Common use of Deemed payment of Pre-Delivery Instalment Clause in Contracts

Deemed payment of Pre-Delivery Instalment. A transfer of funds by the Buyers to the Builder’s Account or the Escrow Agent of any Pre-Delivery Instalment in accordance with this Agreement shall constitute payment of that Pre-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 that Pre-Delivery Instalment and any other amount payable in relation thereto, each in accordance with and in the manner contemplated by this Agreement.