Clauses - Keys
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Specific keys / codes / combinations The Sellers agree to deliver to the office of the Agent prior to settlement, the following keys, codes & controllers: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ to_ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ to_ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ to_ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (NOTES: This clause is useful, in that it specifically lists the keys and controllers and codes that the Sellers are to deliver prior to settlement. There is still a difficulty though, if the Sellers simply ignore this clause. What can the Buyers do ? They cannot hold back money, or delay settlement. Their only recourse is, after settlement, to claim a breach of contract in the Courts or through a Tribunal. See, for example, the next possibility.) |
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Seller to deliver keys (or retention) The Sellers agree to deliver to the office of the Agent, before 9.00am on the Settlement Date, the keys codes & controllers listed (below) in this clause. If at the due time all the items listed have not been delivered to the office of the Agent, then the Buyers can withhold $__________ from settlement (in the Buyers' Solicitor's Trust Account) and this money can be drawn from trust to pay invoices for the actual costs of replacing the missing items, with any money left over then paid to the Sellers. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ to_ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ to_ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ to_ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . (NOTES: This clause is tough on Sellers. By putting an amount in the clause - the chances of a last minute dispute are reduced. If all the keys and codes and combinations are not there, then the Buyer gets to hold money back at settlement. The terms of the retention are simple - perhaps too simple ... but a complete agreement about all possible terms might run for several pages.) |
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