Common use of Payment of Bond Clause in Contracts

Payment of Bond. (1) The Purchaser must pay the Vendor the Bond at Completion, in accordance with Clause 5.1.4 (2) The Vendor may apply the Bond: (a) to remedy Purchaser defaults under Part 6; and (b) to compensate the Vendor for Expense the Vendor incurs directly or indirectly through any such defaults.