The Sale Deposit Agreement is a critical document used in Philippine business transactions where a deposit is required to secure a sale. This agreement type is commonly used in various sectors, particularly in real estate, manufacturing, and high-value commercial transactions. The document outlines the terms of the deposit, including payment details, conditions for refund or forfeiture, and its application to the final purchase price. It must comply with Philippine law, particularly the Civil Code of the Philippines and relevant banking regulations. The agreement serves as an important risk management tool, providing security for both parties during the period between deposit payment and sale completion. It's particularly useful in transactions where due diligence is required or where the main sale agreement execution is delayed for legitimate business or regulatory reasons.
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1. Parties: Identifies and provides full details of the seller and buyer, including their legal names, addresses, and registration details if companies
2. Background: Outlines the context of the agreement, including brief description of the sale transaction and purpose of the deposit
3. Definitions: Defines key terms used throughout the agreement
4. Deposit Amount and Payment: Specifies the deposit amount, payment method, and timing
5. Purpose of Deposit: States the purpose of the deposit and its relationship to the main sale transaction
6. Main Sale Transaction: Outlines the key terms of the main sale transaction that the deposit secures
7. Conditions for Completion: Specifies conditions that must be met for the sale to complete
8. Application of Deposit: Explains how the deposit will be applied to the purchase price upon completion
9. Refund Conditions: Specifies circumstances under which the deposit will be refunded
10. Forfeiture Conditions: Details conditions under which the deposit may be forfeited
11. Governing Law: Specifies that Philippine law governs the agreement
12. Execution: Signature blocks and execution formalities
1. Due Diligence: Include when buyer needs to conduct investigations before finalizing the sale
2. Escrow Arrangements: Include when deposit will be held in escrow by a third party
3. Interest on Deposit: Include if interest will accrue on the deposit amount
4. Tax Provisions: Include for high-value transactions or when specific tax considerations apply
5. Force Majeure: Include when protection against unforeseen circumstances is needed
6. Dispute Resolution: Include when specific dispute resolution procedures are required
7. Confidentiality: Include when transaction details need to remain confidential
8. Warranties: Include when specific representations about the sale item are needed
1. Schedule 1 - Property Details: Detailed description of the property or items being sold
2. Schedule 2 - Payment Schedule: Detailed breakdown of deposit and remaining payment installments
3. Schedule 3 - Completion Requirements: Checklist of documents and actions required for completion
4. Appendix A - Form of Notice: Standard forms for various notices under the agreement
5. Appendix B - Due Diligence Requirements: List of required due diligence items and documentation
6. Appendix C - Escrow Terms: Detailed terms of escrow arrangement if applicable
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