sale and purchase agreement (land and building) - Ministry of ...

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Time for delivery of vacant possession.23. (1) Vacant possession of the said Property shall be delivered to thePurchaser in the manner stipulated in clause 25 within twenty-four (24) monthsfrom the date of this Agreement.(2) If the Developer fails to deliver vacant possession of the saidProperty in the manner stipulated in clause 25 within the time stipulated insubclause (1), the Developer shall be liable to pay to the Purchaser liquidateddamages calculated from day to day at the rate of ten per centum (10%) perannum of the purchase price from the expiry of the time stipulated in subclause(1) until the date the Purchaser takes vacant possession of the said Property.(3) The Developer shall pay any liquidated damages referred to insubclause (2) to the Purchaser immediately after the Developer has given noticerequesting the Purchaser to take possession of the said Property in the mannerstipulated in subclause 25, failing which the Purchaser shall be entitled to deductsuch liquidated damages from any instalment of the purchase price due to theDeveloper.(4) For the avoidance of doubt, any cause of action to claim liquidateddamages by the Purchaser under this clause shall accrue on the date thePurchaser takes vacant possession of the said Property.Developer to obtain the certificate of completion and compliance.24. The Developer shall, at its own cost and expenses, duly comply with allthe requirements of the Appropriate Authority which are necessary for theissuance of the certificate of completion and compliance in respect of the saidBuilding.Manner of delivery of vacant possession.25. (1) The Developer shall let the Purchaser into possession of the saidProperty upon the following:(a)(b)the issuance of a certificate of completion and compliance;water and electricity supply are ready for connection to the saidBuilding;(c) the Purchaser having paid all monies payable under subclause 5(1)in accordance with the Third Schedule and all other monies dueunder this Agreement and the Purchaser having performed and
observed all the terms and covenants on his part under thisAgreement; and(d)the completion of any alterations or additional works undersubclause 15(2), if any.(2) The delivery of vacant possession by the Developer shall besupported by a certificate of completion and compliance and includes thehanding over of the keys of the said Building to the Purchaser.(3) Upon the expiry of fourteen (14) days from the date of service of anotice from the Developer requesting the Purchaser to take possession of thesaid Property, whether or not the Purchaser has actually entered into possessionor occupation of the said Property, the Purchaser shall be deemed to have takendelivery of vacant possession.Defect liability period.26. (1) Any defect, shrinkage or other faults in the said Building which shallbecome apparent within a period of twenty-four (24) calendar months after thedate the Purchaser takes vacant possession of the said Property and which aredue to defective workmanship or materials or the said Building not having beenconstructed in accordance with the plans and description as specified in theSecond and Fourth Schedule as approved or amended by the AppropriateAuthority, shall be repaired and made good by the Developer at its own cost andexpense within thirty (30) days of the Developer having received written noticethereof from the Purchaser.(2) If the said defect, shrinkage or other faults in the Building have notbeen made good by the Developer within the said period of thirty (30) days undersubclause (1), the Purchaser shall be entitled to carry out the works to repair andmake good the said defect, shrinkage or other faults himself and to recover fromthe Developer the costs of repairing and making good the same and thePurchaser may deduct such costs from any sum which has been held by theDeveloper’s solicitors as stakeholders under item 5 of the Third Schedule,provided that the Purchaser shall, at any time after the expiry of the said periodof thirty (30) days, notify the Developer of the cost of repairing and making goodthe said defect, shrinkage or other faults before the commencement of the worksand shall give the Developer an opportunity to carry out the works himself withinfourteen (14) days from the date the Purchaser has notified the Developer of hisintention to carry out the said works and provided further that the Purchaser shallcarry out and commence the said works as soon as practicable after theDeveloper’s failure to carry out the said works within the said period of fourteen(14) days. In such an event, the Developer’s solicitors shall release such costs tothe Purchaser from the stakeholder sum held by the Developer’s solicitors under
Page 5 and 6: provided that any damage to the com
Page 7 and 8: Late payment charges.10. (1) Withou
Page 9 and 10: (iv)each party hereto shall pay its
Page 11 and 12: (2) Where the Developer agrees to c
Page 13: Water, electricity, gas piping, tel
Page 17 and 18: (2) The Developer hereby undertakes
Page 19: SCHEDULE GTHIRD SCHEDULE(Clause 5)S

sale and purchase agreement (land and building) - Ministry of ...

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