QUOTE(puchongite @ Jul 1 2014, 01:03 PM)
Boss I am as confused as you are, but I am just trying to find an explanation for the "confusing" clause.
Maybe, it's just maybe, IOI trying to clarify that one cannot claim any liquidated ( monetary ) damages for the period starting from the booking till the starting date of SPA, ie construction period only starts from the SPA date.
Which is something people already know. But maybe IOI is trying to make it clearer to buyers. But by do so, more people are confused ?
As I mention early, I bought almost 4 properties from IOI and sign the same letter what you sign. As I also asking them last time about this clause. So, you should read the clause together with the clause before:
Clause Before : In the event and notwithstanding that
an extension of time may given at your absolute discretion to execute the SPA, I/we agree for the SPA to be dated on the last day of the Grace Period (as stated in the Sales Form) regardless of the actual date of the SPA is signed) - YOU ASKING EXTENSION TO SIGN SPA
Clause After : In consideration of you acceding to my/our above request, I/we agree to waive my/our right to claim for liquidated damages for late delivery, if applicable,
in respect of the period beginning from the date of this letter and ending on the date of Agreement. - IOI AGREED ON THE EXTENSION AT YOUR RISK CAN'T CLAIM LAD
What that mean : In actual coz you are asking the extension of signing SPA, the number of date you can't claim for LAD is from the BOOKING DATE until the DATE WHEN YOU SIGNING SPA. That is the meaning of that clause friend. LAD still run after that.
Sample : Booking Date 1/7/2014. And you should sign SPA within 14 days but you asking further extension until 30/7/2014. So the date you signing SPA is 30/7/2014. Therefore there are 30 days you can't claim the LAD (if any) due to your request.
This post has been edited by mes23: Jul 1 2014, 02:33 PM