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Seller defaults closing date1/12/2024 ![]() ![]() How does the contract address conflicts? Typically, the contract will provide a procedure that guides the parties through specific problems or issues.įor example, in case of the buyer’s failure to pay the rentals on the business premises, the contract may allow the seller to take over the business and handle the payment of rentals. When you have a dispute with your buyer, the first step is to look at the contract. If an excellent working relationship is maintained, most buyers will cooperate if they default, making it possible to work out a peaceful solution quickly and inexpensively. It is also important to maintain a working relationship with the buyer throughout the transaction. ![]() You should always first attempt to come to a mutual agreement before you pursue other options. In many instances, a default by the buyer can be simply and easily dealt with by talking to the buyer. You should first attempt to come to a mutual agreement with the buyer. And a good way to start preparing is by reading the following article. But as we said above, preparation is key. We obviously hope you’re never in a situation in which you have to deal with buyer default. ![]()
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