commercial service contract definition
commercial service contract means an agreement concluded between a contracting authority and an operator in terms of section 43 of the NLTA, and in terms of which the operator—
commercial service contract. ’ means an agreement concluded between a 35
commercial service contract means an agreement concluded between a contracting authority and a public transport operator in terms of which the –
More Definitions of commercial service contract
commercial service contract means a service contract or other similar agreement for a separately stated consideration to indemnify or provide for the repair, replacement or similar service of goods, equipment, machinery or other property normally used for commercial or business purposes for the operational or structural failure due to a defect in materials or workmanship or normal wear and tear, with or without additional provision for incidental expenses, provided that the obligor under the service contract or other similar agreement (a) has procured an insurance policy issued by an insurer authorized to transact insurance in this state or issued pursuant to [insert code section permitting surplus lines business] that provides reimbursement coverage or coverage to the obligee in the event the obligor becomes insolvent, ceases to transact business, or fails to perform the obligations and liabilities under the terms of the commercial service contract; or (b) has provided another form of financial responsibility approved by the commissioner.”