Common use of Provision of Bank Guarantee Clause in Contracts

Provision of Bank Guarantee. (a) On the date of this Agreement the Developer must deliver to the Council a bank guarantee (“Bank Guarantee”), which must be: (i) irrevocable and unconditional; (ii) with no expiry date; (iii) issued in favour of the Council; (iv) for an amount equivalent to the Development Contribution set out in item 6 of the Schedule; (v) drafted to cover all of the Developer’s obligations under this Agreement; and (vi) on the terms otherwise satisfactory to the Council and in a form and from an institution approved by the Council. (b) The Developer acknowledges that the Council enters into this Agreement in consideration of the Developer providing the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this Agreement, including without limitation the delivery of the Development Contribution to Council in accordance with this Agreement. (c) The Bank Guarantee may be provided in the form of a number of separate bank guarantees, provided the separate bank guarantees total the amount of the Monetary Contribution set out in item 6 of the Schedule. (d) Without limiting the provision of any other clause herein, no application for an Occupation Certificate can be made unless the Council holds a valid Bank Guarantee under this clause.

Provision of Bank Guarantee. (a) On the date of this Agreement Deed and before any application for any Construction Certificate the Developer must deliver to the Council a bank guarantee (“Bank Guarantee”), which must be: (i) irrevocable and unconditional; (ii) with no expiry date; (iii) issued in favour of the Council; (iv) for an amount equivalent to the Development Monetary Contribution set out in item 6 Item 5 of the Schedule; (v) drafted to cover all of the Developer’s obligations under this AgreementDeed; and (vi) on the terms otherwise satisfactory to the Council and in a form and from an institution approved by the Council. (b) The Developer acknowledges that the Council enters into this Agreement in consideration of the Developer providing the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this AgreementDeed, including without limitation the delivery of the Development Contribution Contributions to the Council in accordance with this Agreementthe Schedules hereto. (c) The Bank Guarantee may be provided in the form of a number of separate bank guarantees, provided the separate bank guarantees total the amount of the Monetary Contribution set out in item 6 5 of the Schedule. (d) Without limiting the provision of any other clause herein, no application for an Occupation Certificate can be made unless the Council holds a valid Bank Guarantee under this clause.

Provision of Bank Guarantee. (a) On the date of this Agreement the Developer must deliver to the Council a bank guarantee (“Bank Guarantee”), which must be: (i) irrevocable and unconditional; (ii) with no expiry date; (iii) issued in favour of the Council; (iv) for an amount equivalent to the Development Contribution set out in item 6 of the Schedule; (v) drafted to cover all of the Developer’s obligations under this Agreement; and (vi) on the terms otherwise satisfactory to the Council and in a form and from an institution approved by the Council. (b) The Developer acknowledges that the Council enters into this Agreement in consideration of the Developer providing the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this Agreement, including without limitation the delivery of the Development Contribution to Council in accordance with this Agreement. (c) The Bank Guarantee may be provided in the form of a number of separate bank guarantees, provided the separate bank guarantees total the amount of the Monetary Development Contribution set out in item 6 of the Schedule. (d) Without limiting the provision of any other clause herein, no application for an Occupation Construction Certificate can be made unless the Council holds a valid Bank Guarantee under this clause.

Provision of Bank Guarantee. (a) On the date of this Agreement the Developer must deliver to the Council a bank guarantee (“Bank Guarantee”), which must be: (i) irrevocable and unconditional; (ii) with no expiry date; (iii) issued in favour of the Council; (iv) for an amount equivalent to the Development Contribution set out in item 6 of the Schedule; (v) drafted to cover all of the Developer’s obligations under this Agreement; and (vi) on the terms otherwise satisfactory to the Council and in a form and from an institution approved by the Council. (b) The Developer acknowledges that the Council enters into this Agreement in consideration of the Developer providing the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this Agreement, including without limitation the delivery of the Development Contribution to Council in accordance with this Agreement. Council may call upon the bank guarantee at any time and without notice to the Developer if an obligation under this Agreement is not met by the Developer by the date or time specified in this Agreement. (c) The Bank Guarantee may be provided in the form of a number of separate bank guarantees, provided the separate bank guarantees total the amount of the Monetary Contribution set out in item 6 of the Schedule. (d) Without limiting the provision of any other clause herein, no application for an Occupation Construction Certificate can be made unless the Council holds a valid Bank Guarantee under this clause.

Provision of Bank Guarantee. (a) On the date of this Agreement the Developer must deliver to the Council a bank guarantee (“Bank Guarantee”), Guarantee which must be: (i) irrevocable and unconditional; (ii) with no expiry date; (iii) issued in favour of the Council; (iv) for an amount equivalent to the Development Contribution set out in item Item 6 of the Schedule; (v) drafted to cover all of the Developer’s obligations under this Agreement; and (vi) on the terms otherwise satisfactory to the Council and in a form and from an institution approved by the Council. (b) The Developer acknowledges that the Council enters into this Agreement in consideration of the Developer providing the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this Agreement, including without limitation the delivery of the Development Contribution to the Council in accordance with this Agreementthe Schedule hereto. (c) The Bank Guarantee may be provided in the form of a number of separate bank guarantees, provided the separate bank guarantees total the amount of the Monetary Development Contribution set out in item 6 of the Schedule. (d) Without limiting the provision of any other clause herein, no application for an Occupation Certificate can be made unless the Council holds a valid Bank Guarantee under this clause.