The Option To Buy Contract is a strategic legal instrument used in the United Arab Emirates when parties wish to establish a formal right to purchase assets, property, or shares at predetermined terms. This document is particularly valuable in scenarios where buyers need time to conduct due diligence, arrange financing, or await specific conditions before committing to a purchase. The contract must comply with UAE Civil Code requirements and relevant emirate-specific regulations, particularly in real estate transactions where additional registration requirements may apply. It typically includes detailed provisions about the option period, exercise mechanisms, pricing structures, and completion procedures, while incorporating necessary safeguards for both parties. The document's format and content are designed to be enforceable under UAE law and often require notarization or registration with relevant authorities.
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1. Parties: Identification of the option grantor and option holder, including full legal names, addresses, and registration details if companies
2. Background: Context of the agreement, relationship between parties, and brief description of the subject matter of the option
3. Definitions: Key terms used throughout the agreement, including 'Option Period', 'Strike Price', 'Subject Matter', etc.
4. Grant of Option: Clear statement of the option being granted, including the specific right to purchase and any conditions attached
5. Option Period: Specific timeframe during which the option can be exercised, including start and end dates
6. Exercise of Option: Process and requirements for exercising the option, including notice requirements and form of exercise
7. Purchase Price: Detailed description of the purchase price (strike price) and any mechanisms for adjustment
8. Payment Terms: Option fee payment details and purchase price payment terms if option is exercised
9. Representations and Warranties: Statements of fact and guarantees by both parties regarding their capacity and the subject matter
10. Completion: Process and requirements for completing the purchase if option is exercised
11. Termination: Circumstances under which the option agreement can be terminated
12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. Due Diligence: Rights and process for conducting due diligence, included when the option relates to complex assets or business purchases
2. Conditions Precedent: Specific conditions that must be met before the option can be exercised, included when there are preliminary requirements
3. Assignment: Rights and restrictions regarding assignment of the option, included when transfer rights are relevant
4. Confidentiality: Obligations regarding confidential information, included when sensitive information is involved
5. Force Majeure: Provisions for unforeseen circumstances, included when long option periods or complex transactions are involved
6. Tax Provisions: Allocation of tax responsibilities, included when tax implications are significant
1. Schedule 1 - Description of Subject Matter: Detailed description of the asset or property subject to the option
2. Schedule 2 - Form of Option Exercise Notice: Template notice for exercising the option
3. Schedule 3 - Payment Schedule: Detailed breakdown of payments, including option fee and purchase price installments
4. Schedule 4 - Required Documents: List of documents required for completion if option is exercised
5. Appendix A - Property Documents: Copies of relevant property documents, if option relates to real estate
6. Appendix B - Due Diligence Requirements: Detailed requirements and procedures for due diligence, if applicable
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