Settlement by a Method Sample Clauses
The 'Settlement by a Method' clause defines the specific process or mechanism by which parties will resolve outstanding payments or obligations under an agreement. This clause typically outlines whether settlement will occur through cash payments, delivery of goods, transfer of securities, or another agreed-upon method, and may specify timelines or procedures for executing the settlement. By clearly establishing how settlements are to be conducted, the clause helps prevent disputes and ensures both parties understand their responsibilities, thereby promoting efficient and predictable resolution of obligations.
Settlement by a Method other than Electronic Conveyancing (Non e-conveyance)
(1) Where Item 12.2(b) specifies settlement by non e-conveyance or Clause 12.1(3) applies or the parties agree in accordance with Clause 12.1(10)(b)(ii), this Clause 12.2 will apply.
(2) Settlement shall take place on the Settlement Date between 10.00am and 4.00pm AEST:
(a) at the settlement office of the Seller's mortgagee or solicitor; or
(b) as otherwise agreed upon by the parties; or
(c) failing agreement, at the nearest office, to the nominated place for Settlement, at which land title documents may be lodged for registration.
(3) Notwithstanding the completion of Item 12.2(b) the parties may agree to e-conveyance at any time, at which point the provisions of Clause 12.1 will apply.
(4) On the Settlement Date:
(a) the Buyer must, pay the Balance Purchase Price, adjusted as provided in this Contract, by Bank Cheque/s (as directed by the Seller or its Solicitor in writing); and
(b) the Seller must deliver (or cause to be delivered) to the Buyer (or as directed by the Buyer) Transfer Documents free from Encumbrances, unless detailed in Item 19, executed by the Seller in a form capable of immediate registration (save for stamping) in accordance with the Land Title Act 1994.
(5) The Buyer shall be required to bear the cost of no more than four Bank Cheques in payment of the Balance Purchase Price.
Settlement by a Method other than Electronic Conveyancing (Non e-conveyance)
(1) This Clause 12.2 will apply where:
(a) Item 12.2 specifies settlement by non e-conveyance; or
(b) Either Clause 12.1(16), 12.1(17) or 12.3(4)(b) are applicable.
(2) Settlement shall take place on the Settlement Date between 10:00am and 4:00pm AEST:
(a) at the settlement office of the Seller's mortgagee or solicitor; or
(b) as otherwise agreed upon by the parties; or
(c) failing agreement (not less than 2 Business Days prior to the Settlement Date), at the nearest office to the nominated place for Settlement at which land title documents may be lodged for registration.
(3) Notwithstanding Item 12.2 specifying Settlement is to occur by non e-conveyance, the parties may agree to Settlement by e-conveyance at any time up until 1 Business Day prior to Settlement, at which point the provisions of Clause 12.1 will apply.
Settlement by a Method other than Electronic Conveyancing (Non e-conveyance)
(1) Where under Regulation 5(2) or (3) of the Land Title Regulation 2022, the Parties are not required to comply with Regulation 5(1) of such Regulations or Clause 12.3(4)(b) is applicable manual settlement shall take place: on the Settlement Date between 10:00am and 4:00pm AEST:
(a) at the settlement office of the Seller's mortgagee or solicitor; or
(b) as otherwise agreed upon by the parties; or
(c) failing agreement (not less than 2 Business Days prior to the Settlement Date), then in accordance with Section 61(2)(c) of the Property Law Act 1974.
(2) The parties may agree to Settlement by e-conveyance at any time up until 5 Business Days prior to Settlement, at which point the provisions of Clause 12.1 will apply.