The Call Option Deed is a strategic legal instrument used in New Zealand business and property transactions to secure future purchase rights. It is commonly employed when parties wish to lock in purchase rights while deferring the actual purchase, whether for commercial property, business assets, or shares. The deed must comply with New Zealand legal requirements, including the Contract and Commercial Law Act 2017, Property Law Act 2007, and where applicable, the Financial Markets Conduct Act 2013. It contains detailed provisions covering the option grant, exercise mechanics, pricing, completion procedures, and parties' obligations. This document type is particularly valuable in scenarios requiring future flexibility, strategic asset acquisition planning, or staged property development projects.
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1. Parties: Identifies and defines the Grantor (option seller) and Grantee (option holder), including full legal names and addresses
2. Background: Sets out the context of the agreement and the parties' intentions regarding the option arrangement
3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes interpretation principles
4. Grant of Option: Specifies the terms of the option grant, including the option period and any conditions precedent
5. Option Fee: Details the amount payable for the option and payment terms
6. Exercise of Option: Describes the process and requirements for exercising the option, including notice requirements
7. Purchase Price: Specifies the price payable upon exercise of the option or the mechanism for determining it
8. Completion: Sets out the completion process, including timing, obligations, and deliverables
9. Warranties: Contains representations and warranties from both parties
10. Default and Termination: Addresses consequences of default and circumstances for termination
11. Confidentiality: Establishes obligations regarding confidential information
12. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution
1. Security: Required when the option fee or obligations are secured by other assets or guarantees
2. GST Provisions: Detailed GST treatment where the underlying asset is subject to GST
3. Overseas Investment Provisions: Required when foreign investors are involved and OIA approval may be needed
4. Multiple Grantees: Special provisions for when there are multiple option holders
5. Pre-emptive Rights: Needed when the option is subject to existing pre-emptive rights
6. Mortgagee Consent: Required when the underlying asset is mortgaged
7. Due Diligence: Included when the grantee has due diligence rights during the option period
1. Schedule 1 - Subject Matter Description: Detailed description of the asset(s) subject to the option (e.g., property details, company shares)
2. Schedule 2 - Option Exercise Notice: Pro forma notice for exercising the option
3. Schedule 3 - Form of Sale and Purchase Agreement: The agreement to be entered into upon exercise of the option
4. Schedule 4 - Option Fee Payment Schedule: If the option fee is payable in installments
5. Schedule 5 - Warranties: Detailed warranties relating to the subject matter of the option
6. Appendix A - Property Plans: For property-related options, relevant plans and drawings
7. Appendix B - Required Consents: List of third-party consents required for completion
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