Common use of EFFECT OF BUILDER’S DEFAULT Clause in Contracts

EFFECT OF BUILDER’S DEFAULT. If any such default as referred to in Paragraph (c) above occurs then the Buyer may cancel this Contract by promptly notifying the Builder in writing after the period to remedy it has expired (if any). Such cancellation is to be effective as of the date when such notice of cancellation is received by the Builder (such notice shall be deemed received by the Builder within 24 hours from the moment it was sent by fax or e-mail by the Buyer) and the provisions of Article 10(g) shall apply in respect of such cancellation. In the event that the Buyer elects not to cancel this Contract it shall be entitled to pursue such claims and remedies as it may elect subject to the applicable law. (End of Article)