CONTRACT AGREEMENT Essay Example

  • Category:
    Law
  • Document type:
    Research Paper
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    985

The schedule for contract for sale

Date of contract

15 April 2011 

ACT Aviaries Pty Ltd

ACN 008 999 979

32 Gamor Street

KINGSTON ACT 2604

Park life Pty Ltd

ACN 004 085 616

 Suite 64

Woden, ACT 2606

See sales item table 

See sales item table 

Restrictions on transfer

NOT APPLICABLE 

breach of covenant

Date for completion

15 July 2011 

Seller’s solicitor

Buyer’s solicitor

Sale items table

draft a contract

The Seller agrees to procure the grant of, and the Buyer agrees to accept, the Sale for the Price on the following terms:

1. DEFINITIONS AND INTERPRETATION

1.1 In this Contract definitions appear in the Schedule and the following terms mean unless the Contrary intention appears:

Breach of Covenant” means:

  1. a Development for which the relevant authority has not granted approval;

  2. a breach of a restrictive covenant registered on the contract

  3. a breach of any Covenant of the sale;

Business Day” means any day other than a Saturday, Sunday, Public Holiday or Bank Holiday in the Australian Capital Territory;

Buyer” means the Buyer listed in Schedule Item 3.

Completion” means the date and time at which this Contract is completed;

Contract” means this contract for sale.

Covenant” includes restrictive covenant;

1.2 In this Contract:

(a) a reference to the Seller or to the Buyer includes the executors and administrators of any of them if an individual and the successors of any of them if a corporation;

(b) the singular includes the plural, and vice versa;

(c) a reference to a person includes a body corporate;

1.3 Headings are inserted for convenience only and are not part of this Contract.

1.4 if something is to be done on a day that is not business day, there will be extension of time to the next Business Day, except in the case of Clause 2.1.

2. TERMS OF PAYMENT

2.1 The first installment payable by the Buyer to the Seller is an amount equal to 50% of the Price on the Date of this Contract to the Seller.

2.2 The installment due pursuant to Clause 2.1 may be paid by cheque or cash but if it is paid by

cheque which is not honored on first presentation, the Buyer will be in default.

2.3 If the Buyer is in default under Clause 2.2 then immediately and without the notice otherwise necessary under subsequent clauses will apply.

2.4 On completion, the Buyer must give the Seller a written order signed by the Buyer or the buyer’s solicitor.

2.5 The Buyer must pay to the Seller on Completion the balance of the Price, by unendorsed bank cheque.

2.6 Any money payable to the Seller by the Buyer or the Stakeholder must be paid to the Seller or as the Seller’s Solicitor may direct in writing.

2.7 Completion of payment must be effected on the Date for Completion or as otherwise determined by this Contract within 90 days from the date of installation.

3. GOODS AND SERVICES TAX

3.1 The seller elects, and the buyer consents to the Seller’s election, to use the margin scheme upon the supply of the sale to the buyer.

3.2 The Seller and Buyer agree that the Price is inclusive of any GST payable under the margin scheme.

4. SIGNING OF SALE

4.1 The Buyer must sign each copy of the sale, lodge it with, pay the duty assessed by, and collect it from, the Revenue Office and return it to the Seller’s solicitor no later than 20 days from the date the Seller forwards the Crown Lease to the Buyer.

5. TERMINATION OF CONTRACT – BUYER’S DEFAULT

5.1 If the Buyer does not comply or is otherwise in breach of an essential condition of this Contract then the Seller may by notice in writing served on the Buyer terminate this Contract and may then keep or recover and keep the installment. And either:

(a) Sue the Buyer for breach of Contract; or

5.2 In addition to any money kept or recovered, the Seller may retain

6. TERMINATION OF CONTRACT – SELLER’S DEFAULT

6.1 If the Seller does not comply with a Notice to Complete or a Default Notice or is otherwise in breach of an essential condition of this Contract, the Buyer may by notice in writing served on the Seller either:

(a) terminate this Contract and seek damages against the Seller; or

(b) enforce against the Seller without further notice any other rights and remedies available to the Buyer.

6.2 Upon termination of this Contract by the Buyer, the Stakeholder is authorized to refund to the Buyer any money paid on account of the Price.

7. RESCISSION OF CONTRACT

7.1 If this Contract is rescinded, it is rescinded from the beginning, and unless the parties otherwise agree:

(a) the Deposit and all other money paid by the Buyer under this Contract will be refunded immediately to the Buyer; and

(b) neither party will be liable to pay the other any sum for damages, costs or expenses.

8. DAMAGES FOR DELAY IN COMPLETION

8.1 If Completion does not occur on or before the Date for Completion, due to the default of

either party, the party who is at fault must pay to the other party as liquidated damages on

Completion and the amount shall be determined by the valuer

9. SERVICE OF NOTICES

9.1 Notices required or authorized by this Contract must be in writing.

EXECUTED BY THE SELLER

in the presence of

Signature of Witness Signature of Seller

Name of Witness Name of Seller

EXECUTED BY THE BUYER

in the presence of

Signature of Witness Signature of Buyer

Name of Witness Name of Buyer

Signature of Witness Signature of Buyer

Name of Witness Name of Buyer

References

1. Ewan, M. (2005). Contract Law — Text, Cases and Materials. London: Oxford University

2. Atiyah, P.S. (2003). The Rise and Fall of Freedom of Contract. New York: Clarendon Press

3. Randy, E. B.2003 Contracts Chicago IL: Aspen Publishers.