Booking Amount definition
Examples of Booking Amount in a sentence
Such transfer however shall be permissible only if the first instalment (other than Booking Amount) as per this Agreement has been paid in full and all other payments that may be due under this Agreement have been cleared in total.
Inter alia, the Promoter shall be entitled to forfeit the entire Booking Amount, i.e. 10% of the Total Consideration out of the total amounts paid by the Allottee/s till the date of such termination and refund the balance amounts to the Allottee/s within 30 days of such termination as per Applicable Law.
In case of Default by Allottee under the condition listed above continues for a period beyond 02 consecutive demands after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated.
Inter alia, in the event of default or delay by the Allottee/s in payment towards any amount is payable as per payment schedule, the Promoter shall be entitled to exercise its option of cancelling the said allotment of the Plot and forfeiting the entire Booking Amount as mentioned hereinabove in Clause 2.1(a) .
Consequent to such termination, subject to forfeiture of the Booking Amount, applicable taxes and charges, the Promoter shall refund the monies collected from the Allottee/s within 90 days of such cancellation without interest, simultaneous to and subject to the Allottee/s executing and registering the deed of cancellation and such other documents and/or writings to record the cancellation of this Agreement and/or Construction Agreement and/or Sale Deed by the Allottee/s.