Common use of Cancellation by Allottee/Transferee Clause in Contracts

Cancellation by Allottee/Transferee. The Allottee/Transferee shall have the right to cancel/withdraw his allotment in the Project as provided in the Applicable Laws. Provided that where the Allottee/Transferee proposes to cancel/withdraw from the Project without any fault of the Promoter/Transferor, the Promoter/Transferor herein is entitled to forfeit an amount equal to the Cancellation Charges. The balance amount of money paid by the Allottee/Transferee shall be returned by the Promoter/Transferor to the Allottee/Transferee within 45 (forty five) days of such cancellation.