Settlement Procedures
Other than settling by cash in person, settlement is to be effected in cleared funds by one of the following procedures:
1. Settlement by bank cheque
Below is an encoded deposit slip for our trust account at Bank of New Zealand, Wellington Branch, account number 02-0500-0867655-00. On settlement, please complete the deposit form and pay the settlement funds by way of bank cheque into our trust account.
Please obtain from the Bank in which you deposit the settlement funds, a stamped duplicate copy of the bank cheque and deposit form then fax a photocopy to us, no later than 4.00pm, together with the following undertaking, signed by an authorised signatory of your firm:
We undertake that we have paid to your trust account with the Bank of New Zealand, the sum of $ , as evidenced by the attached photocopy of the bank cheque and stamped duplicate deposit form.
2. Settlement by same day secure settlement payment
- Same Day Cleared Payments from ASB, ANZ, BNZ, ANZ, NBNZ, Westpac, Kiwibank, HSBC, or TSB Bank;
- NBNZ Solicitor Settlement payment; or
- ASB Bank Solicitor to Solicitor Payment.
We will treat settlement as having occurred upon receipt of the Bank’s irrevocable undertaking (as per the Bank’s procedures) confirming lodgement of the settlement funds to our trust account, together with your fax undertaking (as above with appropriate changes as to the method of settlement).
We will not accept settlement by any other form of electronic banking.
3. Failure to settle
Should you fail to effect settlement by 4.00pm, either in person, or to our trust account in accordance with the above procedures, or should you fail to meet any other settlement requirements outlined above, settlement shall not be deemed to have been effected and we reserve the right to charge interest for late settlement.