Overage Agreement Scotland

Posted: September 30, 2021 by Podwits Administrator in Uncategorized

The unreasonable refusal of the buyer`s consent to the construction application and the unreasonable refusal to conclude a contract under paragraph 106 were infringements of the contract of sale which had prevented the granting of an extended building permit and the seller`s overtaking. Once again, the Court`s decision was based on the interpretation of several contractual provisions against a complex matrix of facts. Renegotiating overruns is costly and can lead to delays in trade, so it is important that everything is properly documented from the outset and that both parties are aware of the exact nature of each agreement. It is therefore highly recommended to get advice confidently and professionally. Finally, most agreements will include a long-term date after which an overrun would no longer be payable, even if the relevant triggering events or circumstances occurred after that date. The choice of date is a matter of commercial negotiation between the parties. Then, a well-drawn document clearly identifies and describes the circumstances or events that trigger the obligation to pay the overrun. This includes, for example: an overshoot agreement concerns a seller`s right to receive at one time or another, at a given time, additional payments from a buyer, usually after the conclusion of a land sale. . . .

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