Common use of Adjustment of Bond Amounts Clause in Contracts

Adjustment of Bond Amounts. (a) On each Adjustment Date the Bond Amounts are to be adjusted to the Revised Bond Amount as determined in accordance with the following formula: where: Draft No increase or other change will be made to the Revised Bond Amount where B is greater than A or where the Revised Bond Amount is less than 10 per cent of the Required Face Value. (b) The Council must give the Developer written notice of the Revised Bond Amounts to apply from the relevant Adjustment Date. (c) The Developer must give the Council replacement or further Bonds so that the Council holds Bonds for an amount equal to the Revised Bond Amounts no later than 15 Business Days after receipt of a notice given under paragraph (b) of this clause.

Adjustment of Bond Amounts. (a) On each Adjustment Date the Bond Amounts are to be adjusted to the Revised Bond Amount as determined in accordance with the following formula: RBA = BA x A where: Draft No increase or other change will be made to the Revised Bond Amount where B is greater than A or where the Revised Bond Amount is less than 10 per cent of the Required Face ValueBond Amounts. (b) The Council must give the Developer Contractor written notice of the Revised Bond Amounts to apply from the relevant Adjustment Date. (c) The Developer Contractor must give the Council replacement or further Bonds so that the Council holds Bonds for an amount equal to the Revised Bond Amounts no later than 15 Business Days after receipt of a notice given under paragraph (b1.3(b) of this clauseSchedule 10.