Common use of HOUR CLAUSE Clause in Contracts

HOUR CLAUSE. Should the Seller at any time prior to the fulfilment of all suspensive conditions receive another bona fide offer to purchase his property, which offer he, in his sole discretion, finds more acceptable and wishes to accept, then the purchaser herein shall be notified of such fact in writing and shall have 72 (seventy two) hours (excluding Saturdays, Sundays and Public Holidays) from time of receipt of such notification to waive in writing the benefit of all suspensive conditions in this Agreement thereby binding the Purchaser unconditionally to the Agreement, failing which, the Agreement will lapse and be of no further force and affect. In the event, however, of the offer which the Seller wishes to accept being subject to the cooling-off provisions as prescribed in terms of Section 29A of the Alienation of Land Act of 1981, then the obligation on the part of the Seller to notify the Purchaser as prescribed in terms of this clause shall be postponed until after the cooling-off period has elapsed and furthermore shall not be required to be given at all should the Offeror exercise his rights in terms of the aforesaid cooling-off period to cancel the offer / agreement.