Common use of Biodiversity credits Clause in Contracts

Biodiversity credits. 6.1 The Chief Executive is permitted under section 127W(4) of the Act, to create (without application by the landowner under section 127W(4) of the Act) the biodiversity credits listed in Annexure B on the commencement date. 6.2 The biodiversity credits listed in Annexure B will be created for the biobank site. 6.3 At the commencement date, the landowner is entitled to receive excluding GST, to be satisfied in full by the creation of the biodiversity credits listed in Annexure B. Note: is a best estimate of the market value of the biodiversity credits at the time of creation. The market value has been estimated by reference to the notional Part B amount as determined by the landowner in the credit pricing spreadsheet or reference to the notional Part B amount for the last traded biodiversity credit of the same or similar type. The Part B amount is that part of the sale price received by the landowner (or another landowner if reference is made to a previous sale of that biodiversity credit type) after the entire Total Fund Deposit is satisfied and deposited into the BioBanking Trust Fund. The sale price of each biodiversity credit will be negotiated between the landowner and the buyer and will be affected by supply and demand for each biodiversity credit. The final price at the time of transfer of the biodiversity credit (or retirement or the biodiversity credit without transfer) may not reflect this estimated amount. The Minister does not warrant that the landowner will be able to sell biodiversity credits for the estimated market value.

Biodiversity credits. 6.1 The Chief Executive is permitted under section 127W(4) of the Act, to create (without application by the landowner under section 127W(4) of the Act) the biodiversity credits listed in Annexure B on the commencement date. 6.2 The biodiversity credits listed in Annexure B will be created for the biobank site. 6.3 At the commencement date, the landowner is entitled to receive $0 excluding GST, to be satisfied in full by the creation of the biodiversity credits listed in Annexure B. Note: $0 is a best estimate of the market value of the biodiversity credits at the time of creation. The market value has been estimated by reference to the notional Part B amount as determined by the landowner in the credit pricing spreadsheet or reference to the notional Part B amount for the last traded biodiversity credit of the same or similar type. The Part B amount is that part of the sale price received by the landowner (or another landowner if reference is made to a previous sale of that biodiversity credit type) after the entire Total Fund Deposit is satisfied and deposited into the BioBanking Trust Fund. The sale price of each biodiversity credit will be negotiated between the landowner and the buyer and will be affected by supply and demand for each biodiversity credit. The final price at the time of transfer of the biodiversity credit (or retirement or the biodiversity credit without transfer) may not reflect this estimated amount. The Minister does not warrant that the landowner will be able to sell biodiversity credits for the estimated market value.

Biodiversity credits. 6.1 The Chief Executive is permitted under section 127W(4) of the Act, to create (without application by the landowner under section 127W(4) of the Act) the biodiversity credits listed in Annexure B on the commencement date. 6.2 The biodiversity credits listed in Annexure B will be created for the biobank site. 6.3 At the commencement date, the landowner is entitled to receive excluding GST, to be satisfied in full by the creation of the biodiversity credits listed in Annexure B. Note: is a best estimate of the market value of the biodiversity credits at the time of creation. The market value has been estimated by reference to the notional Part B amount as determined by the landowner in the credit pricing spreadsheet or reference to the notional Part B amount for the last traded biodiversity credit of the same or similar type. The Part B amount is that part of the sale price received by the landowner (or another landowner if reference is made to a previous sale of that biodiversity credit type) after the entire Total Fund Deposit is satisfied and deposited into the BioBanking Trust Fund. The sale price of each biodiversity credit will be negotiated between the landowner and the buyer and will be affected by supply and demand for each biodiversity credit. The final price at the time of transfer of the biodiversity credit (or retirement or the biodiversity credit without transfer) may not reflect this estimated amount. The Minister does not warrant that the landowner will be able to sell biodiversity credits for the estimated market value.