Down Payment Agreement Template for Singapore

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Key Requirements PROMPT example:

Down Payment Agreement

"Need a Down Payment Agreement for a commercial property purchase in Singapore, where the buyer will pay 20% upfront by March 2025, with specific conditions for refund if the main purchase falls through due to financing issues."

Document background

The Down Payment Agreement serves as a crucial document in Singapore business transactions where partial payment is made upfront before the completion of a larger transaction. This agreement is particularly important in sectors such as real estate, automotive, and large equipment purchases, where significant initial payments are common. Under Singapore law, this agreement helps protect both parties' interests by clearly defining the terms of the down payment, including payment schedule, refund conditions, and the relationship to the main transaction. The document is essential for establishing clear expectations and reducing the risk of disputes regarding the down payment.

Suggested Sections

1. Parties: Identifies and defines the parties to the agreement

2. Background: Provides context and purpose of the down payment agreement

3. Definitions: Defines key terms used throughout the agreement

4. Down Payment Amount: Specifies the amount and currency of the down payment

5. Payment Terms: Details the method and timing of payment

6. Purpose of Down Payment: Specifies what the down payment is for

7. Refund Conditions: Specifies circumstances under which the down payment may be refunded

8. Governing Law: Specifies Singapore law as governing law

Optional Sections

1. Escrow Arrangements: Used when down payment is held in escrow - typically for large transactions or where additional security is required

2. Interest Provisions: Deals with any interest payable on the down payment - applicable when down payment is substantial or held for extended periods

3. Force Majeure: Addresses unforeseen circumstances preventing performance - relevant for long-term or complex transactions

4. Dispute Resolution: Specifies dispute resolution mechanisms - recommended for high-value transactions or complex arrangements

Suggested Schedules

1. Payment Schedule: Details the timeline and breakdown of payments if made in installments

2. Product/Property Description: Detailed description of what the down payment is for

3. Bank Details: Banking information for payment transfer

4. Required Documents: List of documents required for completion of the transaction

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
Automotive
Manufacturing
Construction
Retail

Relevant Teams

Finance
Legal
Procurement
Sales
Operations

Relevant Roles

Chief Financial Officer
Procurement Manager
Sales Director
Contract Manager
Real Estate Manager

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Let's create your Down Payment Agreement

Authors

Alex Denne

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