Common use of Revocation of this Agreement Clause in Contracts

Revocation of this Agreement. MAGMA shall be entitled to rescind this Agreement if the Hirer/s fails to produce the documents to MAGMA in accordance with clause 4(g) hereunder. In the circumstances of the Agreement being revoked / rescinded under this clause, the Hirer/s shall be liable to immediately refund to MAGMA , all sums paid by MAGMA under this Agreement along with penal interest@ 3% per month to be calculated from the date of payment by MAGMA , to the last date of its repayment to MAGMA by the Hirer/s.

Revocation of this Agreement. MAGMA shall be entitled to rescind this Agreement if the Hirer/s fails to produce the documents to MAGMA in accordance with clause 4(g) hereunder. In the circumstances of the Agreement being revoked / rescinded under this clause, the Hirer/s shall be liable to immediately refund to MAGMA MAGMA, all sums paid by MAGMA under this Agreement along with penal interest@ 3% per month to be calculated from the date of payment by MAGMA , to the last date of its repayment to MAGMA by the Hirer/s.