The Non-Refundable Deposit Purchase Agreement is a crucial document used in Philippine commercial transactions where a buyer commits to a purchase by providing an upfront, non-returnable deposit. This type of agreement is commonly used in high-value transactions, particularly in real estate, equipment purchases, or significant commercial deals where sellers need protection against potential buyer default or withdrawal. The agreement must comply with Philippine law, including the Civil Code and consumer protection regulations. It typically includes detailed provisions about the deposit amount, conditions for non-refundability, purchase completion requirements, and consequences of default. This document is essential for businesses and individuals seeking to formalize purchase commitments while protecting their interests in the transaction.
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1. Parties: Identification and details of the seller and purchaser, including their legal capacity to enter into the agreement
2. Background: Context of the transaction and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter: Description of the property or goods being purchased
5. Deposit Amount and Payment Terms: Specification of the deposit amount, payment method, and timing
6. Non-Refundable Nature of Deposit: Clear statement of the non-refundable nature of the deposit and specific conditions
7. Purchase Price and Payment Structure: Total purchase price, how the deposit will be applied, and remaining payment terms
8. Completion of Purchase: Conditions and timeline for completing the full purchase transaction
9. Default and Consequences: Consequences of default by either party, including forfeiture of deposit
10. Representations and Warranties: Standard representations and warranties from both parties
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
1. Due Diligence: Include when the purchaser requires a due diligence period before completing the purchase
2. Conditions Precedent: Add when there are specific conditions that must be met before proceeding with the purchase
3. Tax Provisions: Include for high-value transactions or when specific tax considerations need to be addressed
4. Force Majeure: Add when parties want to address potential extraordinary circumstances that might affect the transaction
5. Assignment Rights: Include when either party may need to assign their rights under the agreement
6. Confidentiality: Add for transactions involving sensitive commercial information
7. Broker or Agent Provisions: Include when a broker or agent is involved in the transaction
1. Property Description Schedule: Detailed description of the property or goods being purchased
2. Payment Schedule: Detailed breakdown of payment terms, including deposit and subsequent payments
3. Due Diligence Requirements: List of documents and information to be provided for due diligence
4. Required Documents: List of documents required from each party to complete the transaction
5. Deed of Absolute Sale Template: Draft of the final sale document to be executed upon completion
6. Special Conditions: Any special conditions or requirements specific to the transaction
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