The Single Option Agreement is a crucial instrument in Indian business and legal practice, commonly used in various commercial contexts including corporate transactions, real estate deals, and financial arrangements. This agreement type is particularly valuable when parties wish to secure future rights while maintaining flexibility in execution. The document must comply with Indian legal requirements, including the Indian Contract Act, 1872, and relevant sector-specific regulations. A Single Option Agreement typically includes detailed provisions on the option's subject matter, exercise price, duration, exercise mechanics, and completion requirements. It's especially useful in scenarios involving potential business acquisitions, property transactions, or strategic investments where parties need to lock in future opportunities while conducting due diligence or arranging financing. The agreement's structure and content must carefully balance the interests of both the option grantor and holder while ensuring enforceability under Indian law.
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1. Parties: Identifies and defines the parties to the agreement - the Option Grantor and Option Holder
2. Background: Sets out the context and purpose of the agreement, including the subject matter of the option
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Grant of Option: Details the specific option rights being granted, including type (call/put) and scope
5. Option Period: Specifies the duration of the option, including start date and expiry date
6. Exercise Price: States the price at which the option can be exercised
7. Exercise Procedure: Details the process and requirements for exercising the option
8. Completion: Outlines the process and obligations upon exercise of the option
9. Representations and Warranties: Standard warranties from both parties regarding capacity, authority, and other relevant matters
10. Confidentiality: Provisions regarding confidential information and its protection
11. Notices: Specifies how formal notices under the agreement must be given
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and establishes jurisdiction for disputes
13. Boilerplate Provisions: Standard contract provisions including entire agreement, amendments, severability, etc.
14. Execution: Signature blocks and execution formalities
1. Premium Payment: Required if there is an upfront premium payable for the option grant
2. Security: Include if any security or guarantee is required for the option obligations
3. Pre-emptive Rights: Include if other shareholders/parties have pre-emptive rights that need to be addressed
4. Regulatory Compliance: Include if specific regulatory requirements apply (e.g., FEMA for foreign parties)
5. Tag-Along Rights: Include in case of share options where other shareholders have tag-along rights
6. Non-Competition: Include if restrictions on competition are relevant to the option arrangement
7. Force Majeure: Include if specific events should suspend or affect option rights
8. Tax Provisions: Include detailed tax provisions if significant tax implications exist
1. Schedule 1 - Subject Matter Details: Detailed description of the asset/shares/property subject to the option
2. Schedule 2 - Form of Exercise Notice: Template notice for exercising the option
3. Schedule 3 - Completion Requirements: Detailed list of documents and actions required at completion
4. Schedule 4 - Warranties: Detailed warranties relating to the subject matter of the option
5. Schedule 5 - Existing Encumbrances: List of any existing encumbrances on the option subject matter
6. Appendix A - Board Resolutions: Format of board resolutions required for option grant/exercise
7. Appendix B - Valuation Report: If applicable, valuation details supporting the exercise price
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