Common use of Provision of Bank Guarantee Clause in Contracts

Provision of Bank Guarantee. (a) Subject to clause 8.8, prior to the issue of any Construction Certificate for the Development which permits building works (not including stage 1 Construction Certificate for demolition and other associated building works), the Developer must deliver to the Council a Bank Guarantee, which must be: (i) in a form and from an institution approved by the Council; (ii) irrevocable and unconditional; (iii) with no expiry date; (iv) issued in favour of the Council; (v) for an amount equivalent to the Development Contribution set out in Item 5 of the Schedule; (vi) drafted to cover all of the Developer’s obligations under this Agreement; and (vii) on the terms otherwise satisfactory to 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) Subject to clause 8.8, 8.8 and prior to the issue of ground floor concrete slab being poured for any Construction Certificate for the Development which permits building works (not including stage 1 Construction Certificate for demolition and other associated building works)development relating to Land, the Developer must deliver to the Council a Bank Guarantee, which must be: (i) in a form and from an institution approved by the Council; (ii) irrevocable and unconditional; (iii) with no expiry date; (iv) issued in favour of the Council; (v) for an amount equivalent to the Development Contribution set out in Item 5 6 of the Schedule; (vi) drafted to cover all of the Developer’s obligations under this Agreement; and (vii) on the terms otherwise satisfactory to the Council. (b) The Developer acknowledges that the Council enters into this Agreement in consideration of reliance upon 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) Subject to clause 8.8, Upon entering into this Deed and in any event prior to the issue of any the first Construction Certificate for the Development which permits building works (not including stage 1 Construction Certificate for demolition and other associated building works)Development, the Developer must deliver to the Council a Bank Guarantee, which must be: (i) in a form and from an institution approved by the Council; (ii) irrevocable and unconditional; (iii) with no expiry date; (iv) issued in favour of the Council; (v) for an in the amount equivalent to $459,256.69 being the agreed total value of the Development Contribution set out in Item 5 Contributions at the time of the Scheduleentering into this Deed; (vi) drafted to cover all of the Developer’s obligations under this AgreementDeed; and (vii) on the terms otherwise satisfactory to the Council. (b) The Developer acknowledges that the Council enters into this Agreement Deed 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 Council in accordance with this AgreementDeed.

Provision of Bank Guarantee. (a) Subject to clause 8.8, prior to the issue of any Construction Certificate for the Development which permits building works (not including stage 1 Construction Certificate for demolition and other associated building works)Development, the Developer must deliver to the Council a Bank Guarantee, which must be: (i) in a form acceptable to Council and from an institution approved by the acceptable to Council; (ii) irrevocable and irrevocable; (iii) unconditional; (iiiiv) with no expiry date; (ivv) issued in favour of the Council; (vvi) for an amount equivalent to the Development Contribution set out in Item 5 of the Schedule; (vivii) drafted to cover all of the Developer’s obligations under this Agreement; and (viiviii) on the terms otherwise satisfactory to 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.