Common use of Suspension of Time Clause in Contracts

Suspension of Time. (1) This clause 6.2 applies if a party is unable to perform a Settlement Obligation solely as a consequence of a Delay Event but does not apply where the inability is attributable to: (a) damage to, destruction of or diminution in value of the Property or other property of the Seller or Buyer; or (b) termination or variation of any agreement between a party and another person whether relating to the provision of finance, the release of an Encumbrance, the sale or purchase of another property or otherwise. (2) Time for the performance of the parties' Settlement Obligations is suspended and ceases to be of the essence of the contract and the parties are deemed not to be in breach of their Settlement Obligations. (3) An Affected Party must take reasonable steps to minimise the effect of the Delay Event on its ability to perform its Settlement Obligations. (4) When an Affected Party is no longer prevented from performing its Settlement Obligations due to the Delay Event, the Affected Party must give the other party a notice of that fact, promptly. (5) When the Suspension Period ends, whether notice under clause 6.2(4) has been given or not, either party may give the other party a Notice to Settle. (6) A Notice to Settle must be in writing and state: (a) that the Suspension Period has ended; (b) a date, being not less than 5 nor more than 10 Business Days after the date the Notice to Settle is given, which shall become the Settlement Date; and (c) that time is of the essence. (7) When Notice to Settle is given, time is again of the essence of the contract. (8) In this clause 6.2:

Suspension of Time. (1) This clause 6.2 applies if a party is unable to perform a Settlement Obligation solely as a consequence of a Delay Event Natural Disaster but does not apply where the inability is attributable to: (a) damage to, destruction of or diminution in value of the Property or other property of the Seller or Buyer; or (b) termination or variation of any agreement between a party and another person whether relating to the provision of finance, the release of an Encumbrance, the sale or purchase of another property or otherwise. (2) Time for the performance of the parties' Settlement Obligations is suspended and ceases to be of the essence of the contract and the parties are deemed not to be in breach of their Settlement Obligations. (3) An Affected Party must take reasonable steps to minimise the effect of the Delay Event Natural Disaster on its ability to perform its Settlement Obligations. (4) When an Affected Party is no longer prevented from performing its Settlement Obligations due to the Delay EventNatural Disaster, the Affected Party must give the other party a notice of that fact, promptly. (5) When the Suspension Period ends, whether notice under clause 6.2(4) has been given or not, either party may give the other party a Notice to Settle. (6) A Notice to Settle must be in writing and state: (a) that the Suspension Period has ended; (b) a date, being not less than 5 nor more than 10 Business Days after the date the Notice to Settle is given, which shall become the Settlement Date; and (c) that time is of the essence. (7) When Notice to Settle is given, time is again of the essence of the contract. (8) In this clause 6.2:

Suspension of Time. (1) This clause 6.2 applies if a party is unable to perform a Settlement Obligation solely as a consequence of a Delay Event Natural Disaster but does not apply where the inability is attributable to: (a) damage to, destruction of or diminution in value of the Property or other property of the Seller or Buyer; or (b) termination or variation of any agreement between a party and another person whether relating to the provision of finance, the release of an Encumbrance, the sale or purchase of another property or otherwise. (2) Time for the performance of the parties' Settlement Obligations is suspended and ceases to be of the essence of the contract and the parties are deemed not to be in breach of their Settlement Obligations. (3) An Affected Party must take reasonable steps to minimise the effect of the Delay Event Natural Disaster on its ability to perform its Settlement Obligations. (4) When an Affected Party is no longer prevented from performing its Settlement Obligations due to the Delay EventNatural Disaster, the Affected Party must give the other party a notice of that fact, promptly. (5) When the Suspension Period ends, whether notice under clause 6.2(4) has been given or not, either party may give the other party a Notice to Settle. (6) A Notice to Settle must be in writing and state: (a) that the Suspension Period has ended;; and (b) a date, being not less than 5 nor more than 10 Business Days after the date the Notice to Settle is given, which shall become the Settlement Date; and; (c) that time is of the essence. (7) When Notice to Settle is given, time is again of the essence of the contract. (8) In this clause 6.2: