Does Christmas day count?

What happens if your Settlement Date falls over the Christmas period?

Background

With Christmas rapidly approaching, it is important to consider the impact that the Christmas period has on contract dates under each of the REIQ Contract for Houses and Residential Land and the REIQ Contract for Commercial Land and Buildings (collectively the “Contract”).

The Contract

Under the current editions of each contract, the expression “Business Day” means a day other than:

1.  a Saturday or Sunday;
2.  a public holiday in the Place for Settlement; and
3.  a day in the period 27 to 31 December (inclusive).

Under the Contract, if Settlement falls on a day other than a Business Day in the Place for Settlement, the Settlement must take place on the next Business Day in the Place for Settlement.  This year, for example, if your Settlement falls on 29 December, 2021, the Settlement must take place on 4 January, 2022.

The Takeaway

If your Settlement Date falls between 25 December, 2021 and 31 December, 2021 (inclusive) your Settlement must take place on 4 January, 2022.

If you need advice on a settlement due to occur over the Christmas period, please email Elizabeth Neilson or James Neilson, or call us now on (07) 3243 0000.