Common use of Default by VENDOR Clause in Contracts

Default by VENDOR. 8.1 In the event of :- (a) default by the Vendor of any of the Vendor’ obligations under this Agreement which is not rectified by the Vendor within Seven (7) days from the Vendor being notified of the same; or (b) the Vendor wilfully failing to complete this transaction provided that the Purchaser themselves shall not be in breach of this Agreement the Purchaser shall be entitled to specific performance and/or damages or by notice in writing to the Vendor to forthwith terminate this Agreement in which event this Agreement shall terminate on the date of such notice and the following consequences shall ensue, that is to say:- (i) the Vendor shall pay to the Purchaser the sum of monies equivalent to the said Deposit only of the Purchase Price free of interest as agreed liquidated damages in addition to the refund of all payments made towards the Purchase Price. (ii) the Purchaser shall deliver or cause to be delivered to the Purchaser’s Solicitors all documents and other records belonging to the Vendor; and; (iii) if possession of the said Property has been delivered to the Purchaser, the Purchaser shall, unless otherwise agreed to in writing by the parties hereto, deliver to the Vendor the said Property, fair wear and tear excepted. 8.2 In the event of termination of this Agreement:- (a) the sums payable pursuant to Clause 8.1(i) above shall be paid by the Vendor or the Purchaser’s Solicitors, in the case of monies held by the Purchaser’s Solicitors as stakeholders, to the Purchaser within Fourteen (b) the delivery of documents, other records and, unless otherwise agreed to in writing by the parties hereto, delivery of vacant possession pursuant to Clause 8.1(ii) & (iii) above, shall be effected within Fourteen (14) days of the Vendor and/or the said Solicitors compliance of Clause 8.2(a) herein.

Default by VENDOR. 8.1 In 6.1 It is also further agreed between the event of :- (a) default by parties hereto that if the Vendor of any of the Vendor’ fail to comply with their obligations under this Agreement which is not rectified by the Vendor within Seven (7) days from the Vendor being notified of the same; or (b) the Vendor wilfully failing to complete this transaction provided that the Purchaser themselves shall not be in sale herein, breach a material term and/or condition of this Agreement and/or is wound up or there is a winding up proceeding against the Vendor, the Purchaser shall be entitled to specific performance of this Agreement and all other remedies available to them wherein all costs and expenses incurred by the Purchaser (including but not limited to the solicitors cost on solicitors and client basis) in connection therein shall be paid and borne by the Vendor. Alternatively the Purchaser shall be entitled to terminate this Agreement whereupon the Purchase Price satisfied by Purchaser and/or damages or by notice in writing on behalf of the Purchaser herein under this Agreement to the Vendor shall be refunded free of interest and the Vendor shall in addition pay to forthwith terminate this Agreement in which event this Agreement shall terminate on the Purchaser a sum amounting to the Agreed LAD as agreed liquidated damages for the Vendor’s breach within fourteen (14) days from the date of receipt by the Vendor of the notice of termination failing which interest at the rate of eight per centum (8%) per annum on daily rests shall be paid on the aforesaid Purchase Price to be refunded from the expiry of the due date to the date of actual payment and in exchange of such notice refund. Upon receipt by the Purchaser of the Refund and Agreed LAD in full the following consequences Purchaser shall ensue, that is to say:-at their own cost and expense: - (i) the Vendor shall pay to the Purchaser the sum of monies equivalent to the said Deposit only withdraw all caveats lodged by or on behalf of the Purchase Price free of interest as agreed liquidated damages in addition to the refund of all payments made towards the Purchase Price.Purchaser; and (ii) the Purchaser shall deliver or cause to be delivered return to the PurchaserVendor’s Solicitors all the documents and other records belonging to the Vendor; and; (iii) if possession of the said Property has been delivered to the Purchaser, the Purchaser shall, unless otherwise agreed to in writing by the parties hereto, deliver to the Vendor the said Property, fair wear and tear excepted. 8.2 In the event of termination of this Agreement:- (a) the sums payable pursuant to Clause 8.1(i) above shall be paid provided by the Vendor or under this Agreement with the PurchaserVendor’s Solicitors, interest intact (save in the case event that the stamp duty has been paid on the Memorandum of monies held Transfer, the Memorandum of Transfer shall be retained by the Purchaser’s Solicitors as stakeholdersto obtain a refund of stamp duty), to whereupon this Agreement shall terminate and be of no further effect and neither parties hereto shall have any claim against the Purchaser within Fourteen (b) other and thereafter the delivery of documents, other records and, unless otherwise agreed to in writing by the parties hereto, delivery of vacant possession pursuant to Clause 8.1(ii) & (iii) above, Vendor shall be effected within Fourteen (14) days of at liberty to deal the Property in such manner as the Vendor and/or the said Solicitors compliance of Clause 8.2(a) hereinshall think fit.