Termination of Contract by Purchaser

Why ask for the termination of contract terms and conditions?

The time when you are buying a property is very crucial and it takes a lot of math and stress to decide which property to buy. Many a time even when you have finally decided to buy a certain property your mind remains in a dilemma whether you have made the right decision or not. In this contemplation many people even would want t cancel the idea of purchasing the property owing to the potential risks that they may foresee. At this point of time if you are told that you cannot cancel the contract because

• The date of doing so has expired
• The state law does not allow it

This may come as a shock to you and therefore it is very important that you know about termination of contract by purchaser terms and condition beforehand.

You must not assume anything while signing any contract because if you do so and do not abide by the contract terms and conditions you may be sued by the other party. So while signing the contract ask your lawyer to point you towards the appropriate page of the document that talks about cancellation of the contract from your side. If you are not satisfied by the answer or the terms that are being imposed then you must not sign the contract at all.

You must exercise all caution while dealing in property because you may want to change your mind anytime and then you must not feel trapped.

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Sample Template Preview

Termination of contract by purchaser.

Without limiting the generality of paragraph A of this article, the purchaser shall have the right to terminate the contract at any time for any reason by giving the contractor two (2) days’ prior written notice to such effect. Upon receipt of the notice, the contractor and its subcontractors shall immediately discontinue all work in progress which can be discontinued without creating a hazardous condition and cancel all outstanding commitments for material, equipment and apparatus which may be canceled without undue cost. The contractor shall notify the purchaser of any commitment which cannot be canceled without undue cost and the purchaser shall have the right to accept delivery or to reject delivery and pay the agreed upon costs. Subject to compliance with the above and any other applicable provision of the contract, purchaser shall pay to the contractor in full satisfaction and discharge of all amounts owing to the contractor under the contract reasonable and proper termination charges. These charges shall not include anticipated profit. The purchaser shall be entitled to all material specially accumulated for the order and included in the above charges, shipped at its expense; or, at its option, the salvage value of the material shall be deducted from the termination charges. The purchaser may, at its option and expense have an independent auditor agreeable to the contractor conduct an independent examination and certify that the contractor’s charges are in accordance with contractor’s standard practice.