Surety’s Obligations. 23.1 If any of the default events listed in clause 33 (Default Events) occur, the Head of Legal Services may, without affecting any statutory rights or powers or any other right, claim, or remedy under this agreement for such non- performance or non-observance, give to the Surety a Default Notice: (a) specifying the Default Work; and (b) containing an estimate by the Proper Officer of the Default Cost. The Default Cost shall not exceed: (i) the Estimated Cost; (ii) 80% of the Estimated Cost on and after the issue of the Part 1 Certificate; (iii) 70% of the Estimated Cost on and after the issue of the Part 2 Certificate; or (iv) an amount to be determined by the Proper Officer, exercising absolute discretion, after the issue of either part of a Part 1 Certificate or part of a Part 2 Certificate. 23.2 Within 20 Working Days following the date of receipt of the Default Notice, the Surety shall: (a) pay the Default Cost to the Council; or (b) send the Surety's Counter Notice to the Council. 23.3 If the Surety, having sent the Surety's Counter Notice to the Council, fails to start the Default Work within 20 Working Days from and including the date of receipt by the Council of the Surety's Counter Notice, the Surety shall without delay, pay the Default Cost to the Council together with simple interest at a rate of 4% per annum above the base rate of National Westminster Bank Plc from time to time, calculated from and including the date on which the Default Notice was sent to the Surety to and including the date the payment is made. 23.4 If the Surety, having sent the Surety's Counter Notice to the Council, starts the Default Work, and the Default Work is not completed within four calendar months from and including the date the Surety's Counter Notice was received by the Council, or within such further period or periods as may be agreed by the Proper Officer, the Surety shall forthwith on demand by the Head of Legal Services, pay to the Council: (a) such sum as the Proper Officer may determine as being the cost of carrying out any Default Work not carried out by the Surety or the cost of maintaining the Works for a period of 12 calendar months before the Road becomes maintainable at public expense (or the cost of both); and (b) the amount determined by the Head of Legal Services as representing the usual establishment charges of the Council. 23.5 The sum payable under clause 23.4 (Surety’s Obligations) shall not exceed the Default Cost. 23.6 Following the issue of a Final Certificate for: (a) any part of the Road, the liability of the Surety shall be reduced by an amount as may be directed by the Proper Officer; or (b) all of the Road or the final part of the Road, the Surety shall be released from all liability under this agreement.
Appears in 1 contract
Surety’s Obligations. 23.1 21.1 If any of the default events listed in clause 33 (Default Events) 31 occur, the Head of Assistant Director Legal Services may, without affecting any statutory rights or powers or any other right, claim, or remedy under this agreement for such non- non-performance or non-observance, give to the Surety a Default Notice:
(a) specifying the Default Work; and
(b) containing an estimate by the Proper Officer of the Default Cost. The Default Cost shall not exceed:
(i) the Estimated Cost;
(ii) 80[£ AMOUNT] being 50% of the Estimated Cost on and after the issue of the Part 1 Certificate;
(iii) 70[£ AMOUNT] being 20% of the Estimated Cost on and after the issue of the Part 2 Certificate; or
(iv) an amount to be determined by the Proper Officer, exercising absolute discretion, after the issue of either part of a Part 1 Certificate or part of a Part 2 Certificate.
23.2 21.2 Within 20 Working Days following the date of receipt of the Default Notice, the Surety shall:
(a) pay the Default Cost to the Council; or
(b) send the Surety's Counter Notice to the Council.
23.3 21.3 If the Surety, having sent the Surety's Counter Notice to the Council, fails to start the Default Work within 20 Working Days from and including the date of receipt by the Council of the Surety's Counter Notice, the Surety shall without delay, pay the Default Cost to the Council together with simple interest at a rate of 4% per annum above the base rate of National Westminster the Lloyds Bank Plc plc from time to time, calculated from and including the date on which the Default Notice was sent to the Surety to and including the date the payment is made.
