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Contract Conditions Notes

LPC Law Notes > Property Law and Practice Notes

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CONTRACT CONDITIONS

RemediesSCPC 9 & 10

SCPC 1.1.1(e)
SCPC 2
SCPC 3.2.1/3.2.2
SCPC 4.1.1/4.1.2
SCPC4.2.1
SCPC 7.6.2
SCPC 7.6.5(a)
SCPC 8.1

9.1.1

9.8 10.1/10.2

10.3 10.5/10.6

Important SCPCs [Commercial]
Contract rate
VAT
10% deposit (stakeholder)
Disclosure of incumbrances
Physical state
Title guarantee
Personal indemnity covenant
Insurance risk passes to B from exchange
Time is NOT 'of the essence'
Service of a 'Notice to Complete' - makes time 'of the essence'
Damages/Recission
Compensation regarding late completion (protects S only)
Consequences of a failure of B/S to comply with 'Notice to Complete'

Important SCs [Residential]

RemediesSC 6 & 7

SC 1.1.1(e)
SC 2.2.1
SC 3.1.1/3.1.2
SC 3.2.1
SC 4.6.2
SC 4.6.4
SC 5.1.1

6.1.1

6.8 7.1

7.2 7.4/7.5

Contract Rate 10% deposit (stakeholder)
Disclosure of incumbrances
Physical state
Title guarantee
Personal indemnity covenant
Insurance risk passes to B from exchange
Time is NOT 'of the essence'
Service of a 'Notice to Complete' - makes time 'of the essence'
Damages/Recission
Compensation regarding late completion (protects S & B)
Consequences of a failure of B/S to comply with 'Notice to Complete'
Delay SCs/SCPCs

SC 6.1.1
Time NOT of the essence; i.e. parties cannot just walk away
SCPC 9.1.1
If delay is likely to be short:
SC 7.2
Compensation (Buyer & Seller)
SCPC 10.3
Compensation (for Seller only)
If delay is likely to be longer:
SC 6.8
Serve 'Notice to Complete' (to enable 'innocent' party to walk away)
SCPC 9.8
SCs 7.4 & 7.5
Recission (if fail to comply with 'Notice to Complete')
SCPCs 10.5 & 10.6
Common Additional Special Conditions
 If S requires a P-i-C from B, S will often draft an express term to this effect on back page

very common but not strictly necessary [already covered by SC 4.6.4(a)/SCPC 7.6.5(a)]
 For S to pay for some form of insurance (if there are any title issues); e.g. defective title insurance, to protect against breach of restrictive covenants
 For a 2nd Trustee to be appointed before completion

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