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PRICE AND TERMS OF PAYMENT |
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6.1 The
price of the House Shall be
?
Ethiopian Birr including 15%VAT.
6.2
The Terms of payment of the sales price shall be as follows:-
15%
of the total sales price i.e. Ethiopian
Birr ? upon signing of the contract.
15% of
the total sales price i.e. Ethiopian Birr ? upon
completion of the foundation.
25%
of the total sales price i.e. Ethiopian
Birr ?
upon completion of brick work..
25%
of the total sales price i.e. Ethiopian Birr
? upon
completion of roofing.
20%
of the total sales price i.e Ethiopian
Birr ?
upon completion of finishing & hand over the key.
6.3
Except
the first payment which is 30% of the total price, the remaining
payments shall be effected to the Developer within
Thirty (30)
days after the receipt of the payment notification by the client
at his\her\its address mentioned herein above.
6.4 If the Client fails to effect the payment
as provided under article 6.3 He\she\it shall pay to the Developer
from the expiry date of the 30 days time limit 0.05%damage per day
on the unpaid balance of the matured sum.
6.5 If the Client fails to pay in accordance
to Article 6.3. and 6.4 herein above within ninety (90) days, the
developer shall have full power to invalidate and bring an end to
the contract and shall deduct
20%(twenty percent) from payments effected by the client as damage and return
the remaining balance. In case of invalidation of the contract the
client shall not pay the damage provided under articles 6.4 of this
contract.
6.6
If the Client wants to change the finishing materials standard after
the contract agreement, s/he will have to pay the extra cost.
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