Time of handing over the Possession Clause Samples

The "Time of handing over the Possession" clause defines the specific date or conditions under which the ownership or control of a property or asset is formally transferred from one party to another. Typically, this clause outlines the exact timeline for possession, such as upon completion of payment, fulfillment of contractual obligations, or after certain approvals are obtained. By clearly establishing when possession changes hands, the clause helps prevent disputes over occupancy, responsibility, and risk, ensuring both parties have a mutual understanding of their rights and obligations at the point of transfer.
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Time of handing over the Possession a) Subject to terms of this clause and subject to the Vendee having complied with all the terms and conditions of this Agreement and not being in default under any of the provisions of this Agreement and complied with all provisions, formalities, documentation etc., as prescribed by the Vendor/Developer, and all just exceptions, the Vendor/Developer based on its present plans and estimates shall endeavour to hand over the possession of the Unit within a period agreed upon in terms of Clause 7.1 (a) herein above. b) In addition to the circumstances set out in Clause 28, in the following circumstances, the date of possession shall get extended accordingly: i The completion of the said Aarohan Residences Phase - I including the Unit is delayed by reason of non-availability of steel and/ or cement or other building materials, or water supply or electric power or slow down, strike or, lock-out or civil commotion or by reason of war or enemy action or terrorist action or earthquake or any act of God or due to any Act, Notice, Order, Rule or Notification of the Government and/or any other Public or Competent Authority or due to delay in sanction of any revised building/ zoning plans or for any other reasons beyond the control of the Vendor/Developer, then the Vendee agrees that the Vendor/Developer shall be entitled to the extension of time for handing over of the possession of the said Unit. The Vendor/Developer as a result of such a contingency arising reserves the right to alter or vary the terms and conditions of this Agreement or if the circumstances are beyond the control of the Vendor/Developer so warrant, the Vendor/Developer may suspend the construction of Aarohan Residences Phase - I and this Agreement for such period as it may consider expedient and the Vendee agrees not to claim compensation of any nature whatsoever of this Agreement for the period of suspension/delay in the construction of Aarohan Residences Phase - I and this Agreement. ii If as a result of any law that may be passed by any legislature or Rule, Regulation or Order or notification that may be made and/or issued by the Government or any other Authority including a Municipal Authority or on account of delay in sanctioning of plans or any other sanctions or approval for development or issuance of occupation certificate by appropriate Authorities, the Vendor/Developer is not in a position to hand over the possession of the Unit, then the Vendor/Developer may, if so advised, though not bo...
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