Immediate payment of Deposit Clause Samples

The 'Immediate payment of Deposit' clause requires the party responsible for providing a deposit to do so promptly, typically upon signing the agreement or within a very short, specified timeframe. In practice, this means the buyer or lessee must transfer the agreed deposit amount to the seller or lessor without delay, often as a condition for the contract to become effective or for further obligations to proceed. This clause ensures that the receiving party has financial assurance from the outset, reducing the risk of non-performance or delay by the paying party.
Immediate payment of Deposit. If: (a) the Developer serves on the Buyer a notice in writing claiming to forfeit the Deposit; or (b) the term of the Bond or the Bank Guarantee contains and expiry date which expires before the date which is 14 days after the Target Date, or it is not renewed in accordance with clause 12.2; or (c) in the Developer's opinion, the issuer of the Bond or Bank Guarantee is unable to pay the amount referred to in the Bond or Bank Guarantee, then to the extent that the amount has not already been paid under the Bond or Bank Guarantee, the Buyer must immediately pay the Deposit, (or so much of it as has not been paid), to the Developer by unendorsed bank cheque.
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Related to Immediate payment of Deposit

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