Common use of Immediate payment of Deposit Clause in Contracts

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.

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 12.211.2; 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.

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 12.211.2; 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.