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Non Refundable Deposit Agreement

Non Refundable Deposit Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Non Refundable Deposit Agreement

I need a Non-Refundable Deposit Agreement under UAE law for a commercial property purchase in Dubai, where my company will pay a 10% deposit by March 2025, with specific provisions for electronic payment and AML compliance.

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Document background
The Non-Refundable Deposit Agreement is essential for transactions in the UAE where parties wish to secure a commitment through a non-returnable payment. This document is commonly used in real estate transactions, service contracts, and commercial deals where a deposit serves as a commitment mechanism or security. The agreement must comply with UAE Civil Code requirements and consider Sharia principles, particularly regarding the clarity of terms and the fairness of the arrangement. It typically includes detailed provisions about the deposit amount, payment terms, the specific circumstances under which the deposit is non-refundable, and the underlying transaction it relates to. The document is particularly important in the UAE market where significant deposits are common practice in commercial transactions, and clear documentation of their non-refundable nature is crucial for avoiding future disputes.
Suggested Sections

1. Parties: Identifies and provides full details of all parties to the agreement, including their legal status and contact information

2. Background: Sets out the context and purpose of the agreement, including the underlying transaction for which the deposit is being paid

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation

4. Deposit Amount and Payment: Specifies the deposit amount, payment method, and timing of payment

5. Non-Refundable Nature: Clearly states the non-refundable nature of the deposit and the circumstances under which it is forfeited

6. Purpose of Deposit: Explains what the deposit is securing and how it relates to the main transaction

7. Acknowledgments: Contains confirmations from both parties regarding their understanding of the non-refundable nature

8. Governing Law and Jurisdiction: Specifies UAE law as the governing law and determines jurisdiction for dispute resolution

9. Notices: Details how formal communications between the parties should be made and delivered

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Application of Deposit: Used when the deposit will be applied to a future purchase price or obligation

2. Conditions Precedent: Include when the deposit arrangement is subject to certain conditions being met

3. Default and Remedies: Include when specific consequences of default beyond deposit forfeiture need to be addressed

4. Force Majeure: Include when external events might affect the underlying transaction but not the deposit's non-refundable nature

5. Anti-Money Laundering Compliance: Include for high-value deposits requiring AML compliance

6. Electronic Payments: Include when deposits are to be made through electronic means

7. Assignment: Include when either party might need to transfer their rights or obligations

Suggested Schedules

1. Payment Details Schedule: Contains detailed banking and payment information for the deposit transfer

2. Supporting Documents: Lists and attaches relevant documents evidencing the underlying transaction

3. Compliance Requirements: Details any regulatory or compliance requirements related to the deposit

4. Form of Receipt: Template for acknowledging receipt of the deposit

5. Related Agreement Terms: Relevant excerpts from any related agreements that the deposit secures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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





















Clauses

























Relevant Industries

Real Estate

Construction

Retail

Hospitality

Professional Services

Manufacturing

Event Management

Automotive

Education

Healthcare

Relevant Teams

Legal

Finance

Commercial

Sales

Operations

Compliance

Risk Management

Real Estate

Business Development

Contract Administration

Relevant Roles

Legal Counsel

Contract Manager

Commercial Director

Property Manager

Sales Manager

Business Development Manager

Finance Manager

Operations Manager

Compliance Officer

Risk Manager

Real Estate Agent

Project Manager

Procurement Manager

Industries






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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