sec.80Effect of inoperative computers in particular entities on day of settlement

### sec.80 Effect of inoperative computers in particular entities on day of settlement This section applies if— parties enter into a contract for the sale of land that is an e-conveyance; and the contract provides that time is of the essence; and the contract can not, on the day of settlement of the contract, be settled because computers used by any of the following entities are inoperative, including, for example, because the entity is closed for business— an office of the land registry; an office of the Commissioner of State Revenue under the Taxation Administration Act 2001 ; the Reserve Bank of Australia; a financial institution; an ELN. The parties to the contract are taken not to be in breach of the contract only because of the failure, on the day of settlement of the contract, to complete settlement of the contract. Time does not stop being of the essence of the contract. The day of settlement of the contract is taken to be the next business day. The parties must do everything required under the ELN to enable the contract to be settled on the next business day. This section applies subject to any agreement to the contrary. To remove any doubt, it is declared that if, on the next business day mentioned in subsection (4) , the contract again can not be settled because of the circumstances mentioned in subsection (1) , this section again applies in relation to the circumstances. In this section— business day means a day that is not— a Saturday or Sunday; or a public holiday in— the place where the contract is to be settled; or if the contract is to be settled electronically and the contract does not provide for a place where the contract is to be settled—the place where the land is located; or a day in the period starting on 27 December and ending on 31 December. (sec.80-ssec.1) This section applies if— parties enter into a contract for the sale of land that is an e-conveyance; and the contract provides that time is of the essence; and the contract can not, on the day of settlement of the contract, be settled because computers used by any of the following entities are inoperative, including, for example, because the entity is closed for business— an office of the land registry; an office of the Commissioner of State Revenue under the Taxation Administration Act 2001 ; the Reserve Bank of Australia; a financial institution; an ELN. (sec.80-ssec.2) The parties to the contract are taken not to be in breach of the contract only because of the failure, on the day of settlement of the contract, to complete settlement of the contract. (sec.80-ssec.3) Time does not stop being of the essence of the contract. (sec.80-ssec.4) The day of settlement of the contract is taken to be the next business day. (sec.80-ssec.5) The parties must do everything required under the ELN to enable the contract to be settled on the next business day. (sec.80-ssec.6) This section applies subject to any agreement to the contrary. (sec.80-ssec.6A) To remove any doubt, it is declared that if, on the next business day mentioned in subsection (4) , the contract again can not be settled because of the circumstances mentioned in subsection (1) , this section again applies in relation to the circumstances. (sec.80-ssec.7) In this section— business day means a day that is not— a Saturday or Sunday; or a public holiday in— the place where the contract is to be settled; or if the contract is to be settled electronically and the contract does not provide for a place where the contract is to be settled—the place where the land is located; or a day in the period starting on 27 December and ending on 31 December. - (a) parties enter into a contract for the sale of land that is an e-conveyance; and - (b) the contract provides that time is of the essence; and - (c) the contract can not, on the day of settlement of the contract, be settled because computers used by any of the following entities are inoperative, including, for example, because the entity is closed for business— (i) an office of the land registry; (ii) an office of the Commissioner of State Revenue under the Taxation Administration Act 2001 ; (iii) the Reserve Bank of Australia; (iv) a financial institution; (v) an ELN. - (i) an office of the land registry; - (ii) an office of the Commissioner of State Revenue under the Taxation Administration Act 2001 ; - (iii) the Reserve Bank of Australia; - (iv) a financial institution; - (v) an ELN. - (i) an office of the land registry; - (ii) an office of the Commissioner of State Revenue under the Taxation Administration Act 2001 ; - (iii) the Reserve Bank of Australia; - (iv) a financial institution; - (v) an ELN. - (a) a Saturday or Sunday; or - (b) a public holiday in— (i) the place where the contract is to be settled; or (ii) if the contract is to be settled electronically and the contract does not provide for a place where the contract is to be settled—the place where the land is located; or - (i) the place where the contract is to be settled; or - (ii) if the contract is to be settled electronically and the contract does not provide for a place where the contract is to be settled—the place where the land is located; or - (c) a day in the period starting on 27 December and ending on 31 December. - (i) the place where the contract is to be settled; or - (ii) if the contract is to be settled electronically and the contract does not provide for a place where the contract is to be settled—the place where the land is located; or