Download Promissory Sale And Purchase Agreement - Singapore

Promissory Sale And Purchase Agreement for Singapore

Promissory Sale And Purchase Agreement Template for Singapore

A Promissory Sale and Purchase Agreement under Singapore law is a legally binding document that outlines the terms and conditions under which one party promises to sell and another promises to buy specific assets or property. The agreement is governed by Singapore's Civil Law Act and Sale of Goods Act, incorporating specific requirements for contract formation, obligations of parties, and remedies under Singapore jurisdiction. It includes detailed provisions for payment terms, conditions precedent, warranties, and completion requirements.

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What is a Promissory Sale And Purchase Agreement?

The Promissory Sale and Purchase Agreement is a crucial document in Singapore's commercial landscape, used when parties wish to formalize their commitment to a future sale and purchase transaction. This agreement type is particularly relevant when there's a need to establish binding obligations before the actual transfer of assets, allowing for conditions to be met or due diligence to be conducted. Under Singapore law, such agreements must comply with specific legislative requirements, including the Civil Law Act and Sale of Goods Act, and typically include comprehensive terms regarding payment structure, warranties, and completion mechanisms. The document serves as a bridge between initial negotiations and final transfer, providing legal certainty and protection for all parties involved.

What sections should be included in a Promissory Sale And Purchase Agreement?

1. Parties: Identification and details of contracting parties, including their registered addresses and registration numbers if applicable

2. Background: Context and purpose of the agreement, including the intention to enter into a sale and purchase arrangement

3. Definitions: Key terms used throughout the agreement, including defined terms for the subject matter, completion date, and purchase price

4. Subject Matter: Detailed description of goods/property being sold, including specifications and condition

5. Purchase Price: Amount and payment terms, including method of payment and any installment arrangements

6. Completion: Timeline and conditions for completing the sale, including delivery terms and transfer of title

7. Representations and Warranties: Statements of fact and assurances by parties regarding their capacity, authority, and the subject matter

8. Governing Law: Specification of Singapore law as governing law and jurisdiction clause

What sections are optional to include in a Promissory Sale And Purchase Agreement?

1. Conditions Precedent: Prerequisites to be fulfilled before completion, such as regulatory approvals or third-party consents

2. Due Diligence: Buyer's right to investigate the subject matter and related documentation requirements

3. Escrow Arrangements: Terms for holding funds in escrow, including appointment of escrow agent and release conditions

4. Force Majeure: Provisions for unforeseen circumstances affecting performance of obligations

What schedules should be included in a Promissory Sale And Purchase Agreement?

1. Asset Schedule: Detailed description and specifications of assets being sold

2. Payment Schedule: Breakdown of payment installments, dates, and amounts

3. Form of Transfer: Template documents for asset transfer and completion

4. Due Diligence Checklist: List of documents and information to be provided for buyer's review

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Manufacturing
Technology
Retail
Agriculture

Relevant Teams

Legal
Finance
Operations
Procurement
Business Development
Compliance

Relevant Roles

Chief Executive Officer
Chief Financial Officer
Legal Counsel
Business Development Manager
Property Manager
Procurement Manager

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Unsecured Promissory Note

A legally binding promise to pay under Singapore law, documenting an unsecured debt obligation between parties.

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What is a Promissory Sale And Purchase Agreement?

What sections should be included in a Promissory Sale And Purchase Agreement?

What sections are optional to include in a Promissory Sale And Purchase Agreement?

What schedules should be included in a Promissory Sale And Purchase Agreement?

Authors

Alex Denne

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