Common use of Late Completion Clause in Contracts

Late Completion. 7.2.1 If there is default by either or both of the parties in performing their obligations under the contract and completion is delayed, the party whose total period of default is the greater is to pay compensation to the other party. 7.2.2 Compensation is calculated at the contract rate on an amount equal to the purchase price, less (where the buyer is the paying party) any deposit paid, for the period by which the paying party's default exceeds that of the receiving party, or, if shorter, the period between completion date and actual completion. 7.2.3 Any claim for loss resulting from delayed completion is to be reduced by any compensation paid under this contract. 7.2.4 Where the buyer holds the property as tenant of the seller and completion is delayed, the seller may give notice to the buyer, before the date of actual completion, that he intends to take the net income from the property until completion. If he does so, he cannot claim compensation under condition 7.2.1 as well.

Late Completion. 7.2.1 7.3.1 If there is default by either or both of the parties in performing their obligations under the contract and completion is delayed, the party whose total period of default is the greater is to pay compensation to the other party. 7.2.2 7.3.2 Compensation is calculated at the contract rate on an amount equal to the purchase price, less or (where the buyer is the paying party) the purchase price less any deposit paid, for the period by which the paying party's default exceeds that of the receiving party, or, if shorter, the period between completion date and actual completion. 7.2.3 7.3.3 Any claim for loss resulting from delayed completion is to be reduced by any compensation paid under this contract. 7.2.4 7.3.4 Where the buyer holds the property as tenant of the seller and completion is delayed, the seller may give notice to the buyer, before the date of actual completion, that he intends to take the net income from the property until completion. If he does so, he cannot claim compensation under condition 7.2.1 7.3.1 as well.