Common use of Electronic Settlement Clause in Contracts

Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply. (2) Payment of the Balance Purchase Price electronically as directed by the Seller’s Solicitor in the Financial Settlement Schedule satisfies the Buyer’s obligation in clause 2.5(1) and 2.5(3)(f). (3) The Seller and Buyer will be taken to have complied with: (a) clause 2.5(3)(c),(e) and (f); and (b) clause 2.5(5)(d) and (e), (as applicable) if at settlement the Financial Settlement Schedule specifies payment of the relevant amount to the account nominated by the Commissioner of Taxation. (4) The Seller will be taken to have complied with clauses 5.3(1)(b) and (c) if, at settlement, the Electronic Workspace contains Transfer Documents and (if applicable) releases of the Encumbrances (other than releases of Encumbrances referred to in clause 11.3(5)) for Electronic Lodgement in the Land Registry. (5) The Seller will be taken to have complied with clause 5.3(1)(c), (d), (e) and (f) if the Seller’s Solicitor: (a) confirms in writing prior to settlement that it holds all relevant documents which are not suitable for Electronic Lodgement and all Keys (if requested under clause 5.3(1)(d)) in escrow on the terms contained in the QLS E-Conveyancing Guidelines; and (b) gives a written undertaking to send the documents and Keys (if applicable) to the Buyer or Buyer’s Solicitor no later than the Business Day after settlement; and (c) if requested by the Buyer, provides copies of documents in the Seller’s Solicitors possession. (6) A party is not in default to the extent it is prevented from complying with an obligation because the other party or the other party’s Financial Institution has not done something in the Electronic Workspace. (7) Any rights under the contract or at law to terminate the contract may not be exercised during the time the Electronic Workspace is locked for Electronic Settlement.

Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply. (2) Payment of the Balance Purchase Price electronically as directed by the Seller’s Solicitor in the Financial Settlement Schedule satisfies the Buyer’s obligation in clause 2.5(1) and 2.5(3)(f). (3) The Seller and Buyer will be taken to have complied withwith clause 2.5(3) (if applicable) if: (a) the Buyer complies with clause 2.5(3)(c),(e) and (f2.5(3)(d); and; (b) clause 2.5(5)(d) and (e), (as applicable) if at settlement the Financial Settlement Schedule specifies payment of the relevant amount CGT Withholding Amount to the account nominated by the Deputy Commissioner of for Taxation. (4) The Seller will be taken to have complied with clauses 5.3(1)(b) and (c) if, at settlement, the Electronic Workspace contains Transfer Documents and (if applicable) releases of the Encumbrances (other than releases of Encumbrances referred to in clause 11.3(5)) for Electronic Lodgement in the Land Registry. (5) The Seller will be taken to have complied with clause 5.3(1)(c), (d), (e) and (f) if the Seller’s Solicitor: (a) confirms in writing prior to settlement that it holds all relevant documents which are not suitable for Electronic Lodgement and all Keys (if requested under clause 5.3(1)(d)) in escrow on the terms contained in the QLS E-Conveyancing Guidelines; and (b) gives a written undertaking to send the documents and Keys (if applicable) to the Buyer or Buyer’s Solicitor no later than the Business Day after settlement; and (c) if requested by the Buyer, provides copies of documents in the Seller’s Solicitors possession. (6) A party is not in default to the extent it is prevented from complying with an obligation because the other party or the other party’s Financial Institution has not done something in the Electronic Workspace. (7) Any rights under the contract or at law to terminate the contract may not be exercised during the time the Electronic Workspace is locked for Electronic Settlement.

Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply. (2) Payment of the Balance Purchase Price electronically as directed by the Seller’s Solicitor in the Financial Settlement Schedule satisfies the Buyer’s obligation in clause 2.5(1) and 2.5(3)(f). (3) The Seller and Buyer will be taken to have complied with: (a) clause 2.5(3)(c),(e2.5(3)(c), (e) and (f); and (b) clause 2.5(5)(d) and (e), (as applicable) if at settlement the Financial Settlement Schedule specifies payment of the relevant amount to the account nominated by the Commissioner of Taxation. (4) The Seller will be taken to have complied with clauses 5.3(1)(b) and (c) if, at settlement, the Electronic Workspace contains Transfer Documents and (if applicable) releases of the Encumbrances (other than releases of Encumbrances referred to in clause 11.3(511.3(4)) for Electronic Lodgement in the Land Registry. (5) The Seller will be taken to have complied with clause 5.3(1)(c), (d), (e) and (f) if the Seller’s Solicitor: (a) confirms in writing prior to settlement that it holds all relevant documents which are not suitable for Electronic Lodgement and all Keys (if requested under clause 5.3(1)(d)) in escrow on the terms contained in the QLS E-Conveyancing Guidelines; and (b) gives a written undertaking to send the documents and Keys (if applicable) to the Buyer or Buyer’s Solicitor no later than the Business Day after settlement; and (c) if requested by the Buyer, provides copies of documents in the Seller’s Solicitors possession. (6) A party is not in default to the extent it is prevented from complying with an obligation because the other party or the other party’s Financial Institution has not done something in the Electronic Workspace. (7) Any rights under the contract or at law to terminate the contract may not be exercised during the time the Electronic Workspace is locked for Electronic Settlement.