When is it possible to establish that the purchaser's bond has been accepted is a common question. Many sale agreements provide that once the relevant bank issues a bond quotation to the buyer, the bond is presumed to be accepted and the suspensive conditions has been met.
That is incorrect.
The bank must first give the buyer a price and pre-agreement in accordance with section 92 of the National Credit Act (read in conjunction with regulations 28 and 29). This price is good for 5 business days. The result of this is that before it can be declared that the bond has been approved, and the buyer has accepted the quotation (during this time).
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