Common use of Payment Instruments Clause in Contracts

Payment Instruments. In the event of dishonor of any payment instruments or any payment instructions by o on behalf of the Allottee for any reason whatsoever, then the same shall be treated as a default and the Vendor/ Developer may at its sole discretion be entitled to exercisc any recourse available herein. Further, the Vendor / Developer shall intimate the Allotee of the dishonour of the cheque and the Allottee would be required to promptly tender a Demand Draft of the outstanding amounts including interest at the Applicable Interest Rate from the due date till the date of receipt by the Vendor/ Developer of all the amounts including the dishonour charges of Rs. 500/ (Rupees Five Hundred only) for each dishonour. In the event the said Demand Draft is not tendered within 7 (seven) days then the Vendor / Developer shall be entitled to cancel the allotment, subject o provisions hereunder. In the event the Allottee comes forward to pay the entire outstanding amounts, interest and penalty thereof, the Vendor / Developer may consider the same at its sole discretion. In the event of dishonor of any cheque. the Vendor / Developer has no obligation to return the original dishonored cheque.