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Deposit On Sales Contract
"I need a Deposit On Sales Contract for the sale of industrial machinery worth RM 500,000, with a 20% deposit payable by March 15, 2025, and including provisions for pre-delivery inspection and testing."
1. Parties: Identification and details of the seller and purchaser, including registration numbers for companies or NRIC for individuals
2. Background: Context of the transaction, brief description of the subject matter, and purpose of the deposit arrangement
3. Definitions: Key terms used throughout the agreement, including 'Deposit', 'Purchase Price', 'Completion Date', etc.
4. Subject Matter: Detailed description of the goods or property being sold
5. Deposit Terms: Amount of deposit, payment method, and timing of payment
6. Purchase Price: Total purchase price, balance payment details, and payment schedule
7. Completion: Conditions for completion, timing, and process for concluding the sale
8. Default and Remedies: Consequences of default by either party and available remedies
9. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Conditions Precedent: Used when completion is subject to specific conditions being met, such as obtaining regulatory approvals or financing
2. Due Diligence: Include when the purchaser requires a period to conduct investigations or verify the condition of the subject matter
3. Warranties and Representations: Additional assurances about the condition or quality of the subject matter, particularly important for high-value transactions
4. Insurance: Required when risk needs to be allocated during the period between deposit and completion
5. Force Majeure: Include for longer-term arrangements where external events might affect completion
6. Confidentiality: Important for commercial transactions involving sensitive information
1. Schedule 1 - Description of Subject Matter: Detailed specifications, photographs, or technical descriptions of the goods or property
2. Schedule 2 - Payment Schedule: Breakdown of payment terms, including deposit amount and subsequent payments
3. Schedule 3 - Completion Checklist: List of documents and actions required for completion
4. Appendix A - Required Documents: List of documents to be provided by each party
5. Appendix B - Form of Notice: Template notices for various communications under the agreement
Authors
Real Estate
Manufacturing
Retail
Automotive
Construction
Industrial Equipment
Consumer Goods
Technology
Agriculture
Commodities
Legal
Sales
Procurement
Finance
Commercial
Operations
Risk Management
Compliance
Business Development
Corporate Secretarial
Legal Counsel
Contract Manager
Sales Director
Procurement Manager
Business Development Manager
Commercial Director
Finance Manager
Company Secretary
Operations Manager
Risk Manager
Compliance Officer
Managing Director
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