Colorado Contracts #111757-GENERAL PROVISIONS (Sections 18

GENERAL PROVISIONS (Sections 18 - 29 of the CBS1)
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Sections 18-28 of the CBS1 contract outline several important provisions related to the condition of the property, insurance, default and remedies, mediation, termination, notice and delivery, and good faith. <br /><br />Section 18 discusses causes of loss, insurance, damage to inclusions and services, condemnation, and walk-through. It states that the property will be delivered in its existing condition, except for ordinary wear and tear. If the property is damaged before closing, the seller must use insurance proceeds to repair the property. If repairs are not completed before closing, the buyer has the right to terminate the contract or receive a credit at closing.<br /><br />Section 19 recommends that legal and tax counsel be consulted before signing the contract, especially if there are water rights, mineral rights, or leased items involved. It also advises seeking legal counsel for other matters in the transaction.<br /><br />Section 20 emphasizes that time is of the essence in the contract, and failure to make payments or perform obligations can result in default. It outlines the remedies available to the non-defaulting party in the event of default.<br /><br />Section 22 discusses the option of mediation if a dispute arises. Mediation is a process where an impartial person helps the parties resolve the dispute informally. It clarifies that mediation does not prohibit either party from filing a lawsuit.<br /><br />Section 23 addresses the release of earnest money in case of a dispute. It states that if there is a controversy regarding earnest money, the holder of the earnest money can choose to wait for a proceeding, interplead all parties and deposit the money into court, or return the money to the buyer if certain conditions are not met.<br /><br />Section 24 explains the right to terminate the contract and specifies the effects of termination. It states that if a party has the right to terminate, they must provide a written notice to the other party.<br /><br />Section 25 states that the contract constitutes the entire agreement between the parties and any subsequent modifications must be in writing. It also mentions that any successor to a party receives the benefits and obligations of the contract.<br /><br />Section 26 addresses notice, delivery, and choice of law. It specifies that notices must be in writing and can be delivered physically or electronically. It also states that the contract is governed by the laws of Colorado.<br /><br />Section 27 states that the proposal will expire unless accepted in writing by both buyer and seller. It also mentions that a copy of the contract can be executed separately by each party.<br /><br />Section 28 emphasizes the obligation of both buyer and seller to act in good faith throughout the contract process.
Keywords
CBS1 contract
property condition
insurance provisions
contract default
contract remedies
mediation process
earnest money dispute
contract termination
notice and delivery
good faith obligation