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Agreement For Deposit Payment
"I need an Agreement for Deposit Payment for a real estate development project in Manila, where my company will receive a 20% deposit from multiple buyers for pre-selling condominium units, with the deposit to be held in escrow until March 2025."
1. Parties: Identification of the parties entering into the agreement, including full legal names, addresses, and registration details if applicable
2. Background: Context of the agreement, including the purpose of the deposit and the broader transaction it relates to
3. Definitions: Definitions of key terms used throughout the agreement
4. Deposit Amount: Specification of the deposit amount, currency, and payment method
5. Payment Terms: Details of when and how the deposit must be paid
6. Purpose of Deposit: Clear statement of what the deposit is for and how it will be applied
7. Refund Conditions: Circumstances under which the deposit may be refunded
8. Forfeiture Conditions: Circumstances under which the deposit may be forfeited
9. Representations and Warranties: Standard representations and warranties from both parties
10. Governing Law: Specification of Philippine law as the governing law
11. Dispute Resolution: Process for resolving any disputes related to the deposit
12. Execution: Signature blocks and execution requirements
1. Multiple Payment Installments: Include when the deposit is to be paid in multiple installments, specifying the schedule and conditions
2. Security Measures: Include when specific security arrangements are required for holding the deposit
3. Interest Provisions: Include when the deposit will earn interest and specify terms
4. Tax Implications: Include when there are specific tax considerations that need to be addressed
5. Force Majeure: Include when needed to address potential extraordinary circumstances affecting the deposit
6. Assignment: Include when either party needs the right to assign their rights under the agreement
7. Relationship with Other Agreements: Include when the deposit agreement is part of a larger transaction or relates to other agreements
1. Payment Schedule: Detailed breakdown of payment dates and amounts if multiple installments are involved
2. Bank Details: Separate schedule for banking information to facilitate easy updates if needed
3. Calculation of Interest: If applicable, detailed methodology for calculating any interest on the deposit
4. Required Documents: List of documents required for deposit verification and compliance
5. Contact Details: List of key contacts and their details for notices and communications
Authors
Real Estate
Construction
Banking and Financial Services
Retail
Manufacturing
Professional Services
Hospitality
Automotive
Import/Export
General Commerce
Legal
Finance
Sales
Procurement
Compliance
Risk Management
Treasury
Operations
Business Development
Corporate Secretariat
Legal Counsel
Contract Manager
Finance Manager
Business Development Manager
Real Estate Agent
Property Manager
Sales Manager
Procurement Officer
Company Secretary
Chief Financial Officer
Operations Manager
Treasury Manager
Risk Manager
Compliance Officer
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