Common use of COMPLETION AND PAYMENT Clause in Contracts

COMPLETION AND PAYMENT. 6.1 Within ten (10) business days after the date the water share owner receives the Transfer(s) of the agreed volume of water share issued by the Authority, the water share owner must provide to the GBCMA: (a) the properly signed Transfer(s) of agreed volume of water share in registrable form; and (b) all things necessary to enable the GBCMA to become the registered proprietor of the agreed volume of water share free from any encumbrances, including, without limitation: (i) any discharge of mortgage(s) in registrable form and releases of any security interest(s) over the agreed volume of water share; and (ii) any fees to effect registration of any release or discharge of any encumbrances. 6.2 The date that the water share owner complies with its obligations under clause 6.1 is referred to in this contract as the "delivery of Transfer date" (see definition in clause 1.1). 6.3 The GBCMA must within five (5) business days after the delivery of Transfer date pay or transfer the consideration towards the landowner’s project without setoff or deduction in accordance with the infrastructure works deed (the "settlement date") and the water share owner hereby irrevocably authorises and directs the GBCMA to apply the consideration in accordance with the infrastructure works deed. 6.4 Ownership of the agreed volume of water share passes when the whole of the consideration is paid or transferred in accordance with clause 6.3.