23.4 21.4 If the Surety, having sent the Surety's Counter Notice to the Council, starts the Default Work, and the Default Work is not completed within four one (1) calendar months month from and including the date the Surety's Counter Notice was received by the Council, or within such further period or periods as may be agreed by the Proper Officer, the Surety shall forthwith on demand by the Head of Assistant Director Legal Services, pay to the Council:
(a) such sum as the Proper Officer may determine as being the cost of carrying out any Default Work not carried out by the Surety or the cost of maintaining the Works for a period of 12 twelve (12) calendar months before the Road becomes maintainable at public expense (or the cost of both); and
(b) the amount determined by the Head of Proper Officer and the Assistant Director Legal Services as representing the usual establishment charges of the Council.
23.5 21.5 The sum payable under clause 23.4 (Surety’s Obligations) 21.4 shall not exceed the Default Cost.
23.6 21.6 Following the issue of a Final Certificate for:
(a) any part of the Road, the liability of the Surety shall be reduced by an amount as may be directed by the Proper OfficerOfficer ; or
(b) all of the Road or the final part of the Road, the Surety shall be released from all liability under this agreement.
Appears in 1 contract
Samples: Section 38 Agreement
Surety’s Obligations. 23.1 If 21.1 IF the Owner and Developer at any time fails to perform or observe any of the default events listed conditions stipulations or obligations on his part contained in clause 33 this Agreement or if a receiving order in bankruptcy is made in respect of the Owner and Developer’s estate or if the Owner and Developer is being wound up or if the Owner and Developer enters into a composition or scheme of arrangement (Default Eventsotherwise than for the purposes of reconstruction or amalgamation) occur, the Head of Legal Services may, Director may without affecting prejudice to any statutory rights or powers or any other right, claim, or right claim remedy under this agreement for such non- performance or non-observance, give Agreement by sending to the Surety a notice in writing (hereinafter referred to as the “Default Notice:”)
(a) 21.1.1 specifying the work (hereinafter referred to as the “Default Work”) to be carried out in order that the Works may be executed or completed as the case may be in accordance with this Agreement; and
(b) containing an estimate by the Proper Officer 21.1.2 requiring payment of the Default Cost. The Default Cost shall not exceed:
(i) the Estimated Cost;
(ii) 80% 21.2 WITHIN twenty eight days of the Estimated Cost on and after the issue of the Part 1 Certificate;
(iii) 70% of the Estimated Cost on and after the issue of the Part 2 Certificate; or
(iv) an amount to be determined by the Proper Officer, exercising absolute discretion, after the issue of either part of a Part 1 Certificate or part of a Part 2 Certificate.
23.2 Within 20 Working Days following the date of receipt of receiving the Default Notice, Notice the Surety shall:
(a) 21.2.1 pay the Default Cost to the Council; or
21.2.2 send to the Council notice in writing (bhereinafter referred to as the “Surety’s Counter Notice”) send of the intention of the Surety to carry out the Default Work in accordance with the Dedication Drawings and Specification and to the Directors satisfaction
21.3 IF the Surety having sent the Surety's ’s Counter Notice to the Council.
23.3 If the Surety, having sent the Surety's Counter Notice to the Council, Council fails to start the Default Work within 20 Working Days from and including fifty six days after the date of receipt by Surety received the Council of the Surety's Counter Notice, Default Notice the Surety shall without delay, forthwith pay the Default Cost to the Council together with simple interest thereon at a the rate of 4% four per cent per annum above greater than the base rate of National Westminster Bank Plc base rate in force from time to time, time calculated on a daily basis from and including the date on which the Surety received the Default Notice was sent to Notice
21.4 IF the Surety to and including the date the payment is made.
23.4 If the Surety, having sent the Surety's ’s Counter Notice to the Council, Council starts the Default Work, Work and the Default Work is not completed within four calendar months from and including the date the Surety's Counter Notice was received by the Council, or within such further period or periods as may be agreed by the Proper Officer, Council the Surety shall subject to sub-clause 21.5 forthwith on demand by the Head of Legal Services, Director pay to the Council:
(a) Council such sum as the Proper Officer Director may determine as being the cost of carrying out any Default Work not carried out by the Surety or the cost of maintaining the Works for a the period of 12 calendar twelve months before prior to the Road becomes or Roads becoming maintainable at the public expense as may be the case (or as being the cost of both); and
(b) and also pay to the Council the amount determined by the Head Director as being the amount of Legal Services as representing the appropriate usual establishment charges of the Council.
