The Hold Deposit Agreement is commonly used in Singapore when one party needs to secure a commitment from another through a monetary deposit. This document is essential in various transactions, from property deals to large purchases, where funds need to be held securely until specific conditions are met. The agreement provides legal protection for both parties under Singapore law, clearly defining the deposit amount, holding terms, release conditions, and the rights and obligations of all parties involved. It must comply with Singapore's banking regulations, contract law, and consumer protection requirements.
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Key Requirements PROMPT example:
Hold Deposit Agreement
"Need a Hold Deposit Agreement for a commercial property purchase in Singapore, where we'll hold SGD 500,000 until March 2025, with specific release conditions tied to property inspection and financing approval."
1. Parties: Identification and details of the depositor and deposit holder
2. Background: Context and purpose of the hold deposit arrangement
3. Definitions: Key terms used throughout the agreement
4. Deposit Amount: Specification of the deposit amount and payment terms
5. Purpose of Deposit: Clear statement of why the deposit is being held
6. Duration of Hold: Period for which the deposit will be held
7. Release Conditions: Conditions under which the deposit will be released
8. Forfeiture Terms: Circumstances under which the deposit may be forfeited
1. Interest Arrangements: Terms regarding any interest earned on the deposit - include when the deposit will be held in an interest-bearing account
2. Third Party Rights: Rights of any third parties in relation to the deposit - include when third parties have interests in the deposit
3. Insurance: Insurance requirements for the held funds - include for large deposits or when required by regulation
1. Payment Schedule: Details of payment arrangements and timelines
2. Bank Account Details: Specified account information for deposit holding
3. Required Documents: List of documents required for deposit release
4. Compliance Checklist: Checklist of regulatory requirements and conditions
Authors
Relevant legal definitions
Clauses
Deposit Amount and Payment
Duration of Hold
Purpose of Deposit
Release Conditions
Forfeiture
Interest
Bank Account Details
Representations and Warranties
Obligations of Parties
Force Majeure
Notices
Confidentiality
Data Protection
Assignment
Termination
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendments
Third Party Rights
Costs and Expenses
Anti-Money Laundering
Counterparts
Duration of Hold
Purpose of Deposit
Release Conditions
Forfeiture
Interest
Bank Account Details
Representations and Warranties
Obligations of Parties
Force Majeure
Notices
Confidentiality
Data Protection
Assignment
Termination
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendments
Third Party Rights
Costs and Expenses
Anti-Money Laundering
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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