I don't know why the $1m is even being discussed.... if the lawyers did their job properly the contract would say that "if the deal falls through the exclusivity fee would be lost". If not why bother with an exclusivity fee as all it did was tie your hands behind your back.
Might try that with the local real estate agent next time I look at a property and see how far I get... here's my $10k exclusivity fee so your client can't talk with anyone else for 6 months whilst I wait for your client to get into more financial damage and then i can screw them over with a cheap offer. Nope, will never happen if even a first year lawyer is employed to act.
If it was done as a "Deposit" then that is a different animal.
Ann: Section 249D Notice, page-42
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