Common use of DEFAULT MANAGEMENT Clause in Contracts

DEFAULT MANAGEMENT. Bidders will have to deposit an amount equal to 5.22 % of trade value as EMD (Xxxxxxx Margin Deposit& Transaction Charges plus applicable GST) in Escrow account provided by Service Provider prior to bidding. Once the auction initiated, no request for EMD deposit / confirmation will be entertained. The 5% EMD will be adjusted in balance 95% payment to be made by the successful bidder in NAFED account & Service Provider Transaction Charges will be adjusted through balance EMD of 0.22 %. The Successful bidder(s) shall make 95% payment in the mentioned account details of NAFED within five bank working days from the date of sale confirmation (excluding the date of sale confirmation). In case, non receipt of 95% payment deposit within stipulated time, the allotment shall be cancelled and 5% Xxxxxxx Money would be forfeited”.