Common use of COMPLIANCE BOND Clause in Contracts

COMPLIANCE BOND. 5.1 The Buyer must provide to the Development Manager at Completion the Compliance Bond as security for the performance of the Buyer’s obligations in respect of clauses 8, 11 and 40 of this Contract following Completion. 5.2 The Development Manager will not be required to hold the Compliance Bond in a trust account or act as a fiduciary in relation to the Compliance Bond. 5.3 The Buyer must notify the Development Manager when it considers it has reached Dwelling Completion and the Development Manager must inspect the Land within 10 Working Days of such notice. 5.4 If the Development Manager does not believe that Dwelling Completion has been achieved, it must notify the Buyer in writing of this identifying its reasons. The Development Manager will be entitled to charge an additional inspection fee of $550 (GST inclusive) for each time that the Development Manager, following notification by the Buyer under clause 5.3, notifies the Buyer that Dwelling Completion has not been achieved. 5.5 Subject to clause 5.6(b) if, following its inspection under clause 5.3, the Development Manager believes Dwelling Completion was achieved within 2 years of Completion, then it must pay to the Buyer, or if agreed to by the Development Manager a person nominated by the Buyer, the Compliance Bond (less any amounts which under the terms of this Contract or the Housing Design Requirements are owing to the Seller or the Development Manager, or which the Seller or Development Manager may deduct from the Compliance Bond) within 20 Working Days of the inspection. 5.6 The Buyer agrees and acknowledges that the Buyer will not be entitled to a refund or repayment of the Compliance Bond unless the Buyer has: (a) in the Development Manager’s reasonable opinion, complied with the Buyer’s obligations under clauses 8, 11 and 40 of this Contract; and (b) issued notification to the Development Manager under clause 5.3 within 30 months of Completion that has not been the subject of a notice issued by the Development Manager under clause 5.4.

COMPLIANCE BOND. 5.1 ‌ 28.1 The Buyer must will provide to the Development Manager Seller at Completion the Compliance Bond as security for the performance of the Buyer’s 's obligations in respect of clauses 823, 11 24 and 40 27.1 and of this Contract following CompletionContract. 5.2 28.2 The Development Manager Seller will not be required to hold the Compliance Bond in accordance with the terms of this clause 28 and may, in its discretion deposit the Compliance Bond into an interest bearing account. If so, any interest earned on the Compliance Bond will be the Seller's. 28.3 The purpose of the Compliance Bond is to ensure the Buyer's compliance with the following: (a) clause 23 (Driveway Crossovers and Verge Works); (b) clause 24.1 (to ensure protection of the Public Domain); and (c) clause 27.1 (that the Buyer will erect on the Land a trust account or act dwelling so as a fiduciary to comply with the Block Plans and Building and Siting Requirements). 28.4 If at any time the Buyer is in relation default with respect to clauses 23, 24 and 27.1 then the Seller may without notice to the Buyer forfeit the Compliance BondBond and the amount forfeited shall be applied against the damage suffered by the Seller by virtue of the breach. Any Compliance Bond forfeited (or proportionate part of the Compliance Bond forfeited) must be reinstated by the Buyer to the Seller within 7 days of demand. 5.3 28.5 The Buyer must notify the Development Manager when Seller that it considers believes it has reached Dwelling achieved Practical Completion by way of emailing a copy of the certificate of occupancy and the Development Manager must use and certificate of compliance to xxxxxxxxxxxxxxxxx@xxxxx.xxx. The Seller must, within 14 days of such notification, inspect the Land within 10 Working Days of such noticeLand. 5.4 28.6 If the Development Manager does not believe Seller is satisfied, acting reasonably, that Dwelling Practical Completion has been achievedachieved following inspection of the Land, it must within 28 days of the inspection pay the Compliance Bond to the Buyer. 28.7 If the Seller is not satisfied that Practical Completion has been achieved it must notify the Buyer within 7 days of the inspection referred to in writing clause 28.5 of this identifying its reasons. The Development Manager will the outstanding matters to be entitled to charge an additional inspection fee of $550 (GST inclusive) for each time that the Development Manager, following notification by the Buyer under clause 5.3, notifies the Buyer that Dwelling Completion has not been achieved. 5.5 Subject to clause 5.6(b) if, following its inspection under clause 5.3, the Development Manager believes Dwelling Completion was achieved within 2 years of Completion, then it must pay to the Buyer, or if agreed to by the Development Manager a person nominated rectified by the Buyer, the Compliance Bond (less any amounts which under the terms of this Contract or the Housing Design Requirements are owing to the Seller or the Development Manager, or which the Seller or Development Manager may deduct from the Compliance Bond) within 20 Working Days of the inspection. 5.6 The Buyer agrees and acknowledges that the Buyer will not be entitled to a refund or repayment of the Compliance Bond unless the Buyer has: (a) in the Development Manager’s reasonable opinion, complied with the Buyer’s obligations under clauses 8, 11 and 40 of this Contract; and (b) issued notification to the Development Manager under clause 5.3 within 30 months of Completion that has not been the subject of a notice issued by the Development Manager under clause 5.4.

