sec.81Effect of adverse event on day of settlement

### sec.81 Effect of adverse event on day of settlement This section applies if— parties enter into a contract for the sale of land; and the contract provides that time is of the essence; and a party to the contract (the non-attending party ), because of an adverse event, can not, on the day and at the time of settlement of the contract, complete settlement of the contract. Time stops being of the essence of the contract. The non-attending party— must take reasonable steps to mitigate the effects of the adverse event on the settlement of the contract; and subject to compliance with paragraph (a) —is taken not to be in breach of the contract only because of the failure, on the day and at the time of settlement of the contract, to complete settlement of the contract. Despite the terms of the contract, but subject to any right under the contract to nominate a new day and time of settlement of the contract, the day and time of settlement of the contract are— if the parties to the contract agree to another day and time—the day and time agreed; or otherwise—the day and time determined under subsections (5) to (8) . The non-attending party must— as soon as practicable after the adverse event, tell the other party of the adverse event and how the adverse event has caused the non-attending party to fail to complete settlement of the contract; and as soon as practicable after the adverse event stops preventing the non-attending party from completing settlement of the contract, give a notice to the other party to the contract to complete the contract. The notice under subsection (5) (b) must state— a day, at least 5 business days and not more than 10 business days after the day the notice is given, for settlement of the contract; and a time for settlement of the contract. From a party’s receipt of a notice under subsection (5) (b) and (6) , time is again of the essence of the contract. If a notice is given under subsection (5) (b) by the buyer and the seller in relation to the same adverse event on the same day of settlement, the notice given by the seller prevails. In this section— adverse event means an event that causes serious disruption to a community, including, for example— a cyclone, fire, flood, landslide, seismic event, storm, storm tide, tsunami or tornado; and a public health emergency under the Public Health Act 2005 ; and a requirement to comply with a lawful direction or order given by a government entity under a law of the Commonwealth or a State; and an act of terrorism, activity related to war, civil commotion, public disturbance or riot; and an explosion or sudden impact of an object, including, for example, an aircraft or object from space. 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.81-ssec.1) This section applies if— parties enter into a contract for the sale of land; and the contract provides that time is of the essence; and a party to the contract (the non-attending party ), because of an adverse event, can not, on the day and at the time of settlement of the contract, complete settlement of the contract. (sec.81-ssec.2) Time stops being of the essence of the contract. (sec.81-ssec.3) The non-attending party— must take reasonable steps to mitigate the effects of the adverse event on the settlement of the contract; and subject to compliance with paragraph (a) —is taken not to be in breach of the contract only because of the failure, on the day and at the time of settlement of the contract, to complete settlement of the contract. (sec.81-ssec.4) Despite the terms of the contract, but subject to any right under the contract to nominate a new day and time of settlement of the contract, the day and time of settlement of the contract are— if the parties to the contract agree to another day and time—the day and time agreed; or otherwise—the day and time determined under subsections (5) to (8) . (sec.81-ssec.5) The non-attending party must— as soon as practicable after the adverse event, tell the other party of the adverse event and how the adverse event has caused the non-attending party to fail to complete settlement of the contract; and as soon as practicable after the adverse event stops preventing the non-attending party from completing settlement of the contract, give a notice to the other party to the contract to complete the contract. (sec.81-ssec.6) The notice under subsection (5) (b) must state— a day, at least 5 business days and not more than 10 business days after the day the notice is given, for settlement of the contract; and a time for settlement of the contract. (sec.81-ssec.7) From a party’s receipt of a notice under subsection (5) (b) and (6) , time is again of the essence of the contract. (sec.81-ssec.8) If a notice is given under subsection (5) (b) by the buyer and the seller in relation to the same adverse event on the same day of settlement, the notice given by the seller prevails. (sec.81-ssec.9) In this section— adverse event means an event that causes serious disruption to a community, including, for example— a cyclone, fire, flood, landslide, seismic event, storm, storm tide, tsunami or tornado; and a public health emergency under the Public Health Act 2005 ; and a requirement to comply with a lawful direction or order given by a government entity under a law of the Commonwealth or a State; and an act of terrorism, activity related to war, civil commotion, public disturbance or riot; and an explosion or sudden impact of an object, including, for example, an aircraft or object from space. 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; and - (b) the contract provides that time is of the essence; and - (c) a party to the contract (the non-attending party ), because of an adverse event, can not, on the day and at the time of settlement of the contract, complete settlement of the contract. - (a) must take reasonable steps to mitigate the effects of the adverse event on the settlement of the contract; and - (b) subject to compliance with paragraph (a) —is taken not to be in breach of the contract only because of the failure, on the day and at the time of settlement of the contract, to complete settlement of the contract. - (a) if the parties to the contract agree to another day and time—the day and time agreed; or - (b) otherwise—the day and time determined under subsections (5) to (8) . - (a) as soon as practicable after the adverse event, tell the other party of the adverse event and how the adverse event has caused the non-attending party to fail to complete settlement of the contract; and - (b) as soon as practicable after the adverse event stops preventing the non-attending party from completing settlement of the contract, give a notice to the other party to the contract to complete the contract. - (a) a day, at least 5 business days and not more than 10 business days after the day the notice is given, for settlement of the contract; and - (b) a time for settlement of the contract. - (a) a cyclone, fire, flood, landslide, seismic event, storm, storm tide, tsunami or tornado; and - (b) a public health emergency under the Public Health Act 2005 ; and - (c) a requirement to comply with a lawful direction or order given by a government entity under a law of the Commonwealth or a State; and - (d) an act of terrorism, activity related to war, civil commotion, public disturbance or riot; and - (e) an explosion or sudden impact of an object, including, for example, an aircraft or object from space. - (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