Common use of COMMENCEMENT AND COMPLETION OF THE WORKS Clause in Contracts

COMMENCEMENT AND COMPLETION OF THE WORKS. 13.1 The Contractor shall not be obliged to commence with the Works until: 13.1.1 the Purchaser has furnished adequate security to the Seller's satisfaction for the Total Purchase Price; and 13.1.2 all necessary consents, approvals and/or registrations from all relevant authorities have been obtained. 13.2 The Contractor will endeavour to complete the Works as close as possible to the Completion Date, subject to the terms and conditions of this Agreement. 13.3 If the Completion Date is delayed beyond the estimated completion date as referred to in Clause 2.12 of the Covering Schedule, the Parties hereby agree that the Total Purchase Price will increase from the Escalation Date until the Transfer Date, at the rate of 8% (Eight) per year, calculated pro rata, and payable by the Purchaser to the Seller on the Transfer Date. INITIAL 13.4 If the commencement or completion of the Works is delayed beyond the estimated completion date as referred to in Clause 2.12 of the Covering Schedule, for any reason or cause whatsoever beyond the Seller and/or the Contractor's control or if any building industry holidays, whether statutory or recognised generally as customary in the industry, rain days or strikes fall within the contract period, then the Seller and the Contractor shall be entitled to a fair and reasonable extension of time for the completion of the Works and the Purchaser shall not for that reason have any claim against the Seller and/or the Contractor for damages or otherwise, and shall be obliged to pay the escalation on the Total Purchase Price, as provided for in Clause 13.3 of this Agreement, on the Transfer Date.

COMMENCEMENT AND COMPLETION OF THE WORKS. 13.1 The Contractor shall not be obliged to commence with the Works until: 13.1.1 the Purchaser has furnished adequate security to the Seller's satisfaction for the Total Purchase Price; and 13.1.2 all necessary consents, approvals and/or registrations from all relevant authorities have been obtained. 13.2 The Contractor will endeavour to complete the Works as close as possible to the Completion Date, subject to the terms and conditions of this Agreement. 13.3 If the Completion Date is delayed beyond the estimated completion date as referred to in Clause 2.12 of the Covering Schedule, the Parties hereby agree that the Total Purchase Price will increase from the Escalation Date until the Transfer Date, at the rate of 86% (EightSix) per year, calculated pro rata, and payable by the Purchaser to the Seller on the Transfer Date. INITIAL 13.4 If the commencement or completion of the Works is delayed beyond the estimated completion date as referred to in Clause 2.12 of the Covering Schedule, for any reason or cause whatsoever beyond the Seller and/or the Contractor's control or if any building industry holidays, whether statutory or recognised generally as customary in the industry, rain days or strikes fall within the contract period, then the Seller and the Contractor shall be entitled to a fair and reasonable extension of time for the completion of the Works and the Purchaser shall not for that reason have any claim against the Seller and/or the Contractor for damages or otherwise, and shall be obliged to pay the escalation on the Total Purchase Price, as provided for in Clause 13.3 of this Agreement, on the Transfer Date.