This is an extract of our Delayed Completion Diagram document, which we sell as part of our Property Law and Practice Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Property Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Delayed Completion 1) What time must completion occur to be 'on time'?
Standard Commercial Property Conditions (SCPC) 8.1.2 and Standard Conditions for Sale (SCS) 6.1.2
Completion must take place by 2pm
This is unless it has been varied by special condition
2) What are the remedies if completion is not 'on time'
1) Contractual compensation SCPC 9.3.1 and 9.3.2 - Only the buyer has to pay compensation for his delay SCS 7.2 - The buyer or the seller will have to pay compensation for either of their delay
How many days have passed as compensation is for each day of delay
a) Includes the contractual completion date (date specified in contract, or if none specified 20 days after day of exchange - SCPC 8.1.1 and SCS 6.1.1) 26th November (the date of completion) = Day 1
b) Does not include the day on which completion occurs provided the money is received in full by the time specified (before 2pm) 29th November (day of payment before 2pm) not included. No. Days compensation = 3 days of compensation (26th, 27th, 28th)
c) Will include the day on which completion occurs if the money is received in full after the time specified (after 2pm) and will be deemed received the next working day Friday 29th November (day of payment after 2pm) included as is Saturday 30th, Sunday 31st. Completion is before 2pm on Monday so this is not included. No. Days compensation = 6 days of compensation (26th, 27th, 28th, 29th, 30th, 31st)
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