Letter of Undertaking From Seller'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. This Letter of undertaking from Seller's solicitors re completion monies (Share Sale) should be used when the Buyer or the Buyer’s Solicitors have transferred the completion monies to the Seller’s solicitors ahead of completion. The document is an undertaking given by the Seller’s solicitors that they hold the completion monies to the Buyer’s order but will automatically be released from the undertaking when completion takes place. At completion, the monies will be held to the Seller’s order. The Sellers’ solicitors undertake to pay interest to the Buyer for the days they hold the completion monies to the Buyer’s order.
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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