Common use of Late Completion Clause in Contracts

Late Completion. If as a result of any breach by the Buyer the sale and purchase is not completed on the Completion Date then, without prejudice to any other rights of the Seller: (a) if the Deposit has been held as stakeholders it may at the option of the Seller then be held as agent for the Seller and the Seller's Solicitors may immediately pay the same to the Seller; (b) the Buyer shall on demand pay interest on any sums due under this Agreement at the Contract Rate from the Completion Date until the later of completion and actual payment (after as well as before any judgment) calculated on a daily basis, both before and after any judgement; and (c) the Buyer shall on demand pay the Seller’s Solicitors proper and reasonable costs, including Value Added Tax, for preparing and serving any notice to complete on the Buyer.