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The Option And Purchase Agreement is a crucial document used in UAE business transactions where parties wish to establish a formal right to purchase assets while deferring the actual purchase decision. This agreement type is particularly relevant in the UAE market where complex commercial transactions often require structured approaches to asset acquisition. The document typically includes comprehensive details about the option terms, exercise mechanisms, purchase conditions, and compliance requirements under UAE law. It's commonly used in real estate developments, corporate acquisitions, and asset purchases, providing flexibility while ensuring legal certainty. The agreement must comply with UAE Civil Code requirements, relevant commercial regulations, and where applicable, specific emirate-level laws and regulations.

1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and registration details if companies

2. Background: Context of the agreement, relationship between parties, and brief description of the subject matter

3. Definitions: Definitions of key terms used throughout the agreement

4. Grant of Option: Terms of the option, including type (call/put), duration, and conditions for exercise

5. Option Period: Specific timeframe during which the option can be exercised

6. Option Price: Amount payable for the option itself, payment terms and conditions

7. Exercise of Option: Process and requirements for exercising the option, including notice requirements

8. Purchase Price: Terms of the purchase price for the underlying asset when option is exercised

9. Completion: Process and requirements for completing the purchase once option is exercised

10. Warranties and Representations: Standard warranties from both parties regarding capacity, authority, and asset condition

11. Covenants: Ongoing obligations of the parties during the option period

12. Termination: Circumstances under which the agreement can be terminated

13. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

14. Notices: Process for formal communications between parties

15. General Provisions: Standard boilerplate clauses including entire agreement, amendments, etc.