To Sell And Contract Of Sale?

What sections should be included in a Contract To Sell And Contract Of Sale?

What sections are optional to include in a Contract To Sell And Contract Of Sale?

What schedules should be included in a Contract To Sell And Contract Of Sale?

Authors

Alex Denne

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