Third Party Delays Sample Clauses
The Third Party Delays clause defines how delays caused by entities outside the contracting parties—such as suppliers, subcontractors, or regulatory bodies—are managed within the agreement. Typically, this clause outlines the process for notifying the other party of such delays, the documentation required to substantiate the delay, and any adjustments to timelines or obligations that may result. Its core function is to allocate responsibility and provide a clear mechanism for addressing unforeseen delays that are beyond the direct control of either party, thereby reducing disputes and ensuring project timelines are managed fairly.
Third Party Delays. Buyer has the right to choose any mortgage company or title company for this transaction; however, if Buyer chooses a title company other than Southland Residential Title or a mortgage company other than a Seller Preferred Lender and the chosen title company causes a delay or the mortgage company cannot fund the loan and complete the transaction on Closing Date, at Seller’s discretion, Seller has the option to terminate this Agreement and the Property shall be re-listed on the market.