Common use of Right to access Financial Security Clause in Contracts

Right to access Financial Security. ‌ Powerlink may draw or call on Financial Security in satisfaction of any of the following amounts, where the amounts (or part of them) have not been paid by the Customer to Powerlink: (a) (unpaid amounts) amounts that are due and payable by the Customer to Powerlink under or in connection with this agreement (including, without limitation, clause 23) or the Works Coordination Agreement; (b) (damages) any damages or other amounts awarded by a court against the Customer in Powerlink's favour under or in connection with this agreement or the Works Coordination Agreement; (c) (agreed settlements) any damages, compensation, indemnity or settlement amounts agreed between the parties in relation to either or both of this agreement and the Works Coordination Agreement; and (d) (breach) any reasonable costs, charges and expenses incurred or losses suffered by Powerlink because the Customer has failed to comply with its obligations under this agreement or the Works Coordination Agreement.

Right to access Financial Security. ‌ Powerlink may draw or call on Financial Security in satisfaction of any of the following amounts, where the amounts (or part of them) have not been paid by the Customer Generator to Powerlink: (a) (unpaid amounts) amounts that are due and payable by the Customer Generator to Powerlink under or in connection with this agreement (including, without limitation, clause 23) or the Works Coordination Agreement; (b) (damages) any damages or other amounts awarded by a court against the Customer Generator in Powerlink's favour under or in connection with this agreement or the Works Coordination Agreement; (c) (agreed settlements) any damages, compensation, indemnity or settlement amounts agreed between the parties in relation to either or both of this agreement and the Works Coordination Agreement; and (d) (breach) any reasonable costs, charges and expenses incurred or losses suffered by Powerlink because the Customer Generator has failed to comply with its obligations under this agreement or the Works Coordination Agreement.