Common use of POSSESSION OF THE FLAT Clause in Contracts

POSSESSION OF THE FLAT. Schedule for possession of the said Flat: The VENDORS/LANDOWNERS/DEVELOPER agrees and understands that timely delivery of possession of the Flat is the essence of the Agreement. The VENDORS/LANDOWNERS/DEVELOPER, based on the approved plans and specifications, assures to hand over possession of the Flat and covered car parking spaces on December, 2024, unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature, Pandemic affecting the regular development of the real estate project (“Force Majeure”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the PURCHASER/S agrees that the VENDORS/LANDOWNERS/DEVELOPER shall be entitled to the extension of time for delivery of possession of the Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented.