—(1) The Vendor shall, not later than 7 working days before the date any payment is due to him, serve a notice, in such form as the Academy may determine, specifying such particulars of the Vendor as is necessary to effect payment.
(2) A Purchaser wishing to make a deduction from amounts otherwise due to the Vendor out of any sum held by the Academy as stakeholder under the Housing Developers Rules (Cap. 130, R 1), the Sale of Commercial Properties Rules (Cap. 281, R 1), the Housing and Development (Design-Build-And-Sell Scheme — Form of Contract) Rules 2006 (G.N. No. S 508/2006) or the Executive Condominium Housing Scheme Regulations (Cap. 99A, Rg 1) shall —
serve a notice of deduction on the Academy, in such form as may be determined by the Academy, on or before the due date for such notice; and
serve the Vendor with a copy of that notice on or before the date the notice is served on the Academy.
(3) The Academy shall make payment to the party or parties, entitled thereto, by making its cheques for payment available for collection by the parties or their authorised representatives before the closing hour on the due date of the payment.
(4) The Academy shall make its cheques payable to the Purchaser or Vendor or to a nominated financial institution for the credit of the Purchaser or Vendor, as notified under paragraph (1) or (2) or rule 7(1) or (3) (a).
(5) The Purchaser or Vendor shall notify the Academy of any assignment of their interest in the stakeholding money on such form as may be determined by the Academy on or before the date when the notice of payment or deduction is served.
(6) Where the Academy has received the Purchaser’s notice of deduction pursuant to paragraph (2), the Academy shall be entitled to —
pay to the Vendor, on the due date of payment, the amount due less the amount of deduction notified under paragraph (2);
pay to the Purchaser the amount of deduction, less the amount in dispute stated in the Vendor’s notice under rule 7(1), on the due date of payment or 7 working days after the date of such notice, whichever is the later; and