Common use of Settlement by Electronic Conveyancing Clause in Contracts

Settlement by Electronic Conveyancing. (e-conveyance) (1) Where Item 12.2(a) specifies settlement by e-conveyance this Clause 12.1 will apply and Settlement including lodgment of Transfer Documents and payment of Balance Purchase Price, adjusted as provided in this Contract, will proceed electronically in accordance with the ECNL. (2) Where an inconsistency exists between this and other clauses in this Contract this Clause 12.1 will apply. (3) Where a party, acting reasonably, is not able to proceed with e-conveyance written notice, including advice regarding the reason for such inability must be given as soon as possible prior to Settlement Date and the provisions of Clause 12.1(10)(b)(ii) will apply with regard to Settlement. (4) Each party must: (a) be, or engage a representative who is a Subscriber (as defined in the ECNL) for the purposes of the ECNL; and (b) conduct this transaction in accordance with the ECNL and Participation Rules. (5) Once this Contract has become unconditional the party designated in Item 12.2(a) must promptly cause a Workspace to be opened and populated with all necessary information and documents to facilitate Settlement and advise all relevant parties, including relevant financial institutions, and invite them to join the Workspace. (6) Upon being invited to join the Workspace the remaining parties together with relevant financial institutions must promptly join the Workspace and cause the Workspace to be populated with all necessary information and documents, to facilitate Settlement. (7) A party will not be in default where it is prevented from complying with an obligation under this clause due to failure by the other party or a financial institution to comply with an obligation under this Clause 12.1. (8) The parties will confirm through the Workspace a Settlement Time. Neither party may terminate this Contract while the Workspace is locked for Settlement. (9) Settlement occurs when the Workspace for the e-conveyance records that: (a) Financial Settlement occurs; or (b) if there is no Financial Settlement, the documents necessary to transfer title have been accepted for electronic lodgment by the Titles Registry Office. (10) Each party must do everything reasonably necessary and in a reasonable timeframe to ensure: (a) Settlement (including Financial Settlement) occurs electronically on the Settlement Date; or (b) where the parties have complied with the provisions of Clauses 12.1 and 12.3(7) and Settlement cannot occur by e-conveyance and neither party is in default, Settlement including Financial Settlement will be completed: (i) by e-conveyance on the next Business Day after the Settlement Date; or (ii) if the parties agree, in accordance with Clause 12.2, in which case Settlement must be within 3 Business Days of the Settlement Date, and in either case, time remains of the essence. (11) Should deposit monies held by the agent be required for settlement purposes the agent is authorised and directed, if instructed by the Seller, to release the deposit monies less any agent's commission to the trust account of the Seller's Solicitor. The Seller's Solicitor is authorised to pay the monies as instructed by the Seller in accordance with the directions of the parties. (12) The parties agree payments of the GST Withholding amount as provided by Clause 7 will be complied with where at Settlement Time payment of the required amount is provided for and required in the Financial Settlement Schedule. (13) All monies required for e-conveyance Settlement must be cleared funds prior to Settlement Time. (14) Where monies have been paid to an incorrect account the parties must take all reasonable steps to recover such monies for payment to the intended recipient. (15) Each party will be responsible for their own costs in respect to e-conveyance. (16) Where an Outgoing or other financial obligation is to be discharged or paid at Settlement, if such payment cannot be facilitated through the e-conveyance the parties will make suitable arrangements to discharge or pay the Outgoing or other financial obligation by means other than through e-conveyance.

Settlement by Electronic Conveyancing. (e-conveyance) (1) Where Item 12.2(a) specifies settlement by e-conveyance this Clause 12.1 will apply and Settlement including lodgment of Transfer Documents and payment of Balance Purchase Price, adjusted as provided in this Contract, will proceed electronically in accordance with the ECNL. (2) Where an inconsistency exists between this and other clauses in this Contract this Clause 12.1 will apply. (3) Where a party, acting reasonably, is not able to proceed with e-conveyance written notice, including advice regarding the reason for such inability must be given as soon as possible prior to Settlement Date and the provisions of Clause 12.1(10)(b)(ii) will apply with regard to Settlement. (4) Each party must: (a) be, or engage a representative who is a Subscriber (as defined in the ECNL) for the purposes of the ECNL; and (b) conduct this transaction in accordance with the ECNL and Participation Rules. (5) Once this Contract has become unconditional the party designated in Item 12.2(a) must promptly cause a Workspace to be opened and populated with all necessary information and documents to facilitate Settlement and advise all relevant parties, including relevant financial institutions, and invite them to join the Workspace. (6) Upon being invited to join the Workspace the remaining parties together with relevant financial institutions must promptly join the Workspace and cause the Workspace to be populated with all necessary information and documents, to facilitate Settlement. (7) A party will not be in default where it is prevented from complying with an obligation under this clause due to failure by the other party or a financial institution to comply with an obligation under this Clause 12.1. (8) The parties will confirm through the Workspace a Settlement Time. Neither party may terminate this Contract while the Workspace is locked for Settlement. (9) Settlement occurs when the Workspace for the e-conveyance records that: (a) Financial Settlement occurs; or (b) if there is no Financial Settlement, the documents necessary to transfer title have been accepted for electronic lodgment by the Titles Registry Office. (10) Each party must do everything reasonably necessary and in a reasonable timeframe to ensure: (a) Settlement (including Financial Settlement) occurs electronically on the Settlement Date; or (b) where the parties have complied with the provisions of Clauses 12.1 and 12.3(7) and Settlement cannot occur by e-conveyance and neither party is in default, Settlement including Financial Settlement will be completed: (i) by e-conveyance on the next Business Day after the Settlement Date; or (ii) if the parties agree, in accordance with Clause 12.2, in which case Settlement must be within 3 Business Days of the Settlement Date, and in either case, time remains of the essence. (11) Should deposit monies held by the agent be required for settlement purposes the agent is authorised and directed, if instructed by the Seller, to release the deposit monies less any agent's commission to the trust account of the Seller's Solicitor. The Seller's Solicitor is authorised to pay the monies as instructed by the Seller in accordance with the directions of the parties. (12) The parties agree payments of the GST Withholding amount as provided by Clause 7 will be complied with where at Settlement Time payment of the required amount is provided for and required in the Financial Settlement Schedule. (13) All monies required for e-conveyance Settlement must be cleared funds prior to Settlement Time. (14) Where monies have been paid to an incorrect account the parties must take all reasonable steps to recover such monies for payment to the intended recipient. (15) Each party will be responsible for their own costs in respect to e-conveyance. (16) Where an Outgoing or other financial obligation is to be discharged or paid at Settlement, if such payment cannot be facilitated through the e-conveyance the parties will make suitable arrangements to discharge or pay the Outgoing or other financial obligation by means other than through e-conveyance.

