Letter Of Undertaking From Buyer’s Solicitors Re Completion Monies (Share Sale)
Share sale agreements usually state that the purchase price will be paid at completion, but this may not always be possible because many completions take place outside normal banking hours. ThisLetter of undertaking from Buyer’s Solicitors Re Completion Monies (Share Sale) should be used at such a completion when the Buyer has transferred the completion monies to its solicitors in readiness of completion. The document is an undertaking given by the Buyer’s solicitors that they hold the completion monies to the Seller’s solicitors’ order and will instruct their bankers to send the monies to a designated account on a specified date together with interest.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
This Letter of undertaking is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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