The Reservation Fee Agreement is a crucial document in Singapore's business landscape, particularly in real estate transactions. It provides legal protection for both the party making the reservation and the party offering the item or service being reserved. This agreement type is commonly used when a potential buyer wishes to secure their interest in a property or high-value asset while finalizing their decision or arranging financing. The document typically includes specific details about the reservation fee amount, payment terms, reservation period, and conditions for refund or forfeiture.
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1. Parties: Identification and details of all parties involved in the agreement
2. Background: Context and purpose of the reservation fee agreement
3. Definitions: Key terms used throughout the agreement
4. Reservation Fee Amount: Specified amount and payment terms of the reservation fee
5. Purpose of Reservation: Clear description of what is being reserved and for how long
6. Duration of Reservation: Time period for which the reservation is valid
7. Refund Conditions: Circumstances under which the fee will be refunded
8. Forfeiture Conditions: Circumstances under which the fee may be forfeited
9. Governing Law: Specification of Singapore law as governing law
1. Assignment: Rights to assign the reservation to another party - include when transfer rights are relevant
2. Force Majeure: Provisions for unforeseen circumstances - include for longer reservation periods
3. Confidentiality: Provisions regarding confidential information - include when sensitive information is involved
4. Dispute Resolution: Specific dispute resolution procedures - include for high-value reservations
1. Payment Schedule: Detailed breakdown of payment terms and deadlines
2. Property Details: Specific details of property being reserved (if applicable)
3. Reservation Terms: Detailed terms and conditions of the reservation
4. Required Documentation: List of documents required to complete the transaction
Relevant legal definitions
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