Common use of Notice to complete Clause in Contracts

Notice to complete. Notice must be given 19.1 Except as otherwise provided in this contract: 19.1.1 the Seller is not entitled to: (a) receive or retain money paid by the Buyer; or (b) take or recover possession of the Land; and 19.1.2 neither the Seller nor the Buyer may terminate this contract by reason of the other's failure to observe or perform an obligation imposed on that other party under this contract unless that party has first given a notice to the other party: (a) specifying the failure; (b) stating that the other party must observe and perform that party's obligations under this contract the subject of the notice within 5 Business Days from the date of service of the notice; and (c) stating that if those obligations are not observed and performed within that time, the party giving the notice may terminate this Contract; and the party receiving the notice fails to observe and perform those obligations within the period stated in that notice. 19.2 Clause 19.1 does not apply if either party repudiates the Contract.