Sale And Purchase Agreement Page 9
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24THE SCHEDULE – continued
FORM E
(a)
pay to the Vendor on the relevant due date for payment under
clause 5.3 or 5.4, as the case may be, the stakeholding money
due less the amount of deductions notified by the Purchaser under
clause 5.2 or 5.6;
(b)
pay to the Purchaser the amount of deductions notified under
clause 5.2 or 5.6 less the amount disputed by the Vendor under
clause 5.7 either at the same time or 7 working days after the
Vendor's notice referred to in clause 5.7, whichever is the later;
and
(c)
retain the amount disputed by the Vendor, pending the settlement
of the dispute regarding the amount of deductions from the
Purchase Price which the Purchaser is entitled to make under this
Agreement.
5.10
All instalments in items 1 to 3 of the Payment Schedule above are to be
paid to the Vendor by way of cheques crossed "Account Payee only"
drawn in favour of Project Account No. ___________ which the Vendor
has opened with (name of bank or finance company).
5.11
All instalments payable to or by the Singapore Academy of Law under
item 4(b) of the Payment Schedule and clauses 5.3 and 5.4 must be paid
in accordance with the relevant Rules made under the Singapore
Academy of Law Act (Cap. 294A).
5.12
The interest or other income derived from any part of the Purchase Price
held by the Singapore Academy of Law as stakeholder shall accrue to the
Singapore Academy of Law.
5.13
Every notice referred to in clause 5.1 must be accompanied by the
requisite certificate of the qualified person engaged by the Vendor.
5.14
The certificate of the Vendor's qualified person is conclusive of the fact
that the works specified in the certificate have been completed, and the
Purchaser must accept the certificate without further objection or enquiry.
5.15
The Vendor need not give the notices referred to in items 2(d), (e) and (f)
of the Payment Schedule in that order but may give them in any order.
5.16
Time is to be of the essence of this Agreement where payment of
instalments of the Purchase Price is concerned.
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