Settlement by Electronic Conveyancing. (e-conveyance) (1) Where This Clause 12.1 will apply where: (a) Item 12.2(a) 12.2 specifies settlement by e-conveyance this conveyance; or (b) Either Clause 12.1 will apply and 12.2(3) or Clause 12.3(4)(a) are applicable. (2) Where settlement is by e-conveyance, Settlement including lodgment lodgement of Transfer Documents and payment of Balance Purchase Price, adjusted as provided in this Contract, will proceed electronically in accordance with the ECNL. (23) Where an inconsistency exists between this and other clauses in this Contract this Clause 12.1 will apply. (3) Where a party, acting reasonably, is not able to proceed with e-conveyance written notice, including advice regarding the reason for such inability must be given as soon as possible prior to Settlement Date and the provisions of Clause 12.1(10)(b)(ii) will apply with regard to Settlement. (4) Each party must: (a) be, or engage a representative who is a Subscriber (as defined in the ECNL) for the purposes of the ECNL; and (b) conduct this transaction in accordance with the ECNL and Participation Rules. (5) Once this Contract has become unconditional unconditional, the party designated in responsible for opening the Electronic Workspace (Refer Item 12.2(a)) must promptly cause a Workspace to be opened and populated with all necessary information and documents to facilitate Settlement and advise all relevant parties, including relevant financial institutions, and invite them to join the Workspace. (6) Upon being invited to join the Workspace the remaining parties together with relevant financial institutions must promptly join the Workspace and cause the Workspace to be populated with all necessary information and documents, to facilitate Settlement. (7) A party will not be in default where it is prevented from complying with an obligation under this clause due to failure by the other party or a financial institution to comply with an obligation under this Clause 12.1. (8) The parties will confirm through the Workspace Workspace, a Settlement Time. Neither party may terminate this Contract while the Workspace is locked for Settlement. (9) 8) Settlement occurs when the Workspace for the e-conveyance records that: (a) Financial Settlement occurs; or (b) if there is no Financial Settlement, the documents necessary to transfer title have been accepted for electronic lodgment lodgement by the Titles Registry Office. (109) Each party must do everything reasonably necessary and in a reasonable timeframe to ensure: (a) ensure Settlement (including Financial Settlement) occurs can occur electronically on the Settlement Date; or (b) where the parties have complied with the provisions of Clauses 12.1 and 12.3(7) and Settlement cannot occur by e-conveyance and neither party is in default, Settlement including Financial Settlement will be completed: (i) by e-conveyance on the next Business Day after the Settlement Date; or (ii) if the parties agree, in accordance with Clause 12.2, in which case Settlement must be within 3 Business Days of the Settlement Date, and in either case, time remains of the essence. (1110) Should deposit monies held by the agent be required for settlement purposes the agent is authorised and directed, if instructed by the Seller, to release the deposit monies less any agent's commission to the trust account of the Seller's Solicitor. The Seller's Solicitor is authorised to pay the monies as instructed by the Seller in accordance with the directions of the parties. (1211) The parties agree payments of the GST Withholding amount Amount as provided by Clause 7 will be complied with where where, at Settlement Time Time, payment of the required amount is provided for and required in the Financial Settlement Schedule. (1312) All monies required for e-conveyance Settlement must be cleared funds prior to Settlement Time. (1413) Where monies have been paid to an incorrect account the parties must take all reasonable steps to recover such monies for payment to the intended recipient. (1514) Each party will be responsible for their own costs in respect to e-conveyance. (1615) Where an Outgoing or other financial obligation is to be discharged or paid at Settlement, if such payment cannot be facilitated through the e-conveyance the parties will make suitable arrangements to discharge or pay the Outgoing or other financial obligation by means other than through e-conveyance. (16) Where a party, acting reasonably, is not able to proceed with e-conveyance but is able to proceed with Settlement via non e-conveyance: (a) written notice, including advice regarding the reason for such inability, must be given to the other party as soon as possible, but not less than 5 Business Days prior to the Settlement Date; (b) once such notice has been given, the parties agree Settlement will proceed via non e-conveyance and the provisions of Clause 12.2 will apply; and (c) time remains of the essence. (17) Notwithstanding Item 12.2 specifying Settlement is to occur by e-conveyance, the parties may agree to Settlement by non e-conveyance at any time up until 1 Business Day prior to Settlement, at which point the provisions of Clause 12.2 will apply.