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Single Option Agreement

Single Option Agreement Template for Ireland

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Key Requirements PROMPT example:

Single Option Agreement

"I need a Single Option Agreement under Irish law for a property purchase option, where ABC Properties Ltd grants a 6-month option to XYZ Developments Ltd to purchase a commercial building in Dublin for €2.5 million, with the option period starting March 1, 2025."

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Document background
The Single Option Agreement is a crucial legal instrument used in various commercial contexts under Irish law. It creates a unilateral right for the Option Holder to proceed with a defined transaction, while binding the Option Grantor to honor that right if exercised. This type of agreement is commonly used in real estate transactions, share purchases, asset acquisitions, and other commercial dealings where parties want to secure future rights without an immediate commitment to proceed. The document typically includes detailed provisions about the option's exercise price, duration, conditions, and completion mechanics, along with necessary warranties and representations. It's particularly important in the Irish context to ensure compliance with the Land and Conveyancing Law Reform Act 2009 for property-related options, and the Companies Act 2014 for corporate transactions.
Suggested Sections

1. Parties: Identifies and defines the parties to the agreement

2. Background: Sets out the context and purpose of the option agreement

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles

4. Grant of Option: Details the specific option rights being granted

5. Option Period: Specifies the duration for which the option can be exercised

6. Option Price and Payment: States the consideration for the option and payment terms

7. Exercise of Option: Describes the mechanism and process for exercising the option

8. Completion: Details what happens when the option is exercised

9. Warranties and Representations: Standard warranties from both parties

10. Assignment and Transfer: Restrictions on transfer of option rights

11. Notices: Communication procedures between parties

12. General Provisions: Standard boilerplate clauses

13. Governing Law and Jurisdiction: Confirms Irish law applies and jurisdiction

14. Execution: Signature blocks and execution formalities

Optional Sections

1. Security: Include when the option is secured against assets

2. Third Party Rights: Include when third parties have enforcement rights

3. Conditions Precedent: Include when option exercise is subject to specific conditions

4. Tax Provisions: Include when specific tax arrangements need to be addressed

5. Confidentiality: Include when specific confidentiality obligations are required

6. Registration Rights: Include for options over shares with registration requirements

7. Anti-dilution Provisions: Include for options over shares to protect against dilution

Suggested Schedules

1. Schedule 1 - Option Notice Form: Template form for exercising the option

2. Schedule 2 - Asset Description: Detailed description of the asset subject to the option

3. Schedule 3 - Option Exercise Price Calculation: Formula or mechanism for calculating the exercise price

4. Schedule 4 - Completion Requirements: List of documents and actions required at completion

5. Schedule 5 - Warranties: Detailed warranties if extensive

6. Appendix A - Required Consents: List of third-party consents required

7. Appendix B - Encumbrances: Details of any existing encumbrances on the option asset

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions



































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Relevant Industries

Real Estate

Financial Services

Technology

Manufacturing

Energy

Mining

Agriculture

Retail

Professional Services

Construction

Investment & Private Equity

Relevant Teams

Legal

Finance

Commercial

Business Development

Risk & Compliance

Real Estate

Investment

Operations

Corporate Development

Treasury

Property Management

Relevant Roles

Legal Counsel

Corporate Lawyer

Contract Manager

Business Development Manager

Investment Manager

Property Manager

Commercial Director

Chief Financial Officer

Risk Manager

Compliance Officer

Company Secretary

Real Estate Manager

Investment Analyst

Director of Operations

Portfolio Manager

Industries








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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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