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SOHU » Topics » Article 10 Liabilities of Late Delivery

This excerpt taken from the SOHU 10-Q filed May 8, 2007.

Article 10 Liabilities of Late Delivery

Unless caused by Force Majeure, if the Seller fails to deliver the house to the Buyer before the due date or in accordance with the terms as set forth in Article 9, the Seller shall assume the liability as set forth in ×:

 

1. Assume either one of the following liabilities on the basis of number of overdue days.

 

  a) Should the overdue days are     ×     days or less (such number of days shall be no less than the days filled in 1 a) of Article 8), an interest shall be calculated at a daily rate of × on the sum already paid by the Buyer (such rate shall be no less than the one agreed in 1 a) of Article 8), the Seller shall pay to the Buyer such interest within × days from the delivery of the house and the Contract shall continue effective.

 

  b)

Should the overdue days are more than     ×     days (such number shall be the same as above a)), the Buyer shall be entitled to the right to reject the house. In the case the Buyer reject the house,

 

6

 

the Seller shall, within     ×     days of the receipt of the notice of rejection from the Buyer, refund the Buyer all the sum that has been already paid, and pay to the Buyer an interest in the amount of × % of the sum that has been already paid by the Buyer. In the case the Buyer agree to continue the Contract, the Contract shall continue effective, an interest shall be calculated at a daily rate of × on the sum already paid by the Buyer (such rate shall be no less than the one agreed in 1 a) of this Article), the Seller shall pay to the Buyer such interest within × days from the delivery of the house.

 

2.         ×            
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