23.5 The 21.5 THE sum payable under sub-clause 23.4 (Surety’s Obligations) 21.4 shall not exceed the Default Cost.
23.6 Following Cost and the covenant in sub-clause 22.2 shall apply with respect to such sum and on the issue of a the Final Certificate for:
(a) any part of the Road, the liability of the Surety shall be reduced by an amount as may be directed by the Proper Officer; or
(b) all of the Road or the final part of the Road, the Surety shall be released from all liability under this agreement.hereunder
Appears in 1 contract
Samples: Section 38 Agreement
Surety’s Obligations. 23.1 If 21.1 IF the Owner and Developer at any time fails to perform or observe any of the default events listed conditions stipulations or obligations on his part contained in clause 33 this Agreement or if a receiving order in bankruptcy is made in respect of the Owner and Developer’s estate or if the Owner and Developer is being wound up or if the Owner and Developer enters into a composition or scheme of arrangement (Default Eventsotherwise than for the purposes of reconstruction or amalgamation) occur, the Head of Legal Services may, Director may without affecting prejudice to any statutory rights or powers or any other right, claim, or right claim remedy under this agreement for such non- performance or non-observance, give Agreement by sending to the Surety a notice in writing (hereinafter referred to as the “Default Notice:”)
(a) 21.1.1 specifying the work (hereinafter referred to as the “Default Work”) to be carried out in order that the Works may be executed or completed as the case may be in accordance with this Agreement; and
(b) containing an estimate by the Proper Officer 21.1.2 requiring payment of the Default Cost. The Default Cost shall not exceed:
(i) the Estimated Cost;
(ii) 80% 21.2 WITHIN twenty eight days of the Estimated Cost on and after the issue of the Part 1 Certificate;
(iii) 70% of the Estimated Cost on and after the issue of the Part 2 Certificate; or
(iv) an amount to be determined by the Proper Officer, exercising absolute discretion, after the issue of either part of a Part 1 Certificate or part of a Part 2 Certificate.
23.2 Within 20 Working Days following the date of receipt of receiving the Default Notice, Notice the Surety shall:
(a) 21.2.1 pay the Default Cost to the Council; or
21.2.2 send to the Council notice in writing (bhereinafter referred to as the “Surety’s Counter Notice”) send of the intention of the Surety to carry out the Default Work in accordance with the Dedication Drawings and Specification and to the Directors satisfaction
21.3 IF the Surety having sent the Surety's ’s Counter Notice to the Council.
23.3 If the Surety, having sent the Surety's Counter Notice to the Council, Council fails to start the Default Work within 20 Working Days from and including fifty six days after the date of receipt by Surety received the Council of the Surety's Counter Notice, Default Notice the Surety shall without delay, forthwith pay the Default Cost to the Council together with simple interest thereon at a the rate of 4% four per cent per annum above greater than the base rate of National Westminster Bank Plc base rate in force from time to time, time calculated on a daily basis from and including the date on which the Surety received the Default Notice was sent to Notice
21.4 IF the Surety to and including the date the payment is made.
23.4 If the Surety, having sent the Surety's ’s Counter Notice to the Council, Council starts the Default Work, Work and the Default Work is not completed within four calendar months from and including the date the Surety's Counter Notice was received by the Council, or within such further period or periods as may be agreed by the Proper Officer, Council the Surety shall subject to sub-clause 21.5 forthwith on demand by the Head of Legal Services, Director pay to the Council:
(a) Council such sum as the Proper Officer Director may determine as being the cost of carrying out any Default Work not carried out by the Surety or the cost of maintaining the Works for a the period of 12 calendar twelve months before prior to the Road becomes or Roads becoming maintainable at the public expense as may be the case (or as being the cost of both); and
(b) and also pay to the Council the amount determined by the Head Director as being the amount of Legal Services as representing the appropriate usual establishment charges of the Council.
