Common use of Right to Rescind for Excessive Delay Clause in Contracts

Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article, amounts to one hundred eighty (180) days or more, then, in such event, the BUYER may rescind this Contract in accordance with the provisions of Article X hereof. The BUILDER may, at anytime after the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty (20) days after such demand is received by the BUYER, either notify the BUILDER of its intention to rescind this Contract or consent to a postponement of the Delivery Date to a specific future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as herein above provided.

Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article, amounts to one hundred eighty One Hundred and Fifty (180150) days or more, then, in such event, the BUYER may rescind this Contract in accordance with the provisions of Article X hereof. The BUILDER SELLER may, at anytime any time after the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty (20) days after such demand is received by the BUYER, either notify the BUILDER SELLER of its intention to rescind this Contract Contract, or consent to a postponement of the Delivery Date to a specific future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as herein above hereinabove provided.

Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article, amounts amount to one hundred eighty (180) days or more, then, in such event, the BUYER may rescind this Contract CONTRACT in accordance with the provisions of Article X hereof. The BUILDER SELLER may, at anytime any time after the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty (20) days after such demand is received by the BUYER, either notify the BUILDER SELLER of its intention to rescind this Contract CONTRACT, or consent to a postponement of the Delivery Date DELIVERY DATE to a specific future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as herein above hereinabove provided. rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided.