Security obligation to be recalculated. (a) When:
(i) Security has been provided under clause 14.1;
(ii) a further Progress Certificate is issued for those costs that relate to the relevant Development Contribution; and
(iii) the further Progress Certificate is given to the Council, the calculation in clause 14.1 is SHUIRUPHG DJDLQ eDntiQtleGm enWt toKH &RXQFL Security is reduced to the value set by the new calculation.
(b) For avoidance of doubt, if the result of the recalculation is a number less than 20% of the Maximum Value of the Work, the Developer is still obliged to provide Security in the amount of 20% of the Maximum Value (subject to clause 14.6).
(c) The process of recalculation required may, upon the provision of each further Progress Certificate, be repeated until the Council has no entitlement to Security.
Security obligation to be recalculated. (a) Each time the Council determines the costs incurred by the Developer in carrying out and completing a Development Deliverable comprising a Work under clause 5.2, the parties are to recalculate the amount of Security to be provided for that Work under clause 13.1.
(b) The Council is to release and return such amount of Security which exceeds the amount the Developer is required to provide under clause 13.1.
Security obligation to be recalculated. (a) When:
(i) Security has been provided under clause 10.1;
(ii) and a part of the relevant Item 1 Development Contribution has been made to Council, the calculation in clause 10.1 is performed again and the Council’s entitlement to Security is reduced by the proportion of the relevant Development Contribution (defined in terms of unit numbers) that has been made.
(b) The process of recalculation required may be repeated, upon the making of each part of the Development Contribution, until the Council has no entitlement to Security for the relevant Development Contribution.
(c) Upon the Council’s entitlement to a Security being reduced (under clause 10.2(a)) and, if Council is unable to release a part of the Security held, the provision of a replacement Security in the amount to be retained by Council, the Council must promptly release and return the Security (or the relevant portion of the Security) to the Relevant Developer (under the terms of clause 10.6).
