Intent To Purchase Agreement for Singapore

Intent To Purchase Agreement Template for Singapore

An Intent to Purchase Agreement under Singapore law is a preliminary legal document that formalizes a potential buyer's serious interest in acquiring specific assets, property, or business interests. It outlines the key terms and conditions of the proposed transaction while allowing for due diligence and further negotiation. This document, while not binding for the final purchase, creates certain binding obligations under Singapore contract law, particularly regarding confidentiality, exclusivity, and good faith negotiations.

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What is a Intent To Purchase Agreement?

The Intent To Purchase Agreement serves as a crucial intermediate step in significant transactions under Singapore law. It is typically used when parties have progressed beyond initial discussions but aren't ready for a definitive purchase agreement. This document outlines the proposed transaction's fundamental terms, including price range, timeline, and conditions precedent. While maintaining flexibility for future negotiations, it provides a structured framework and can include binding elements such as exclusivity periods and confidentiality obligations. The agreement is particularly valuable in complex transactions where due diligence is required before finalizing the purchase.

What sections should be included in a Intent To Purchase Agreement?

1. Parties: Identification and details of the parties entering into the agreement

2. Background: Context and circumstances leading to the agreement

3. Definitions: Key terms used throughout the agreement

4. Subject Matter of Purchase: Detailed description of the item(s) to be purchased

5. Purchase Price: Agreed price and payment terms

6. Timeline: Expected timeframe for completing the purchase

7. Conditions Precedent: Conditions that must be met before proceeding with the purchase

8. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Intent To Purchase Agreement?

1. Due Diligence: Terms regarding investigation of the purchase subject - used for complex transactions or high-value purchases

2. Exclusivity: Terms preventing seller from negotiating with other parties - used when buyer requires exclusive negotiation rights

3. Confidentiality: Terms regarding non-disclosure of information - used when sensitive information is involved

4. Break Fee: Compensation if either party withdraws - used for high-value transactions

What schedules should be included in a Intent To Purchase Agreement?

1. Asset Schedule: Detailed list of assets to be purchased

2. Due Diligence Checklist: List of required documents and verifications

3. Payment Schedule: Breakdown of payment terms and installments

4. Condition Report: Current state of assets (if applicable)

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

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What is a Intent To Purchase Agreement?

What sections should be included in a Intent To Purchase Agreement?

What sections are optional to include in a Intent To Purchase Agreement?

What schedules should be included in a Intent To Purchase Agreement?

Authors

Alex Denne

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