Interest liability over sale delay
Interest liability over sale delay
- 1991
- Times 31 October 1991, 35(1) .
In "Newbery and another v Turngiant Ltd" CA 24 October 1991 in dismissing an appeal by purchasers, it was held that a clause in a contract for the sale of land which provided that the balance of purchase money was to be paid on completion and if not then paid was to bear interest had the effect (1) that the vendors were entitled to interest if any delay occurred not due to default on their part and (2) when taken with another clause in the contract, that the purchasers had no right to any compensation under condition 22, Law Society`s General Conditions of Sale (1984 revision).
COMPENSATION
CONTRACT
LAW SOCIETY GENERAL CONDITIONS OF SALE (1984 REVISION) CONDITION 22
SALE OF LAND
VENDOR AND PURCHASER
In "Newbery and another v Turngiant Ltd" CA 24 October 1991 in dismissing an appeal by purchasers, it was held that a clause in a contract for the sale of land which provided that the balance of purchase money was to be paid on completion and if not then paid was to bear interest had the effect (1) that the vendors were entitled to interest if any delay occurred not due to default on their part and (2) when taken with another clause in the contract, that the purchasers had no right to any compensation under condition 22, Law Society`s General Conditions of Sale (1984 revision).
COMPENSATION
CONTRACT
LAW SOCIETY GENERAL CONDITIONS OF SALE (1984 REVISION) CONDITION 22
SALE OF LAND
VENDOR AND PURCHASER