Agreement Of Sale Cancellation for Singapore

Agreement Of Sale Cancellation Template for Singapore

A formal legal document governed by Singapore law that terminates and unwinds an existing sale agreement between parties. It outlines the terms of cancellation, including the treatment of any payments made or goods delivered, and releases both parties from their original obligations while ensuring compliance with Singapore's Contract Act and Sale of Goods Act provisions.

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What is a Agreement Of Sale Cancellation?

The Agreement Of Sale Cancellation is a crucial document used when parties mutually agree to terminate an existing sale contract in Singapore. It provides legal certainty by documenting the cancellation terms, handling the reversal of payments or return of goods, and ensuring compliance with Singapore's legal framework, particularly the Contracts Act and Sale of Goods Act. This document is essential for risk management and clear record-keeping, especially in commercial transactions where significant values are involved or where partial performance has already occurred.

What sections should be included in a Agreement Of Sale Cancellation?

1. Parties: Identification of all parties involved in the cancellation

2. Background: Details of the original sale agreement and reasons for cancellation

3. Definitions: Key terms used in the agreement

4. Cancellation Terms: Specific terms and conditions of the cancellation

5. Refund/Return Provisions: Terms for handling any payments or goods already exchanged

6. Release of Obligations: Mutual release from original agreement obligations

7. Governing Law: Confirmation of Singapore law as governing law

What sections are optional to include in a Agreement Of Sale Cancellation?

1. Confidentiality: Used when parties need to maintain confidentiality about the cancellation

2. Costs: Allocation of costs related to the cancellation

3. Dispute Resolution: Specific dispute resolution mechanisms

What schedules should be included in a Agreement Of Sale Cancellation?

1. Original Sale Agreement: Copy of the original agreement being cancelled

2. Payment Schedule: Details of any refund arrangements or payment adjustments

3. Goods Return Schedule: List of goods to be returned and conditions of return

4. Settlement Statement: Final settlement figures and calculations

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

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Retail
Real Estate
Manufacturing
Technology
Wholesale

Relevant Teams

Legal
Finance
Sales
Procurement
Operations
Compliance

Relevant Roles

Chief Executive Officer
Chief Financial Officer
Sales Director
Procurement Manager
Legal Counsel
Contract Manager

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Termination Without Cause Commercial Contract

A Singapore law-governed agreement for terminating commercial contracts without cause, ensuring compliant business relationship conclusion.

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What is a Agreement Of Sale Cancellation?

What sections should be included in a Agreement Of Sale Cancellation?

What sections are optional to include in a Agreement Of Sale Cancellation?

What schedules should be included in a Agreement Of Sale Cancellation?

Authors

Alex Denne

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