Common use of Security for performance of obligations Clause in Contracts

Security for performance of obligations. The Developer is to provide the Council with Security in the amount specified in Item 12 of Schedule 1 to secure the performance of such of the Developer’s obligations under this Deed as are specified or described in Item 13 of Schedule 1. The Security is to be provided at the time specified in Item 14 of Schedule 1. The amount of the Security is to be indexed from the date of this Deed in accordance with the index specified in Item 15 of Schedule 1. The Council is to release and return the Security or any unused part of it to the Developer within 14 days of compliance by the Developer [Insert ‘and Landowner’ here if applicable] of its obligations under this Deed to the reasonable satisfaction of the Council. The Developer may at any time provide the Council with a replacement Security. On receipt of a replacement Security, the Council is to release and return to the Developer, as directed, the Security it holds that has been replaced. The Council may call-up the Security if it reasonably considers that the Developer [Insert ‘or Landowner’ here if applicable] has not complied with its obligations under this Deed specified in Item 13 of Schedule 1. However, the Council is not to call-up the Security unless: it has given the Developer not less than 30 days’ notice of its intention to do so and particulars of why it intends to do so, and the Developer Insert ‘or Landowner’ here if applicable] has not rectified the non-compliance to the Council’s reasonable satisfaction before that period has expired. If the Council calls-up the Security, it may use the amount paid to it in satisfaction of any costs incurred by it in remedying the non-compliance including but not limited to: the reasonable costs of the Council’s servants, agents and contractors reasonably incurred for that purpose, all fees and charges necessarily or reasonably incurred by the Council in order to have the Work carried out, completed or rectified, and all legal costs and expenses reasonably incurred by the Council, by reason of the Developer's non-compliance. If the Council calls-up the Security, it may, by notice in writing to the Developer, require the Developer to provide a further or replacement Security in an amount that, when added to any unused portion of any existing Security, does not exceed the amount of the Security the Council is entitled to hold under this Deed. The dispute resolution provisions of this Deed do not apply to any matter the subject of this clause.

Security for performance of obligations. 27.1 The Developer is to provide the Council with Security in the amount specified in Item 12 of Schedule 1 to secure the performance of such of the Developer’s obligations under this Deed as are specified or described in Item 13 of Schedule 1. . 27.2 The Security is to be provided at the time specified in Item 14 of Schedule 1. . 27.3 The amount of the Security is to be indexed from the date of this Deed in accordance with the index specified in Item 15 of Schedule 1. . 27.4 The Council is to release and return the Security or any unused part of it to the Developer within 14 days of compliance by the Developer [Insert ‘and Landowner’ here if applicable] paying the Monetary Development Contribution identified in Schedule 2, item 1 of its obligations under this Deed to the reasonable satisfaction of the Council. Deed. 27.5 The Developer may at any time provide the Council with a replacement Security. . 27.6 On receipt of a replacement Security, the Council is to release and return to the Developer, as directed, the Security it holds that has been replaced. . 27.7 The Council may call-up the Security if it reasonably considers that the Developer [Insert ‘or Landowner’ here if applicable] has not complied with its obligations under this Deed specified in Item 13 of Schedule 1. . 27.8 However, the Council is not to call-up the Security unless: : 27.8.1 it has given the Developer not less than 30 days’ notice of its intention to do so and particulars of why it intends to do so, and and 27.8.2 the Developer Insert ‘or Landowner’ here if applicable] has not rectified the non-compliance to the Council’s reasonable satisfaction before that period has expired. . 27.9 If the Council calls-up the Security, it may use the amount paid to it in satisfaction of any costs incurred by it in remedying the non-compliance including but not limited to: : 27.9.1 the reasonable costs of the Council’s servants, agents and contractors reasonably incurred for that purpose, , 27.9.2 all fees and charges necessarily or reasonably incurred by the Council in order to have the Work carried out, completed or rectified, and and 27.9.3 all legal costs and expenses reasonably incurred by the Council, by reason of the Developer's non-compliance. . 