TERMS & CONDITIONS
Application for allotment of apartment should be made on the prescribed form duly signed by the applicant(s) along with the Earnest money and other necessary documents. Raibow Development & Construction Ltd. (RDC) has the right to accept of reject any application without assigning any reason. On acceptance of an application, RDC will issue an allotment with specific terms and conditions to the applicant(s).
The purchaser will make the payment as per payment schedule. Payment shall be made by Bank Draft, Pay Order, Cheque in favour of “Raibow Development & Construction Ltd.” Payment from overseas client in US dollars are to be calculated at the current official conversion rate of Bangladeshi Taka on the day of payment.
Delay in Payment
The schedule decided in the agreement for allotment for all payments by the allottee shall be of the essence of the contract. It is agreed that the allottee will pay delay charge of .05% per day on the amount of payment delayed to the developer. If a payment is delayed beyond 60 (sixty) days, the developer may exercise its right to cancel the allotment. In the event of cancellation 10% will be deducted from the total amount for incidental charges. In the event of cancellation of allotment, the allottee’s deposited amount (after deduction) will be refunded following completion of the said project.
The allottess/purchaser will pay stamp duties, registration fees, taxes, legal and Government charges, VAT and other miscellaneous expenses likely to be incurred in connection with the registration of deed. Developer will no liable for any payment related to registration for the apartment.
Change in Specifications
Limited changes in the specifications, design or layout of the apartments and other facilities may be made by Raibow Development & Construction Ltd. in large overall interest or due unavoidable reasons. After taking over of apartment or the project, the allottee(s) must consult with Raibow Development & Construction Ltd. prior to undertaking any structural or layout changes within the apartment complex. Failure to do so will be at the sole risk of the allottee(s).
Connection charge/fees, security deposits and other incidental chagte/expenses relating to Gas, Water, Sewerage and Electric connection etc. are not included in the price of apartment. The allottee/purchaser will also make these payments.
Possession & Land Transfer
The possession of each apartment shall be handed over to the allottee/purchaser on completion of apartment and after full payment of installments and other charge/dues. Until and unless the duess the dues are not clear, possession of the apartment will be held up bye company.
The completion of the project may be affected due to unavoidable circumstances beyond the control of the Developer like natural calamities, political disturbance and change of government policy etc. In that case allottee/purchaser shall not demand my compensation.
Owners Common Management Association for the security and maintenance of the building for which a sum of Tk.20,000/- (Twenty Thousand Only) will be paid to the Developer. The Developer will transfer the amount to the allottees common Management Association. The association will be formed before the deeds executed.
Cancellation of Project
If any reason beyond control of Raibow Development & Construction Ltd. the implementation of the project is abandoned, Raibow Development & Construction Ltd. will refund to the allottee’s Earnest Money and all installment 180 days from the announcement made to this effect. In this eventuality, the allottee will not be entitle to any claims or damage whatsoever.