Common use of DISHONOUR OF PAYMENT INSTRUMENTS Clause in Contracts

DISHONOUR OF PAYMENT INSTRUMENTS. In the event of dishonour of any payment instruments or any payment instructions by or on behalf of the Allottee for any reason whatsoever, then the same shall be treated as a default and the Vendor/ Developer may at its sole discretion be entitled to exercise any recourse available herein. Further, the Vendor/ Developer shall intimate the Allottee of the dishonour of the cheque and the Allottee would be required to promptly tender a Demand Draft of the outstanding amounts including interest at the Applicable Interest Rate from the due date till the date of receipt by the Vendor/ Developer of all the amounts including the dishonour charges of Rs. 5000/- (Rupees Five Thousand only) (for each dishonour). In the event the said Demand Draft is not tendered within 7 (seven) days then the Vendor/ Developer shall be entitled to cancel the allotment, subject to provisions hereunder. In the event the Allottee comes forward to pay the entire outstanding amounts, interest and penalty thereof, the Vendor/ Developer may consider the same at its sole discretion. In the event of dishonour of any cheque, the Vendor/ Developer has no obligation to return the original dishonoured cheque.

DISHONOUR OF PAYMENT INSTRUMENTS. In the event of dishonour of any payment instruments or any payment instructions by or on behalf of the Allottee Purchaser for any reason whatsoever, then the same shall be treated as a default and the Vendor/ Developer may at its sole discretion be entitled to exercise any recourse available herein. Further, the Vendor/ Developer shall intimate the Allottee Purchaser of the dishonour of the cheque and the Allottee Purchaser would be required to promptly tender a Demand Draft of the outstanding amounts including interest at the Applicable Interest Rate from the due date till the date of receipt by the Vendor/ Developer of all the amounts including the dishonour charges of Rs. 5000/- 1500/- (Rupees Five Thousand onlyFifteen Hundred) (for each dishonour). In the event the said Demand Draft is not tendered within 7 (seven) days then the Vendor/ Developer shall be entitled to cancel the allotment, subject to provisions hereunder. In the event the Allottee Purchaser comes forward to pay the entire outstanding amounts, interest and penalty thereof, the Vendor/ Developer may consider the same at its sole discretion. In the event of dishonour of any cheque, the Vendor/ Developer has no obligation to return the original dishonoured cheque.