27.10 If the Council calls-up the Security, it may, by notice in writing to the Developer, require the Developer to provide a further or replacement Security in an amount that, when added to any unused portion of any existing Security, does not exceed the amount of the Security the Council is entitled to hold under this Deed 31 Breach of obligations‌ 31.1 If the Council reasonably considers that the Developer is in breach of any obligation under this Deed. The dispute resolution provisions , it may give a written notice to the Developer: 31.1.1 specifying the nature and extent of the breach, 31.1.2 requiring the Developer to: (a) rectify the breach if it reasonably considers it is capable of rectification, or (b) pay compensation to the reasonable satisfaction of the Council in lieu of rectifying the breach if it reasonably considers the breach is not capable of rectification, 31.1.3 specifying the period within which the breach is to be rectified or compensation paid, being a period that is reasonable in the circumstances. 31.2 If the Developer fails to fully comply with a notice referred to in clause 31.1, the Council may, without further notice to the Developer, call-up the Security provided under this Deed and apply it to remedy the breach. 31.3 Not used. 31.4 Any costs incurred by the Council in remedying a breach in accordance with clause 31.2 may be recovered by the Council by either or a combination of the following means: 31.4.1 by calling-up and applying the Security provided under this Deed, or 31.4.2 as a debt due in a court of competent jurisdiction. 31.5 For the purpose of clause 31.4, the Council’s costs of remedying a breach the subject of a notice given under clause 31.1 include, but are not limited to: 31.5.1 the costs of the Council’s servants, agents and contractors reasonably incurred for that purpose, 31.5.2 all fees and charges necessarily or reasonably incurred by the Council in remedying the breach, and 31.5.3 all legal costs and expenses reasonably incurred by the Council, by reason of the breach. 31.6 Nothing in this clause 31 prevents the Council from exercising any rights it may have at law or in equity in relation to a breach of this Deed do by the Developer, including but not apply limited to any matter the subject of this clauseseeking relief in an appropriate court.

Security for performance of obligations. 27.1 The Developer is to provide the Council with Security in the amount specified in Item 12 of Schedule 1 to secure the performance of such of the Developer’s obligations under this Deed as are specified or described in Item 13 of Schedule 1. . 27.2 The Security is to be provided at the time specified in Item 14 of Schedule 1. . 27.3 The amount of the Security is to be indexed from the date of this Deed in accordance with the index specified in Item 15 of Schedule 1. . 27.4 The Council is to release and return the Security or any unused part of it to the Developer within 14 days of compliance by the Developer [Insert ‘and Landowner’ here if applicable] of its obligations under this Deed to the reasonable satisfaction of the Council. . 27.5 The Developer may at any time provide the Council with a replacement Security. . 27.6 On receipt of a replacement Security, the Council is to release and return to the Developer, as directed, the Security it holds that has been replaced. . 27.7 The Council may call-up the Security if it reasonably considers that the Developer [Insert ‘or Landowner’ here if applicable] has not complied with its obligations under this Deed specified in Item 13 of Schedule 1. . 27.8 However, the Council is not to call-up the Security unless: : 27.8.1 it has given the Developer not less than 30 days’ notice of its intention to do so and particulars of why it intends to do so, and and 27.8.2 the Developer Insert ‘or Landowner’ here if applicable] has not rectified the non-compliance to the Council’s reasonable satisfaction before that period has expired. . 27.9 If the Council calls-up the Security, it may use the amount paid to it in satisfaction of any costs incurred by it in remedying the non-compliance including but not limited to: : 27.9.1 the reasonable costs of the Council’s servants, agents and contractors reasonably incurred for that purpose, , 27.9.2 all fees and charges necessarily or reasonably incurred by the Council in order to have the Work carried out, completed or rectified, and and 27.9.3 all legal costs and expenses reasonably incurred by the Council, by reason of the Developer's non-compliance. . 27.10 If the Council calls-up the Security, it may, by notice in writing to the Developer, require the Developer to provide a further or replacement Security in an amount that, when added to any unused portion of any existing Security, does not exceed the amount of the Security the Council is entitled to hold under this Deed. . 27.11 The dispute resolution provisions of this Deed do not apply to any matter the subject of this clause.

