The Buyer will be subject to pay DubaiPropertyAuctions, a Cancellation Fee of USD 275 to be charged to the Buyer's credit card if:
- the Buyer fails to send the wire transfer payment of the Reservation Fee within 72 hours of Auction Close
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Note: If the Buyer sends the 1% Reservation Fee within 72 hours of Auction Close but fails to transfer the Balance Deposit within 14 days of Auction Close, the Buyer will have defaulted on their obligation and shall forfeit their 1% Reservation Fee. The 1% amount forfeited shall be awarded to the Seller as liquidated damages.
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