cheque - standard contract

         Under a typical standard contract:

The 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.