3. Deposit paid by Bond

(a) The deposit referred to in the Contract shall be paid as follows:

(i) The sum of $[1] on the date of execution of this Contract; and
(11) A Deposit Bond issued by an Insurance Company or Trading Bank which shall be delivered to the Stakeholder by the Buyer within forty-eight (48) hours from the Finance Date.

(b) The Buyer irrevocably authorises the Stakeholder to release the Deposit Power Bond to the Seller upon Demand.
(c) Clauses 2.2(1) and 2.3 of the Terms of Contract do not apply.

[1] amount of first instalment of deposit