Legal Templates
Option Sales Contract

Option Sales Contract Template for Singapore

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Key Requirements PROMPT example:

Option Sales Contract

"I need an Option Sales Contract for a commercial property purchase in Singapore, giving our company the exclusive right to buy the property at SGD 5.2M until March 15, 2025, with a 2% option fee payable upfront."

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What is a Option Sales Contract?

The Option Sales Contract is a crucial legal instrument in Singapore's commercial landscape, used when parties wish to establish a conditional right to purchase assets or property. This document type follows Singapore's strict legal requirements for option agreements, including necessary consideration and exercise periods. The contract should specify all material terms of the potential sale, including price, duration, and exercise mechanisms. Option Sales Contracts are particularly relevant in real estate transactions, asset purchases, and commercial dealings where parties need flexibility in timing their purchase decisions.

What sections should be included in a Option Sales Contract?

1. Parties: Identification and details of the contracting parties

2. Background: Context and purpose of the option agreement

3. Definitions: Key terms used tHRoughout the agreement

4. Grant of Option: Terms of the option, including duration and exercise price

5. Exercise of Option: Procedure and requirements for exercising the option

6. Consideration: Payment terms for the option

7. Representations and Warranties: Statements of fact and assurances by parties

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

What sections are optional to include in a Option Sales Contract?

1. Due Diligence: Terms for conducting due diligence when option involves complex assets requiring investigation

2. Regulatory Approvals: Requirements for obtaining regulatory clearances when transaction requires regulatory approval

3. Tax Provisions: Allocation of tax responsibilities when significant tax implications exist

What schedules should be included in a Option Sales Contract?

1. Asset Schedule: Detailed description of assets subject to option

2. Option Exercise Notice: Template form for exercising the option

3. Pricing Mechanism: Detailed calculation method for option price

4. Due Diligence Requirements: List of required documentation and procedures

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, providing the fundamental legal framework for contracts and civil obligations

Contracts Act (Cap. 53): Key legislation governing contract formation, validity, and enforcement in Singapore, including essential elements of a valid contract

Sale of Goods Act (Cap. 393): Legislation governing the sale of goods and related transactions, which may be relevant for the underlying asset in options contracts

Securities and Futures Act (Cap. 289): Regulatory framework for securities and derivatives trading, particularly relevant if the options involve financial securities

Common Law Principles: Singapore follows English common law principles, including relevant case law regarding contract formation and options

Stamp Duties Act (Cap. 312): Governs the imposition of stamp duties on certain documents and transactions in Singapore

Electronic Transactions Act (Cap. 88): Provides legal framework for electronic transactions and digital signatures if electronic execution is involved

Misrepresentation Act (Cap. 390): Governs remedies for misrepresentation in contract formation and execution

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts and limits the extent to which civil liability can be avoided tHRough contract terms

MAS Regulations: Monetary Authority of Singapore regulations applicable to financial instruments and derivatives trading

SGX Rules: Singapore Exchange rules and requirements if the options contract involves listed securities

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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