Common use of Computer System Unavailable Clause in Contracts

Computer System Unavailable. (1) If settlement fails and cannot occur by 4pm AEST on the Settlement Date because a computer system operated by the Land Registry, Office of State Revenue, Reserve Bank, a Financial Institution or ▇▇▇▇ is inoperative, neither party is in default and the Settlement Date is deemed to be the next Business Day. Time remains of the essence. (2) A party is not required to settle if Electronic Lodgement is not available. If the parties agree to Financial Settlement without Electronic Lodgement, settlement is deemed to occur at the time of Financial Settlement.

Computer System Unavailable. (1) If settlement fails and cannot occur by 4pm AEST on the Settlement Date because a computer system operated by the Land Registry, Office of State Revenue, Reserve Bank, a Financial Institution Bank or ▇▇▇▇ is inoperative, neither party is in default and the Settlement Date is deemed to be the next Business Day. Time remains of the essence. (2) A party is not required to settle if Electronic Lodgement is not available. If the parties agree to Financial Settlement without Electronic Lodgement, settlement is deemed to occur at the time of Financial Settlement.