Common use of Effect of Cancellation Clause in Contracts

Effect of Cancellation. In the event the Developer cancels the Allotment, it will refund without interest all amounts received from such Defaulter Allottee after deducting there from 10% (Ten percent) of the Base Price and all interests, if any, due from such Allottee as and by way of agreed liquidated damages. Upon such cancellation, the Allottee shall have no right or interest in the Apartment and the Developer shall be discharged of all its liabilities and obligations under this Apartment GTC towards such an Allottee whereupon the Developer shall have the right to deal with the Apartment in any manner in which it may deem fit as if that Allotment had never been made. In the event the Developer elects to cancel the Allotment any amount which is found to be refundable to the Allottee over and above the amounts retainable by the Developer as aforesaid, shall be refunded by the Developer within 30 (thirty) days from the date of cancellation by cheque encashable at Durgapur and sent to the Allottee by registered post to the last disclosed address of the Allottee where after the Allottee shall have no claim as against the Developer.

Effect of Cancellation. In the event the Developer cancels the Allotment, it will refund without interest all amounts received from such Defaulter Allottee after deducting there from 10% (Ten percent) of the Base Price and all interests, if any, due from such Allottee as and by way of agreed liquidated damages. Upon such cancellation, the Allottee shall have no right or interest in the Apartment and the Developer shall be discharged of all its liabilities and obligations under this Apartment GTC towards such an Allottee whereupon the Developer shall have the right to deal with the Apartment in any manner in which it may deem fit as if that Allotment had never been made. In the event the Developer elects to cancel the Allotment any amount which is found to be refundable to the Allottee over and above the amounts retainable by the Developer as aforesaid, shall be refunded by the Developer within 30 (thirty) days from the date of cancellation by cheque encashable at Durgapur Kolkata and sent to the Allottee by registered post to the last disclosed address of the Allottee where after the Allottee shall have no claim as against the Developer.