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Conditional Agreement Template for Singapore

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Key Requirements PROMPT example:

Conditional Agreement

"I need a Conditional Agreement for a property purchase in Singapore, where the sale is contingent on obtaining bank financing by March 2025 and successful completion of building inspections, with the agreement to automatically terminate if conditions aren't met by May 2025."

Document background
Conditional Agreements are essential legal instruments used when parties wish to create binding obligations that are dependent on specific events or requirements being satisfied. These agreements are particularly relevant in complex commercial transactions where certain prerequisites need to be met before the main obligations can take effect. Under Singapore law, a Conditional Agreement must clearly specify the conditions, timeframes, and consequences of non-fulfillment, while adhering to the requirements of the Contracts Act and relevant common law principles. This type of agreement is commonly used in property transactions, corporate acquisitions, and financing arrangements where certainty about condition fulfillment is crucial.
Suggested Sections

1. Parties: Identification and details of all contracting parties

2. Background/Recitals: Context and purpose of the conditional agreement

3. Definitions: Key terms used throughout the agreement

4. Conditions: Detailed description of all conditions precedent and/or subsequent

5. Timeline: Timeframes for fulfillment of conditions

6. Rights and Obligations: Parties' rights and obligations during the conditional period

7. Consequences of Non-fulfillment: What happens if conditions are not met

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

Optional Sections

1. Extension Provisions: Mechanisms for extending condition fulfillment deadlines - used when flexibility might be needed for condition fulfillment

2. Waiver Provisions: Ability to waive certain conditions - used when parties want flexibility to proceed without all conditions being met

3. Security Provisions: Any security arrangements during conditional period - used when assets or interests need protection during conditional period

4. Confidentiality: Confidentiality obligations - used when sensitive information is involved

Suggested Schedules

1. Condition Details Schedule: Detailed description of specific conditions and their requirements

2. Timeline Schedule: Detailed timeline for condition fulfillment

3. Required Documents Schedule: List of documents required for condition fulfillment

4. Form of Notices: Standard forms for condition fulfillment notices

5. Supporting Documentation: Any relevant supporting documents referenced in conditions

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses






























Industries

Contracts Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Covers fundamental principles of contract law including offer, acceptance, consideration, and contractual capacity.

Civil Law Act (Cap. 43): Fundamental legislation that governs civil matters in Singapore, including certain aspects of contract law and remedies available for breach of contract.

Electronic Transactions Act: Legislation governing the formation and validity of electronic contracts and digital signatures in Singapore.

Common Law Principles: Singapore follows English common law principles, incorporating relevant case law and precedents regarding conditional contracts and general contract interpretation.

Contract Formation Requirements: Essential elements including offer, acceptance, consideration, intention to create legal relations, capacity of parties, and certainty of terms that must be present for valid contract formation.

Conditions Specific Requirements: Legal requirements for conditional agreements including clear specification of conditions precedent/subsequent, timeframes, consequences of non-fulfillment, and rights/obligations during the conditional period.

Stamp Duties Act: Legislation governing stamp duty requirements for certain types of agreements in Singapore, which may apply depending on the nature of the conditional agreement.

Industry-Specific Regulations: Additional regulatory requirements that may apply depending on the subject matter or industry sector of the conditional agreement.

Competition Law: Singapore competition law considerations that may affect certain types of commercial agreements and conditions.

Limitation Act: Legislation setting time limits for enforcement of contractual rights and bringing legal actions in Singapore.

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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