Common use of COMPLETION AND POSSESSION Clause in Contracts

COMPLETION AND POSSESSION. 5.1. Time is the essence for the Promoter as well as the Allottee. The Promoter shall abide by the time schedule for completing the project and handing over the Apartment(s) to the Allottee and the common areas to the Association of the Alottees after receiving the Occupancy Certificate or the Completion Certificate or both, as the case may be. Similarly, the Allottee shall make timely payments of the installments and/or other dues payable by the Allottee and meeting the other obligations under the Agreement subject to simultaneous completion or construction by the Promoter as provided herein.