Prestige One
TERMS & CONDITIONS
- These terms and conditions relate only to the application procedures / bidding for the purchase of the Unit by the Client as identified on the signed Expression of Interest (“EOI”) Form.
- The Deposit shall be payable by the Client on the date of signing of this EOI. The parties hereto agree that the Deposit will be held by the Developer and may be applied towards the first installment of the Unit purchase price pursuant to the term of the Sale and Purchase Agreement (“SPA”) that will be entered into by and between the parties if the purchase transaction succeeds. The receipt of the Deposit by the Developer does not bind the Developer to sell the Unit to the Client. The sale of the Unit is subject to the Developer’s absolute discretion, the availability of the Unit, the SPA agreement on the Developer’s terms and conditions of sale and final approval of the same of the Unit by the Developer.
- The Client undertakes to provide their decision whether to purchase the Unit or not, and to suggest the purchase price that he is willing to pay for the purchase of the Unit no later than 24 Hours from the signing if the EOI, provided the suggested purchase price exceeds the Minimum Purchase Price.
- If the Client’s bidding is successful, as determined by the Developer in its absolute discretion, and the Client decides to proceed in the purchase of the Unit and if the Unit is still available for sale, the EOI shall be converted into an Offer to Purchase (“Offer”) on the day communicated by the Developer to the Client, and the Client shall pay the first installment of the Unit purchase price amounting to Ten percent (10%) of the purchase price, within Fourteen (14) Calendar Days from confirmation by the Developer of the Client’s successful bidding (the “First Installment Date”). The Deposit may, at the Developer’s absolute discretion be applied towards the first installment of the Unit purchase price and the difference between the Deposit and the first installment of the purchase price shall be paid by the Client within the aforementioned Fourteen (14) Calendar Days or else applied toward the subsequent installment(s). The Client shall pay the remaining balance installments of the Unit purchase price as per the Project Payment Plan, as amended by the Developer, in its absolute discretion.
- In the event the Client decides not to proceed in the purchase transaction of the Unit, the Deposit shall be refunded to the Client. If the bidding of the Client is not successful, the Deposit shall be refunded to the Client.
- The Developer shall have the right, at any time, without any liability whatsoever and without the need for any notice, legal proceedings, or court judgment, to reject any EOI or bidding made by the Client for the purchase of the Unit.
- In the event the EOI is accepted by the Developer and the sale and purchase transaction is concluded between the Developer and the Client, the full terms, and conditions of the purchase of the Unit, handover date and the purchase price for the Unit shall be contained in the Sale and Purchase Agreement (“SPA”) to be provided to the Client by the Developer. The SPA shall be issued in the name of the Client only and shall be signed by the parties upon receipt and clearance of Twenty Four percent (24%) of the Unit purchase price as specified above.
- The EOI entitles the Client to bid towards the purchase of the Unit only. The EOI is nontransferable and non-assignable unless prior written approval is provided by the Developer and approval, if any, is at the Developer’s absolute discretion.
- This EOI will immediately terminate upon proper execution of the SPA by both parties.
- Either party may terminate this EOI without any reason or justification whatsoever by written notice to the other party at any time up to the Offer or actual signing of the SPA to Purchase by both parties, without any liabilities on either party as a result of such termination.
- The Client shall keep this EOI confidential and shall not disclose its contents to any third party, other than to the Client’s legal or financial advisors, or as otherwise required by law.
- This EOI and the rights of the parties hereto shall be governed by the laws of Dubai and the United Arab Emirates applicable in Dubai. The parties hereto agree that any legal action or proceeding with respect to this EOI shall be subject to the exclusive jurisdiction of the Dubai Courts.
- These terms and conditions relate only to the application procedures / bidding for the purchase of the Unit by the Client as identified on the signed Expression of Interest (“EOI”) Form.
- The Deposit shall be payable by the Client on the date of signing of this EOI. The parties hereto agree that the Deposit will be held by the Developer and may be applied towards the first installment of the Unit purchase price pursuant to the term of the Sale and Purchase Agreement (“SPA”) that will be entered into by and between the parties if the purchase transaction succeeds. The receipt of the Deposit by the Developer does not bind the Developer to sell the Unit to the Client. The sale of the Unit is subject to the Developer’s absolute discretion, the availability of the Unit, the SPA agreement on the Developer’s terms and conditions of sale and final approval of the same of the Unit by the Developer.
- The Client undertakes to provide their decision whether to purchase the Unit or not, and to suggest the purchase price that he is willing to pay for the purchase of the Unit no later than 24 Hours from the signing if the EOI, provided the suggested purchase price exceeds the Minimum Purchase Price.
- If the Client’s bidding is successful, as determined by the Developer in its absolute discretion, and the Client decides to proceed in the purchase of the Unit and if the Unit is still available for sale, the EOI shall be converted into an Offer to Purchase (“Offer”) on the day communicated by the Developer to the Client, and the Client shall pay the first installment of the Unit purchase price amounting to Ten percent (10%) of the purchase price, within Fourteen (14) Calendar Days from confirmation by the Developer of the Client’s successful bidding (the “First Installment Date”). The Deposit may, at the Developer’s absolute discretion be applied towards the first installment of the Unit purchase price and the difference between the Deposit and the first installment of the purchase price shall be paid by the Client within the aforementioned Fourteen (14) Calendar Days or else applied toward the subsequent installment(s). The Client shall pay the remaining balance installments of the Unit purchase price as per the Project Payment Plan, as amended by the Developer, in its absolute discretion.
- In the event the Client decides not to proceed in the purchase transaction of the Unit, the Deposit shall be refunded to the Client. If the bidding of the Client is not successful, the Deposit shall be refunded to the Client.
- The Developer shall have the right, at any time, without any liability whatsoever and without the need for any notice, legal proceedings, or court judgment, to reject any EOI or bidding made by the Client for the purchase of the Unit.
- In the event the EOI is accepted by the Developer and the sale and purchase transaction is concluded between the Developer and the Client, the full terms, and conditions of the purchase of the Unit, handover date and the purchase price for the Unit shall be contained in the Sale and Purchase Agreement (“SPA”) to be provided to the Client by the Developer. The SPA shall be issued in the name of the Client only and shall be signed by the parties upon receipt and clearance of Twenty Four percent (24%) of the Unit purchase price as specified above.
- The EOI entitles the Client to bid towards the purchase of the Unit only. The EOI is nontransferable and non-assignable unless prior written approval is provided by the Developer and approval, if any, is at the Developer’s absolute discretion.
- This EOI will immediately terminate upon proper execution of the SPA by both parties.
- Either party may terminate this EOI without any reason or justification whatsoever by written notice to the other party at any time up to the Offer or actual signing of the SPA to Purchase by both parties, without any liabilities on either party as a result of such termination.
- The Client shall keep this EOI confidential and shall not disclose its contents to any third party, other than to the Client’s legal or financial advisors, or as otherwise required by law.
- This EOI and the rights of the parties hereto shall be governed by the laws of Dubai and the United Arab Emirates applicable in Dubai. The parties hereto agree that any legal action or proceeding with respect to this EOI shall be subject to the exclusive jurisdiction of the Dubai Courts.
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