Deed Of Contingent Charge Deeds Mortgages And Pledges 1623 - Legal Draft

............hereinafter referred to as the 'Owner' of the one part and Mr 'Y' of      hereinafter referred to as the 'Contractor' of the other part as follows :-
WHEREAS
(1) The Owner had appointed the Contractor as a contractor to construct a building on his plot of land described in the Schedule hereunder written
(2) The building is completed and the owner has paid to the Contractor a substantial amount towards his bill and which according to him is payable to the contractor and nothing more.
(3) However there is a dispute between the Owner and the Contractor about the said bill and the dispute has been referred to arbitration of an arbitrator on condition that if any amount is found due and payable by the owner to the Contractor it shall be a charge on the said plot of land with the building and on which condition the Contractor has handed over the completed building without claiming a lien for his fees.
(4) Now it is agreed between the Parties that in the event of the arbitrator holding by his award that over and above the amounts paid by the Owner to the Contractor, the Owner is still liable to pay any more amount then and in that event such amount found payable by the Owner to the Contractor shall be a charge and shall be deemed to be a charge on the said plot of land with building thereon and more particularly described in the Schedule hereunder written and in the event of the Owner failing to pay the same within one month from the date of the award of the arbitrator the Contractor will be entitled to recover the same with interest thereon at the rate of per cent per annum from the date of the award till payment and costs of realising the same by sale of the said property through a competent court of law.
IN WITNESS WHEREOF the Parties have put their hands the day and year first hereinabove written
THE SCHEDULE ABOVE REFERRED TO XXXXXX

Signed and delivered by the withinnamed
Owner in the presence of

Signed and delivered by the withnnamed
Contractor in the presence of.