Security for performance of obligations. The 23.1 Notwithstanding any other provision of this Deed, if the Developer wishes to obtain a Subdivision Certificate which can only be issued if any Work is first completed under this Deed, and the Developer is not in a position to complete that Work by the time it wishes to apply for the Subdivision Certificate then the Developer may: 23.1.1 issue a notice to the Council setting out: (a) the Subdivision Certificate for which it wishes to apply, (b) the Work or part of the Work which will not be complete before the application for the Subdivision Certificate is made, (c) the Developer’s estimate of the revised date for completion of the Work, and (d) the Developer’s calculation of the value of the uncompleted part of the Work determined by reference to the Contribution Value for the Work, which cannot exceed the Contribution Value for that Work (Incomplete CV), and 23.1.2 provide the Council with Security in the an amount specified in Item 12 of Schedule 1 to secure the performance of such being 100% of the Developer’s obligations under this Deed as are specified or described in Item 13 of Schedule 1. The Security is to be provided at the time specified in Item 14 of Schedule 1. The amount Incomplete CV of the Security is to be indexed from the date of this Deed in accordance with the index specified in Item 15 of Schedule 1. The Council is to release and return the Security or any unused part of it to the Developer within 14 days of compliance by the Developer [Insert ‘and Landowner’ here if applicable] of its obligations under this Deed to the reasonable satisfaction of the Council. The Developer may at any time provide the Council with a replacement Security. Work. 23.2 On receipt of a replacement Securitynotice under clause 23.1.1, the Council must within 10 business days notify the Developer in writing if it does not agree with the Incomplete CV set out in the notice. 23.3 If Council issues a notice under clause 23.2, the Parties must meet in an attempt to agree on the Incomplete CV and if no agreement is reached within 10 business days from the Council’s notice under clause 23.2, the Parties are to release refer the determination of the extent of the incomplete Work and return the calculation of the Incomplete CV for that Work to a suitably qualified independent expert who has been agreed upon and appointed jointly by the Parties, or if the Parties cannot agree on an expert, to a suitably qualified independent expert appointed by the President of the NSW Law Society. 23.4 The determination of the independent expert appointed under clause 23.3 is final and binding on the Parties, and if the Incomplete CV determined by the expert is different to the Developer, as directed, value of the Security provided by the Developer under clause 23.1.2 the Developer must replace it holds with a Security for 100% of the Incomplete CV determined by the expert whereupon the Council must immediately return the original Security provided by the Developer. 23.5 If the Developer complies with clause 23.1 and 23.4 in respect of a Work then: 23.5.1 the Council will not withhold the issue of the Subdivision Certificate the subject of the written notice from the Developer as a result of the relevant Work being incomplete, 23.5.2 the Developer will not be considered to be in breach of this Deed as a result of a failure to complete all or part of the Work before the issue of the relevant Subdivision Certificate, and 23.5.3 this Deed will be deemed to have been amended such that has been replaced. The the time for completion of the Work is the time noted in the Developer’s notice under clause 23.1.1. 23.6 If the Work (or part of the Work) is not completed by the revised date for completion of the Work (or part of the Work) then the Council may call-up call on the Security if it reasonably considers that the Developer [Insert ‘or Landowner’ here if applicable] has not complied with provided under this clause to meet any of its obligations reasonable Costs incurred under this Deed specified in Item 13 respect of Schedule 1. However, the Council is not failure to call-up complete the Security unless: it has given Work (or part of the Work) by the revised date for completion. 23.7 The Costs of any independent expert appointed under clause 23.3 are to be borne jointly by the Developer not less than 30 days’ notice of its intention to do so and particulars of why it intends to do so, and the Developer Insert ‘or Landowner’ here if applicable] has not rectified the non-compliance to the Council’s reasonable satisfaction before that period has expired. If the Council calls-up the Security, it may use the amount paid to it in satisfaction of any costs incurred by it in remedying the non-compliance including but not limited to: the reasonable costs of the Council’s servants, agents and contractors reasonably incurred for that purpose, all fees and charges necessarily or reasonably incurred by the Council in order to have the Work carried out, completed or rectified, and all legal costs and expenses reasonably incurred by the Council, by reason of the Developer's non-compliance. If the Council calls-up the Security, it may, by notice in writing to the Developer, require the Developer to provide a further or replacement Security in an amount that, when added to any unused portion of any existing Security, does not exceed the amount of the Security the Council is entitled to hold under this Deed. The dispute resolution provisions of this Deed do not apply to any matter the subject of this clause.