Common use of NOTICE OF THE BUILDER’S DEFAULT Clause in Contracts

NOTICE OF THE BUILDER’S DEFAULT. In the event the BUYER exercises its right of rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall notify the BUILDER in writing or by fax confirmed in writing, and such rescission shall be effective as of the date notice thereof is received by the BUILDER.