Common use of Additional Terms for Binding Effect Clause in Contracts

Additional Terms for Binding Effect. The parties hereby agree that the Promoter shall be entitled to forfeit the Cancellation Charges in place and stead of the Booking Amount as stated in Clause 20 hereinabove. Further the Promoter shall be entitled to forfeit an amount equivalent to GST applicable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. Provided that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.

Additional Terms for Binding Effect. The parties hereby agree that the Promoter Developer shall be entitled to forfeit the Cancellation Charges in place and stead of the Booking Amount as stated in Clause 20 hereinabove. Further the Promoter Developer shall be entitled to forfeit an amount equivalent to GST applicable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Promoter Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. Provided that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.