Common use of Withdrawal from Electronic Settlement Clause in Contracts

Withdrawal from Electronic Settlement. (1) Either party may elect not to proceed with an Electronic Settlement by giving written notice to the other party. (2) A notice under clause 11.5(1) may not be given later than 5 Business Days before the Settlement Date unless an Electronic Settlement cannot be effected because: (a) the transaction is not a Qualifying Conveyancing Transaction; or (b) a party’s solicitor is unable to complete the transaction due to death, a loss of legal capacity or appointment of a receiver or administrator (or similar) to their legal practice or suspension of their access to the ELNO System; or (c) the Buyer’s or Seller’s Financial Institution is unable to use the relevant ELNO System to effect Electronic Settlement. (3) If clause 11.5(2) applies: (a) the party giving the notice must provide satisfactory evidence of the reason for the withdrawal; and (b) the Settlement Date will be extended to the date 5 Business Days after the Settlement Date.

Withdrawal from Electronic Settlement. (1) Either party may elect not to proceed with an Electronic Settlement by giving written notice to the other party. (2) A notice under clause 11.5(1) may not be given later than 5 Business Days before the Settlement Date unless an Electronic Settlement cannot be effected because: (a) the transaction is not a Qualifying Conveyancing Transaction; or (b) a party’s 's solicitor is unable to complete the transaction due to death, a loss of legal capacity or appointment of a receiver or administrator (or similar) to their legal practice or suspension of their access to the ELNO System; or (c) the Buyer’s 's or Seller’s 's Financial Institution is unable to use the relevant ELNO System to effect Electronic Settlement. (3) If clause 11.5(2) applies: (a) the party giving the notice must provide satisfactory evidence of the reason for the withdrawal; and (b) the Settlement Date will be extended to the date 5 Business Days after the Settlement Date.

Withdrawal from Electronic Settlement. DRAFT (1) Either party may elect not to proceed with an Electronic Settlement by giving written notice to the other party. (2) A notice under clause 11.5(1) may not be given later than 5 Business Days before the Settlement Date unless an Electronic Settlement cannot be effected because: (a) the transaction is not a Qualifying Conveyancing Transaction; or (b) a party’s solicitor is unable to complete the transaction due to death, a loss of legal capacity or appointment of a receiver or administrator (or similar) to their legal practice or suspension of their access to the ELNO System; or (c) the Buyer’s or Seller’s Financial Institution is unable to use the relevant ELNO System to effect Electronic Settlement. (3) If clause 11.5(2) applies: (a) the party giving the notice must provide satisfactory evidence of the reason for the withdrawal; and (b) the Settlement Date will be extended to the date 5 Business Days after the Settlement Date.

Withdrawal from Electronic Settlement. (1) Either party may elect not to proceed with an Electronic Settlement by giving written notice to the other party. (2) A notice under clause 11.5(113.5(1) may not be given later than 5 Business Days before the Settlement Date unless an Electronic Settlement cannot be effected because: (a) the transaction is not a Qualifying Conveyancing Transaction; or (b) a party’s solicitor is unable to complete the transaction due to death, a loss of legal capacity or appointment of a receiver or administrator (or similar) to their legal practice or suspension of their access to the ELNO System; or (c) the Buyer’s or Seller’s Financial Institution is unable to use the relevant ELNO System to effect Electronic Settlement. (3) If clause 11.5(213.5(2) applies: (a) the party giving the notice must provide satisfactory evidence of the reason for the withdrawal; and (b) the Settlement Date will be extended to the date 5 Business Days after the Settlement Date.