The ClozeSure Guarantee

Financial Guarantor

This Financial Guarantee policy has been arranged by Contract Completion Company Ltd and is underwritten by XXX. Registered Office: XXX XXX XXX. Registered in England and Wales No. XXXXXX.

Eligibility

You are eligible for this Financial Guarantee provided that, at the Start Date (when contracts have been exchanged unconditionally and your solicitor has received the 10% deposit in cleared funds):

• You are aged 18 or over.
• You are selling a property in England or Wales.
• You are the owner of the property.
• Your buyer is a private individual/s (i.e. not buying your property on behalf of a corporate entity or trust).
• You are unconnected to the buyer of your property.
• Your buyer’s deposit, payable on exchange of contracts, is at least 10% of the agreed sale price of your property.
• Your property is being sold with vacant possession on completion date.
• The contract of sale is unconditional.
• You are using a registered solicitor/licensed conveyancer to conduct the conveyancing.

We will not provide any cover if you do not meet these eligibility requirements at the start date of your policy.

Claim Events

This Guarantee, subject to the terms and conditions, provides cover if your property sale does not complete during the period of cover due to your Buyer’s failure to complete, through no fault of your own and for reasons beyond your control, their contractually-agreed purchase of your property in the time-frame set out by your Agreement of Sale contract and the subsequent Completion Notice served on your defaulting Buyer by your conveyance.

We, as the Guarantor, will pay you:

• the 90% balance of the sale price of your property due from your ‘failed’ buyer; being the difference between the 10% deposit received, and forfeited in your favour, from the buyer of your property and the total agreed sale price, as per your property sales contract, expected by you, the seller, on completion. Payment by us of your claim, and the transfer of ownership of your property to us, will constitute the completion of your property sale.
• Conveyancing Fees, up to a maximum of £2,000, incurred by you and charged by your conveyancer during the period between the contractually-agreed (failed) completion date of your property sale and the date of payment of your claim and transfer of ownership of your property to us. (To also include any conveyancing fees incurred by you during the processing of your claim in the instance of ‘buyer delay’ - where your buyer successfully completes their purchase of your property, albeit late, within the time-frame set out by the Completion Notice).

Period of Guarantee

The Guarantee protection commences on the Start Date and will end automatically upon the first of:

• 60 days from the Start Date
• The successful completion of your Property sale to your Buyer
• The date we pay a claim under this Financial Guarantee.

Exclusions

It is important that you understand that the Guarantor bears no liability for the following exclusions that apply to the whole of this policy and that this policy does not cover:

1. If you, the vendor, decide not to sell the property prior to completion, and withdraw the Property from sale for reasons beyond your buyer’s control, or
2. Failure by your buyer to complete directly or indirectly due to a material depreciation in the condition or value of the property due to your failure to fulfil your obligations, or
3. Failure by your buyer to complete due to your failure to satisfy any outstanding conditions applied by the buyer or the buyer’s conveyancer/solicitor, or
4. Deliberate behaviour by You that results in the Buyer withdrawing from the Property sale. Such behaviour will not include normal communication involved in a sale.
5. An example of behaviour causing the Buyer to withdraw is your seeking an increase in the agreed sale price or a change to the terms of the Agreement of Sale after you have exchanged contracts with your buyer, or
6. You, the vendor, not being legally entitled to sell the property, or
7. Physical loss or damage to your property, or
8. Loss, damage or liability arising out of a deliberate act by you or by anyone acting on your behalf, or
9. Failure to complete directly or indirectly due to:
a. Biological or chemical contamination. This includes poisoning, or preventing or limiting the use of an object, due to the effects of any biological or chemical agent; or
b. Any failure in the supply of gas, water, electricity or phone service to your property; and caused by or resulting from an act of terrorism.
10. Failure to complete directly or indirectly due to loss or distortion of information resulting from computer error or malfunction or computer virus.
11. Failure to complete directly or indirectly due to nuclear reaction, nuclear radiation or radioactive contamination.
12. Failure to complete directly or indirectly due to war, invasion, act of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power.
13. Failure to complete directly or indirectly due to or resulting from your property being confiscated, taken, damaged or destroyed by or under the order of any government or public or local authority.
14. Any claim where you would be entitled to be paid under any other policy if this policy did not exist. However, this exclusion does not apply to any amount above that which would be covered under the other policy.
15. Any other bone fide dispute between you and the buyer.

