Common use of Deemed payment of Delivery Instalment Clause in Contracts

Deemed payment of Delivery Instalment. (a) A transfer of funds by the Buyers to the Builder’s Bank or the Escrow Agent in accordance with Clauses 7.1 (Pre-position) and 7.2 (Conditions to pre-position) above shall constitute payment of the Delivery Instalment for the purposes of this Agreement and shall, as from the date of such transfer, constitute a valid and binding obligation upon the Sellers in respect of the refund of the Delivery Instalment and any other amount payable in relation thereto, each in accordance with and in the manner contemplated by this Agreement.