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Non Refundable Deposit Agreement

Non Refundable Deposit Agreement Template for New Zealand

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Key Requirements PROMPT example:

Non Refundable Deposit Agreement

"I need a Non-Refundable Deposit Agreement for a commercial property purchase where the buyer will pay a 10% deposit by March 15, 2025, with the deposit being non-refundable after due diligence period ends on April 1, 2025."

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Document background
The Non-Refundable Deposit Agreement is a crucial document used in New Zealand business transactions where one party requires security for a commitment through a non-returnable deposit. This agreement type is commonly utilized in various contexts, including property transactions, service contracts, and event bookings. The document includes essential elements such as deposit amount, payment terms, clear statements about non-refundability, and circumstances where the deposit will be retained. It must comply with New Zealand legislation, including the Contract and Commercial Law Act 2017 and Fair Trading Act 1986, ensuring that the non-refundable nature is clearly communicated and legally enforceable. This agreement helps businesses protect themselves against losses while providing clarity to depositors about their commitments.
Suggested Sections

1. Parties: Identifies and defines the parties to the agreement - typically the deposit holder and the depositor

2. Background: Explains the context of the agreement and the purpose of the non-refundable deposit

3. Definitions: Defines key terms used throughout the agreement

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

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

6. Purpose of Deposit: Explains what the deposit is securing and its relationship to the main transaction

7. Acknowledgments: Contains party acknowledgments regarding understanding of non-refundable nature and receipt of legal advice

8. Default and Consequences: Outlines what constitutes default and the consequences

9. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments

Optional Sections

1. Property Details: Required when the deposit relates to a property transaction, describing the relevant property

2. Conditions Precedent: Used when there are specific conditions that must be met before the deposit becomes non-refundable

3. GST Provisions: Required when the transaction involves GST-registered parties and taxable supplies

4. Dispute Resolution: Detailed dispute resolution procedures beyond standard court jurisdiction

5. Third Party Rights: Required when other parties have interests in the transaction or deposit

6. Assignment: Used when either party may need to assign their rights under the agreement

Suggested Schedules

1. Payment Schedule: Details of the deposit payment structure if paid in installments

2. Property Description: Detailed description of property if the deposit relates to a property transaction

3. Calculation of Deposit: Breakdown of how the deposit amount was calculated if based on specific factors

4. Related Agreements: List and details of any related agreements that this deposit agreement refers to

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

Events and Entertainment

Retail

Construction

Professional Services

Hospitality

Manufacturing

Education

Relevant Teams

Legal

Finance

Operations

Sales

Compliance

Risk Management

Commercial

Business Development

Administration

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Sales Manager

Operations Manager

Finance Manager

Compliance Officer

Risk Manager

Property Manager

Event Coordinator

Commercial Director

Managing Director

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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