What is a Delay Event?
The new REIQ Contracts released last week now include a provision to allow for the suspension of time as a result of a Delay Event. A Delay Event is defined in the Sixteenth Edition Contract as a tsunami, flood, cyclone, earthquake, bushfire or other act of nature, a riot, civil commotion, war, invasion of terrorist act or a threat of one of these happening or compliance with any lawful directions or order by a Government Agency.
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To learn more about New Contract Change – Delay Event today, contact Ownit Conveyancing on 1300 553 750.