Common use of Provision of Bank Guarantee Clause in Contracts

Provision of Bank Guarantee. (a) On the date of this Agreement 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 Contribution set out in item 5 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.

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 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 AgreementSchedules 1 and 2.

Provision of Bank Guarantee. (a) On the date The Developer and / or Owners shall upon execution of this Agreement and before any application for any Construction Certificate the Developer must deliver to the Council a bank guarantee 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 5 of the ScheduleSchedule 3 ($338,440.00); (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 Monetary Contributions to the Council in accordance with this AgreementSchedule 3.