Common use of Payment on Completion Clause in Contracts

Payment on Completion. At Completion, the Buyer will pay to: (a) the Seller the Purchase Price less: (i) the Deposit; and (ii) the amount payable to the Minority Petrogas Shareholders under clause 5.2(b); and (b) each of the four Minority Petrogas Shareholders an amount of US$50,000, by telegraphic transfer of immediately available cleared funds to the credit of bank accounts specified in writing by the Seller to the Buyer before Completion or by such other method as agreed by the parties.