Sale And Purchase Agreement Page 8
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24THE SCHEDULE – continued
FORM E
5.4
If the Certificate of Statutory Completion relating to the Unit is issued
before the Completion Date, then instead of the arrangements in item 4
of the Payment Schedule above, the Purchaser must pay the last
instalment of 15% of the Purchase Price in the following manner:
(a) within 14 days after the
13% of the Purchase Price is to be
Purchaser
receives
the
paid as follows :
Certificate
of
Statutory
Completion (or a certified
(i)
8% of the Purchase Price
copy thereof)
shall be paid to the Vendor;
and
(ii)
5% of the Purchase Price is
to be paid to the Singapore
Academy
of
Law
as
stakeholder who shall, on the
Final Payment Date, pay to
the Vendor that sum less all
authorised deductions.
(b) on Completion Date
The balance 2% of the Purchase
Price shall be paid to the Vendor.
5.5
If the Purchaser desires to make deductions from the 5% of the Purchase
Price held by the stakeholder under this Agreement, he may serve on the
stakeholder and Vendor a notice of deductions from the Purchase Price.
5.6
The notice of deductions under clause 5.5 must be served on the
stakeholder and Vendor at the same time and at least 7 working days
before the Final Payment Date.
5.7
If the Vendor disputes all or any part of the deductions specified in the
Purchaser's notice of deductions under clause 5.2(a) or 5.5, the Vendor
may serve on the stakeholder a notice stating the amount of deductions
in dispute and the amount not in dispute, if any.
5.8
The notice referred to in clause 5.7 must be served on the stakeholder at
least one working day before the due date for payment under clause
5.3(a) or the Final Payment Date, as the case may be.
5.9
If a notice of deductions referred to in clause 5.2(a) or 5.5 is duly served
on the stakeholder in accordance with clause 5.2 or 5.6, as the case may
be, or a notice referred to in clause 5.7 is duly served on the stakeholder
in accordance with clause 5.8, then, notwithstanding clauses 5.3 and 5.4,
the stakeholder shall be entitled to -
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