23.5 The 21.5 THE sum payable under sub-clause 23.4 (Surety’s Obligations) 21.4 shall not exceed the Default Cost.
23.6 Following Cost and the covenant in sub-clause 22.2 shall apply with respect to such sum and on the issue of a the Final Certificate for:
(a) any part of the Road, the liability of the Surety shall be reduced by an amount as may be directed by the Proper Officer; or
(b) all of the Road or the final part of the Road, the Surety shall be released from all liability under this agreement.hereunder
Appears in 1 contract
Samples: Section 38 Agreement
Surety’s Obligations. 23.1 If 22.1 IF the Developer at any time fails to perform or observe any of the default events listed conditions stipulations or obligations on his part contained in clause 33 this Agreement or if a receiving order in bankruptcy is made in respect of the Developer’s estate or if the Developer is being wound up or if the Developer enters into a composition or scheme of arrangement (Default Eventsotherwise than for the purposes of reconstruction or amalgamation) occur, the Head of Legal Services may, Director may without affecting prejudice to any statutory rights or powers or any other right, claim, or right claim remedy under this agreement for such non- performance or non-observance, give Agreement by sending to the Surety a notice in writing (hereinafter referred to as the “Default Notice:”)
(a) 22.1.1 specifying the work (hereinafter referred to as the “Default Work”) to be carried out in order that the Works may be executed or completed as the case may be in accordance with this Agreement; and
(b) containing an estimate by the Proper Officer 22.1.2 requiring payment of the Default Cost. The Default Cost shall not exceed:
(i) the Estimated Cost;
(ii) 80% 22.2 WITHIN twenty eight days of the Estimated Cost on and after the issue of the Part 1 Certificate;
(iii) 70% of the Estimated Cost on and after the issue of the Part 2 Certificate; or
(iv) an amount to be determined by the Proper Officer, exercising absolute discretion, after the issue of either part of a Part 1 Certificate or part of a Part 2 Certificate.
23.2 Within 20 Working Days following the date of receipt of receiving the Default Notice, Notice the Surety shall:
(a) 22.2.1 pay the Default Cost to the Council; or
22.2.2 send to the Council notice in writing (bhereinafter referred to as the “Surety’s Counter Notice”) send of the intention of the Surety to carry out the Default Work in accordance with the Dedication Drawings and Specification and to the Directors satisfaction
22.3 IF the Surety having sent the Surety's ’s Counter Notice to the Council.
23.3 If the Surety, having sent the Surety's Counter Notice to the Council, Council fails to start the Default Work within 20 Working Days from and including fifty six days after the date of receipt by Surety received the Council of the Surety's Counter Notice, Default Notice the Surety shall without delay, forthwith pay the Default Cost to the Council together with simple interest thereon at a the rate of 4% four per cent per annum above greater than the base rate of National Westminster Bank Plc base rate in force from time to time, time calculated on a daily basis from and including the date on which the Surety received the Default Notice was sent to Notice
22.4 IF the Surety to and including the date the payment is made.
23.4 If the Surety, having sent the Surety's ’s Counter Notice to the Council, Council starts the Default Work, Work and the Default Work is not completed within four calendar months from and including the date the Surety's Counter Notice was received by the Council, or within such further period or periods as may be agreed by the Proper Officer, Council the Surety shall subject to sub-clause 22.5 forthwith on demand by the Head of Legal Services, Director pay to the Council:
(a) Council such sum as the Proper Officer Director may determine as being the cost of carrying out any Default Work not carried out by the Surety or the cost of maintaining the Works for a the period of 12 calendar twelve months before prior to the Road becomes or Roads becoming maintainable at the public expense as may be the case (or as being the cost of both); and
(b) and also pay to the Council the amount determined by the Head Director as being the amount of Legal Services as representing the appropriate usual establishment charges of the Council.
23.5 The 22.5 THE sum payable under sub-clause 23.4 (Surety’s Obligations) 22.4 shall not exceed the Default Cost.
23.6 Following Cost and the covenant in sub-clause 23.2 shall apply with respect to such sum and on the issue of a the Final Certificate for:
(a) any part of the Road, the liability of the Surety shall be reduced by an amount as may be directed by the Proper Officer; or
(b) all of the Road or the final part of the Road, the Surety shall be released from all liability under this agreement.hereunder
Appears in 1 contract
Samples: Section 38 Agreement
