Common use of BUILDING DEPOSIT Clause in Contracts

BUILDING DEPOSIT. The OWNER shall pay to the WBHOA a cash deposit in the amount of 2% of the value of the builder’s contract subject to a minimum deposit of R 20 000 and a maximum deposit of R 50 000 which shall constitute a security deposit for damage of whatever nature, including but not limited to, damage to roads, xxxxx, trees, vegetation, landscaping, private or public spaces, which may be caused by the CONTRACTOR, employees, sub-CONTRACTORs and suppliers, to any part of the ESTATE. 6.3.1 Any claim arising as contemplated in this clause is not limited to the amount of the deposit and the WBHOA shall be entitled to recover from the OWNER, in addition to the deposit, the amount by which the reasonable costs of reinstatement resulting from such damage exceeds the said deposit. 6.3.2 The cost of any excess damage referred to in sub-clause 6.3.1 above shall be quantified by the WBHOA and the amount so determined shall be final and binding on the OWNER. 6.3.3 If the WBHOA finds that the conduct of the CONTRACTOR, whether by way of commission or omission, to be the cause of damage to any portion of the ESTATE, the OWNER shall be presumed to be liable therefore. 6.3.4 Upon final completion of all work by the CONTRACTOR, as certified by the BCO, provided there is no claim pending against the OWNER in terms of the above, the OWNER shall be entitled to claim the refund of the deposit, or the balance thereof should any portion have been appropriated for payment of a claim. 6.3.5 Should a claim be made against the OWNER pursuant to the provisions of this clause 6.3.1, the WBHOA shall, in addition to the rights aforementioned, be entitled to recover from the OWNER any legal costs incurred on the scale as between attorney and own client. No interest is payable by the WBHOA on this deposit.

BUILDING DEPOSIT. The OWNER shall pay to the WBHOA a cash deposit or a bank/insurance guarantee in the amount of 2% of the value of the builder’s contract subject to a minimum deposit deposit/guarantee of R 20 000 and a maximum deposit deposit/guarantee of R 50 000 which shall constitute a security deposit for damage of whatever nature, including but not limited to, damage to roads, xxxxx, trees, vegetation, landscaping, private or public spaces, which may be caused by the CONTRACTOR, employees, sub-CONTRACTORs and suppliers, to any part of the ESTATE. 6.3.1 Any claim arising as contemplated in this clause is not limited to the amount of the deposit and the WBHOA shall be entitled to recover from the OWNER, in addition to the deposit, the amount by which the reasonable costs of reinstatement resulting from such damage exceeds the said deposit. 6.3.2 The cost of any excess damage referred to in sub-clause 6.3.1 above shall be quantified by the WBHOA and the amount so determined shall be final and binding on the OWNER. 6.3.3 If the WBHOA finds that the conduct of the CONTRACTOR, whether by way of commission or omission, to be the cause of damage to any portion of the ESTATE, the OWNER shall be presumed to be liable therefore. 6.3.4 Upon final completion of all work by the CONTRACTOR, as certified by the BCO, provided there is no claim pending against the OWNER in terms of the above, the OWNER shall be entitled to claim the refund of the deposit, or the balance thereof should any portion have been appropriated for payment of a claim. 6.3.5 Should a claim be made against the OWNER pursuant to the provisions of this clause 6.3.1, the WBHOA shall, in addition to the rights aforementioned, be entitled to recover from the OWNER any legal costs incurred on the scale as between attorney and own client. No interest is payable by the WBHOA on this deposit.

BUILDING DEPOSIT. The OWNER shall pay to the WBHOA a cash deposit in the amount of 2% of the value of the builder’s contract subject to a minimum deposit of R 20 000 and a maximum deposit of R 50 000 which shall constitute a security deposit for damage of whatever nature, including but not limited to, damage to roads, xxxxx, trees, vegetation, landscaping, private or public spaces, which may be caused by the CONTRACTOR, employees, sub-sub- CONTRACTORs and suppliers, to any part of the ESTATE. 6.3.1 Any claim arising as contemplated in this clause is not limited to the amount of the deposit and the WBHOA shall be entitled to recover from the OWNER, in addition to the deposit, the amount by which the reasonable costs of reinstatement resulting from such damage exceeds the said deposit. 6.3.2 The cost of any excess damage referred to in sub-clause 6.3.1 above shall be quantified by the WBHOA and the amount so determined shall be final and binding on the OWNER. 6.3.3 If the WBHOA finds that the conduct of the CONTRACTOR, whether by way of commission or omission, to be the cause of damage to any portion of the ESTATE, the OWNER shall be presumed to be liable therefore. 6.3.4 Upon final completion of all work by the CONTRACTOR, as certified by the BCO, provided there is no claim pending against the OWNER in terms of the above, the OWNER shall be entitled to claim the refund of the deposit, or the balance thereof should any portion have been appropriated for payment of a claim. 6.3.5 Should a claim be made against the OWNER pursuant to the provisions of this clause 6.3.1, the WBHOA shall, in addition to the rights aforementioned, be entitled to recover from the OWNER any legal costs incurred on the scale as between attorney and own client. No interest is payable by the WBHOA on this deposit.