Common use of Loss or damage before settlement Clause in Contracts

Loss or damage before settlement. 24.1 The vendor carries the risk of loss or damage to the property until settlement. 24.2 The vendor must deliver the property to the purchaser at settlement in the same condition it was in on the day of sale, except for fair wear and tear. 24.3 The purchaser must not delay settlement because one or more of the goods is not in the condition required by general condition 24.2, but may claim compensation from the vendor after settlement. 24.4 The purchaser may nominate an amount not exceeding $5,000 to be held by a stakeholder to be appointed by the parties if the property is not in the condition required by general condition 24.2 at settlement. 24.5 The nominated amount may be deducted from the amount due to the vendor at settlement and paid to the stakeholder, but only if the purchaser also pays an amount equal to the nominated amount to the stakeholder. 24.6 The stakeholder must pay the amounts referred to in general condition 24.5 in accordance with the determination of the dispute, including any order for payment of the costs of the resolution of the dispute.

Loss or damage before settlement. 24.1 The vendor Vendor carries the risk of loss or damage to the property until settlement. 24.2 The vendor Vendor must deliver the property to the purchaser Purchaser at settlement in the same condition it was in on the day of sale, except for fair wear and tear. 24.3 The purchaser Purchaser must not delay settlement because one or more of the goods is not in the condition required by general condition General Condition 24.2, but may claim compensation from the vendor Vendor after settlement. 24.4 The purchaser Purchaser may nominate an amount not exceeding $5,000 to be held by a stakeholder to be appointed by the parties if the property is not in the condition required by general condition General Condition 24.2 at settlement. 24.5 The nominated amount may be deducted from the amount due to the vendor Vendor at settlement and paid to the stakeholder, but only if the purchaser Purchaser also pays an amount equal to the nominated amount to the stakeholder. 24.6 The stakeholder must pay the amounts referred to in general condition General Condition 24.5 in accordance with the determination of the dispute, including any order for payment of the costs of the resolution of the dispute.