278. Compensation for delay.

Common law provisions relating to payment of compensation for delay are usually replaced by specific contractual provisions providing for compensation1. In default of a specific contractual clause dealing with the matter, the common law provisions apply.

In addition to any claim for damages2, where the delay is the buyer's fault:

  1.  

    (1)     the buyer pays the outgoings on the property from the contractual date for completion;

  2.  

    (2)     the buyer is entitled to keep any income from the property from the date of completion;

  3.  

    (3)     from the contractual date of completion, the buyer pays interest to the seller on the balance of