Non Refundable Deposit Agreement Template for Indonesia

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Key Requirements PROMPT example:

Non Refundable Deposit Agreement

"I need a Non-Refundable Deposit Agreement for a property development project in Jakarta, where the buyer will pay a 25% deposit by March 2025, with specific conditions regarding project completion timelines and force majeure events."

Document background

The Non-Refundable Deposit Agreement is a critical document used in Indonesian business transactions where one party needs to secure a commitment from another through a non-returnable deposit payment. This agreement type is commonly used in various sectors including real estate, manufacturing, and service industries, where securing commitment from parties is essential. The document, governed by Indonesian law, particularly the Civil Code (KUHPerdata) and relevant consumer protection regulations, outlines the deposit amount, payment terms, the specific circumstances under which the deposit is non-refundable, and its relationship to the main transaction. It serves as a risk management tool while providing legal certainty for both parties involved in the transaction.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and any registration numbers for companies

2. Background: Context of the agreement, including the purpose of the deposit and the underlying transaction it relates to

3. Definitions: Key terms used throughout the agreement, including 'Deposit', 'Completion Date', and other relevant terms

4. Deposit Amount and Payment: Specifies the deposit amount, payment method, and deadline for payment

5. Non-Refundable Nature: Clear statement of the non-refundable nature of the deposit and specific circumstances under which this applies

6. Purpose of Deposit: Detailed explanation of what the deposit secures and its relationship to the main transaction

7. Representations and Warranties: Basic warranties from both parties regarding their capacity to enter into the agreement and understanding of its terms

8. Governing Law and Jurisdiction: Specifies Indonesian law as governing law and determines jurisdiction for disputes

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Conditions Precedent: Used when the deposit arrangement is subject to specific conditions being met before becoming effective

2. Default Events: Include when there are specific circumstances beyond non-payment that constitute default

3. Force Majeure: Include for longer-term deposit arrangements where external events might affect the agreement

4. Tax Provisions: Include when the deposit amount is substantial and has tax implications

5. Assignment: Include when either party might need to transfer their rights under the agreement

6. Notices: Include when formal communication procedures need to be established between parties

7. Dispute Resolution: Include when parties wish to specify alternative dispute resolution methods before court proceedings

Suggested Schedules

1. Schedule 1 - Payment Details: Bank account details and payment instructions for the deposit

2. Schedule 2 - Timeline: Key dates including deposit payment deadline and related transaction milestones

3. Appendix A - Related Transaction Documents: List and/or copies of documents relating to the main transaction the deposit is securing

4. Appendix B - Specific Conditions: Any specific conditions or circumstances affecting the non-refundable nature of the deposit

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Manufacturing

Retail

Construction

Professional Services

Hospitality

Automotive

Industrial Equipment

Consumer Goods

Commercial Property

Technology Services

Event Management

Relevant Teams

Legal

Sales

Finance

Commercial

Operations

Procurement

Risk Management

Compliance

Business Development

Contract Administration

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Sales Manager

Property Manager

Procurement Manager

Commercial Director

Finance Manager

Operations Manager

Company Secretary

Risk Manager

Compliance Officer

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Let's create your Non Refundable Deposit Agreement

Authors

Alex Denne

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