We are in the process of releasing the new versions of our Commercial Sales Contracts, with the first release being the Commercial Land and Building Sales Contract (to be followed shortly by the Contract for Sale of Commercial Lots in a Community Titles Scheme).
These updated Contracts have been amended to reflect the changes previously made to the ADL Residential House and Land Sales Contract, with the main changes again providing for settlement failure and electronic payment of deposits.
Key areas of change are:
- Settlement Failure Provisions
- Provisions for Electronic Transfer of Deposits
Settlement Failure - Extension Provisions
As with the residential equivalent clauses, these new provisions have been added as a result of the recent well publicised case of a purchaser losing the deposit through no fault of their own, as a financial institution was not ready for settlement.
Our new Clause 8.3 in the Commercial Land and Building Sales Contract (Settlement - Extension Provisions) has been drafted to cater for settlement failure because of failure or inability by:
- a relevant financial institution to comply with an instruction or requirement under either Clause 9.1 or 9.2, where such failure or inability does not arise due to any act or omission by a party; or
- an e-conveyancing platform provider, or user of such platform (including a party to the Workspace), to facilitate Settlement due to system or connectivity failure.
Such failure will result in an automatic 1 day extension to settlement. Where a 1 day extension has occurred, either party may, by notice to the other party, advise of an additional extension of up to, but no more than, 4 days.
Electronic Transfer of Deposits
As with the residential equivalent clauses, a new Clause 3.4 (in respect of deposit payments) has been added into the Commercial Land and Building Sales Contract as a result of client requests to allow the standard 2 business days delay for monies to arrive in a recipient's account, where paid electronically.
2. Updating ADLForms
ADLForms should automatically update to allow access to the new forms and the latest version of the software (9.6.4) when you first open ADLForms today. If this does not occur then:
- Click the 'Update' button from the main menu of the program. Please allow a few minutes for the forms and/or program to download and install.
- If this fails to update your forms then:
- Select Tools -> 'Re-initialise ADLForms’ from within the Main Menu of the ADLForms program. This will close the program.
- Restart ADLForms and click the 'Update' button.
- If you still do not have the updated forms click here to download and re-install ADLForms.
- If all the above do not result in a successful forms and program update please contact our tech support team for assistance.
Click on the link below to:
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