Retention clause to secure performance of outstanding property obligations

The following Property precedent provides comprehensive and up to date legal information covering:

  • Retention clause to secure performance of outstanding property obligations

Retention clause to secure performance of outstanding property obligations

    1. 1

      Definitions

      Bank

      1. [insert name of Bank];

      Outstanding Matters

      1. satisfaction by the Seller [of all of ]the following matters:

        1. (a)

          [insert details of outstanding matters to be completed;]

        2. (b)

          [insert details of outstanding matters to be completed;]

      Retention Account

      1. an interest earning deposit account to be opened jointly by the Seller and the Buyer with the Bank on or immediately following the date of this Agreement;

      Retention Sum

      1. £[insert amount].

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