Common use of GUARANTEE FOR BALANCE OF PURCHASE PRICE Clause in Contracts

GUARANTEE FOR BALANCE OF PURCHASE PRICE. 5.1 The Purchaser shall provide the Attorneys with a bank or other guarantee, acceptable to the Attorneys, for the payment of the balance of the purchase price. 5.2 The said guarantee must be provided within 30 (THIRTY) calendar days of signature of this agreement or, if there are any suspensive conditions that have been included in this agreement for the benefit of the Purchaser only, within 30 (THIRTY) calendar days of fulfillment of all these suspensive conditions. The Developer may, in its sole discretion, grant to the Purchaser an extension of 14 (FOURTEEN) calendar days. 5.3 A bank guarantee is a letter of undertaking issued by a South African bank, against payment of their standard fee, if the Purchaser has enough money or a sufficient loan facility at the relevant bank.