The ClozeSure Guarantee Contract

This guarantee (the "Guarantee"), is dated as of application date (the "Effective Date") by and between:

Contract Completion Company Limited, a limited company with its principal place of business at 8-11 Crescent, London EC3N 2LY, (the "Guarantor"/"Us"/"We")

and

You (the "Vendor"/"Seller"/"You"/"Your").

W I T N E S S E T H:

WHEREAS (the "Vendee(s)"/"Buyer(s)"/"Their") have entered into an Agreement by Contract to purchase Your property, for the sum of YOUR sale price; and

WHEREAS You have asked Us to provide a Guarantee for the outstanding sum of the obligation of the Buyer of Your property, for the agreed purchase price less the deposit received, in the event that the Buyer is unable or unwilling to make such a payment and fails to complete; and

WHEREAS You confirm that You or Your designated Legal Representative has received the completed closing documents and 10% deposit from the Buyer of the Property; and

NOW, THEREFORE for the value received, in consideration of the premises and other good and valuable consideration, the receipt and sufficency of which are hereby acknowledged, You and We as Guarantors hereby agree as follows:

Section 1. Guarantee.

We Guarantee You, payment of 90% of the agreed purchase price, payable by the Buyer pursuant to the Sale Agreement to the extent same has not been paid to You by the Buyer [within the specified period] and in accordance with Their Obligations (the "Obligations"); provided that You shall:

1. Provide valid notice to complete to the Buyer, and at the same time;
2. Provide Us with ten Business Days ("Business Day" being a day on which the banks are open for
   business (Monday to Friday inclusive, not counting weekends or bank holidays and the like) in London, England) prior written notice (the "Notice") for payment, which Notice shall be given to the Guarantor no later than the same day on which such Obligations become due and owing.

Your claim for payment of the Buyer’s Obligations shall be released to the extent of Our payment hereunder, or at Our sole discretion, We may elect to be subrogated to such claim in accordance with Section 7.

Data Protection & Privacy

Any information provided to Us by You or regarding You will be processed by Us in compliance with the provisions of the Data Protection Act 1998, General Data Protection Regulation or any replacement regulation for the purpose of providing a Guarantee and handling claims. This may necessitate providing the information to third parties. All phone calls relating to applications and claims may be monitored and recorded and the recordings used for fraud prevention and detection, training and quality control purposes.

In respect of the personal data (as defined under the General Data Protection Regulation (2016/679) (for as long as it is applicable to Us), the Data Protection Act 1998 and any replacement legislation to such Act) (“Personal Data”) provided by You to Us in connection with the services hereunder, prior to giving Us any such Personal Data You undertake that You have, to the extent required, obtained the consent of, and provided proper notice to, the relevant data subjects of the provision of the Personal Data hereunder and the information and the usage to be made of such Personal Data as set out in Our Privacy Notice available here: http://www.clozesure.com/privacy-notice. Each party shall comply with good data protection practice and meet its obligations under the data protection laws and regulations applicable to the territory/ies in which it operates. If either party receives Personal Data, of a data subject protected under the General Data Protection Regulation (2016/679), from the other party in connection with these Terms of Business, the receiving party will comply with its obligations under the General Data Protection Regulation (for as long as it is applicable), the Data Protection Act 1998 and any replacement legislation to such Act.

Important: Our use, disclosure and other processing of Your information, as described in this Guarantee, is permitted by applicable data protection law and regulation because:

1. it is necessary for the purposes of Our legitimate interests in pursuing the purposes set out in this agreement and the privacy policy;
2. it is necessary to process Your sensitive personal data for reasons of substantial public interest, for example to prevent or detect unlawful acts or for a Guarantee purpose;
3. in some cases You may have provided consent to Our processing of Your sensitive personal data in accordance with the purposes set out in this agreement and the privacy policy; and/or, in some cases,
4. it is necessary so that we can comply with applicable law and regulation.