Common use of Construction Act Clause in Contracts

Construction Act. Upon receiving notice or upon any liens being filed with the Town pursuant to the Construction Act, R.S.O. 1990, c.C.30, as amended, on the Lands in this Agreement in which the Town may have an interest, this Agreement shall be deemed to be defaulted by the Owner. Upon discovering such default, and the Owner fails to discharge the lien or the claim as the case may be within ten (10) business days after receipt of notice from the Town, then the Town may, notwithstanding any other remedies it may have, draw the full amount of the claim from any security or Letter of Credit which may be held pursuant to this Agreement to secure its interests and may pay into Court any holdback and costs provided by the Construction Act as may be necessary therefore. A Statutory Declaration from the Owner, or if the Owner is not constructing the Shared Road, the developer undertaking completion of the Works, that it has paid all contractors and sub- contractors associated with the construction of public works and complied fully with the provisions of the Construction Act;

Construction Act. Upon receiving notice or upon any liens being filed with the Town pursuant to the Construction Act, R.S.O. 1990, c.C.30, as amended, on the Lands in this Agreement in which the Town may have an interest, this Agreement shall be deemed to be defaulted by the Owner. Upon discovering such default, and the Owner fails to discharge the lien or the claim as the case may be within ten (10) business days after receipt of notice from the Town, then the Town may, notwithstanding any other remedies it may have, draw the full amount of the claim from any security or Letter of Credit which may be held pursuant to this Agreement to secure its interests and may pay into Court any holdback and costs provided by the Construction Act as may be necessary therefore. A The Owners agree to submit a Statutory Declaration from the Owner, or if the Owner is not constructing the Shared Road, the developer undertaking completion of the Works, that it has paid all contractors and sub- sub-contractors associated with the construction of public works and complied fully with the provisions of the Construction Act;.