deposit may be paid by cheque but if that cheque is not duly honoured
on presentation the Buyer shall immediately and without notice be in
default. A cheque in payment of the deposit is not payment until it
is met. Any other payment due under the Agreement may be made or
tendered either in cash or by bank cheque. For the purpose a bank
means a bank as defined in the Banking Act 1959 or a bank constituted
as such under State Law.
Under a typical contract the Seller must notify the Buyer not less than 2 days before the Settlement Date the number of, the payee for, and the amount of each bank cheque required to effect Settlement. If the Seller fails to do so, the Buyer may tender the total amount due at settlement and payable to the Seller.