Common use of AFTER AUCTION Clause in Contracts

AFTER AUCTION. 6.1 Any successful E-bidders shall and undertake to sign the Memorandum/Contract Of Sale and pay to the Assignee/Bank the difference (if any) between 10% of the purchase price and the deposit paid under Clause 3.5 above (differential sum”) by cash or by Bank Draft in favour of LEMBAGA PEMBIAYAAN PERUMAHAN SEKTOR AWAM or via online transfer to ESZAM AUCTIONEER SDN BHD bank account, at the Auctioneer’s office within three (3) days from the date of auction. In the event that the successful E-bidder fail to pay additional deposit, the Bank will forfeit the deposit and the sale will be deemed cancelled/terminated and the property may be put up for subsequent auction without further notice to the said E-bidders.