COMPLIANCE BOND. 5.1 The Buyer must provide to the Development Manager at Completion the Compliance Bond as security for the performance of the Buyer’s obligations in respect of clauses 87, 11 10 and 40 39 of this Contract following Completion. 5.2 The Development Manager will not be required to hold the Compliance Bond in a trust account or act as a fiduciary in relation to the Compliance Bond. 5.3 The Buyer must notify the Development Manager when it considers it has reached Dwelling Completion and the Development Manager must inspect the Land within 10 Working Days of such notice. 5.4 If the Development Manager does not believe that Dwelling Completion has been achieved, it must notify the Buyer in writing of this identifying its reasons. The Development Manager will be entitled to charge an additional inspection fee of $550 (GST inclusive) for each time that the Development Manager, following notification by the Buyer under clause 5.3, notifies the Buyer that Dwelling Completion has not been achieved. 5.5 Subject to clause 5.6(b) if, following its inspection under clause 5.3, the Development Manager believes Dwelling Completion was achieved within 2 years of Completion, then it must pay to the Buyer, or if agreed to by the Development Manager a person nominated by the Buyer, the Compliance Bond (less any amounts which under the terms of this Contract or the Housing Design Requirements are owing to the Seller or the Development Manager, or which the Seller or Development Manager may deduct from the Compliance Bond) within 20 Working Days of the inspection. 5.6 The Buyer agrees and acknowledges that the Buyer will not be entitled to a refund or repayment of the Compliance Bond unless the Buyer has: (a) in the Development Manager’s reasonable opinion, complied with the Buyer’s obligations under clauses 87, 11 10 and 40 39 of this Contract; and (b) issued notification to the Development Manager under clause 5.3 within 30 months of Completion that has not been the subject of a notice issued by the Development Manager under clause 5.4.

COMPLIANCE BOND. 5.1 The Buyer must provide to the Development Manager at Completion the Compliance Bond as security for the performance of the Buyer’s obligations in respect of clauses 8Error! Reference source not found., 11 10 and 40 39 of this Contract following Completion. 5.2 The Development Manager will not be required to hold the Compliance Bond in a trust account or act as a fiduciary in relation to the Compliance Bond. 5.3 The Buyer must notify the Development Manager when it considers it has reached Dwelling Completion and the Development Manager must inspect the Land within 10 Working Days of such notice. 5.4 If the Development Manager does not believe that Dwelling Completion has been achieved, it must notify the Buyer in writing of this identifying its reasons. The Development Manager will be entitled to charge an additional inspection fee of $550 (GST inclusive) for each time that the Development Manager, following notification by the Buyer under clause 5.3, notifies the Buyer that Dwelling Completion has not been achieved. 5.5 Subject to clause 5.6(b) if, following its inspection under clause 5.3, the Development Manager believes Dwelling Completion was achieved within 2 years of Completion, then it must pay to the Buyer, or if agreed to by the Development Manager a person nominated by the Buyer, the Compliance Bond (less any amounts which under the terms of this Contract or the Housing Design Development Requirements are owing to the Seller or the Development Manager, or which the Seller or Development Manager may deduct from the Compliance Bond) within 20 Working Days of the inspection. 5.6 The Buyer agrees and acknowledges that the Buyer will not be entitled to a refund or repayment of the Compliance Bond unless the Buyer has: (a) in the Development Manager’s reasonable opinion, complied with the Buyer’s obligations under clauses 8Error! Reference source not found., 11 10 and 40 39 of this Contract; and (b) issued notification to the Development Manager under clause 5.3 within 30 months of Completion that has not been the subject of a notice issued by the Development Manager under clause 5.4.