Common use of Construction Deposit Clause in Contracts

Construction Deposit. 3.4.1 BCO shall carry out a reconciliation of the Construction Deposit Accounts of the Owner and Contractor within 30 (thirty) days after the issuing of the Completion Certificate by the HOA. 3.4.2 Any claim arising from the breach of the Agreement and the Rules of the Estate, which is not covered by the amount of the respective Building Deposits, the HOA shall be entitled to recover from the Owner (to be debited against the Levy Account) and the Contractor. 3.4.3 The cost of any damage caused to the Estate attributable to the Construction activities shall be quantified by the HOA and the amount so determined shall be final and binding on the Owner and Contractor, as applicable. 3.4.4 Where the HOA rules that the Contractor or Owner or any of their agents, whether by way of commission or omission, have caused any damage to any portion of the Estate, then the Owner and Contractor shall be presumed to be jointly and severally liable for such damage. 3.4.5 If the Owner or the Contractor fails to dispute any claim made in terms of paragraph 3.4.4 above within seven days of receiving notice thereof, they shall be deemed to have accepted liability for such damage and for payment of the costs related thereto. 3.4.6 If the claim contemplated in paragraph 3.4.5 above is disputed and a satisfactory resolution cannot be achieved within 21 (twenty-one) days of the written notice of such dispute, the matter shall be referred for Arbitration as allowed for under paragraph 8 of the Agreement. 3.4.7 Any balance of the respective Construction Deposit accounts will only be released after all disputes have been satisfactorily resolved. 1. Explanatory Notes 1.1 The Fines referred to in this Annexure are levied for the breach by the Owner and/or the Contractor, as applicable, of any term and condition of the Agreement. 1.2 Should the breach of the Owner and/or Contractor not be covered by the Agreement but constitutes a breach of the Rules of the Estate, the HOA would be entitled to impose a Penalty in accordance with the provisions of the Rules, the Related Procedures, and Penalty Schedules. 1.3 The amounts of the Fines specified in this Annexure relate to the breach of a term and condition of the Agreement only and are calculated at the maximum amount contractually agreed. 1.4 The actual amount of a Fine levied by the HOA in terms of paragraph 1.3 above shall be determined after following due process, with due regard to the circumstances resulting in the breach of a provision of the Agreement, as well as any aggravating or mitigating circumstances related to the breach. Fines are cumulative and applicable per incident. 1.5 The HOA may, in addition to the levied Fine, exercise its rights in terms of paragraph 6.6 and

Construction Deposit. 3.4.1 BCO shall carry out a reconciliation 5.3.1. The Contractor shall, before commencing any work, pay to the account of the Construction Deposit Accounts HOA at the Management Agent the amount as specified in the Architectural and Building Rules (refer clause 1.1.2 to clause 1.1.5 of said document) which shall constitute the fee for the architect assisting the HOA Committee with the approval process as well as a security deposit for damage of whatever nature which may be caused by the Contractor to any portion of the Owner and Contractor within 30 (thirty) days after the issuing of the Completion Certificate by the HOADevelopment. 3.4.2 5.3.2. Any claim arising from the breach of the Agreement and the Rules of the Estate, which as contemplated is not covered by limited to the amount of the respective Building Deposits, deposit and the HOA Committee shall be entitled to recover from the Owner (to be debited against or the Levy Account) and Contractor any amount which is the Contractorreasonable costs of reinstatement resulting from such damage. 3.4.3 5.3.3. The cost costs of any damage caused to the Estate attributable to the Construction activities Contractor shall be quantified by the HOA Committee and the amount so determined shall be final and binding on prima facie evidence of the amount due by the Owner and the Contractor, as applicable. 3.4.4 Where 5.3.4. If the HOA rules Committee alleges that the conduct of the Contractor or Owner or any is the cause of their agents, whether by way of commission or omission, have caused any damage to any portion of the EstateDevelopment, then the Owner and the Contractor shall will be presumed to be jointly and severally liable for such damageunless they are able to prove the contrary. 3.4.5 5.3.5. If the Owner or the Owner/Contractor fails fail to dispute any claim made in terms of paragraph 3.4.4 above within seven 5 (five) business days of receiving getting notice thereof, they shall be deemed liable for the payment as determined by the HOA Committee. 5.3.6. If the claim is disputed, the HOA Committee can institute proceedings against the Owner/Contractor for the recovery of the amount claimed. 5.3.7. The HOA Committee will invoice the Contractor for any damage caused which is due and payable within 5 (five) business days. The Contractor will be denied access to the Erf until all amounts have accepted liability for such damage and for been paid. 5.3.8. Upon final completion of work by the Contractor on the Erf, provided there is no claim pending against the Contractor, the Contractor will be entitled to receive payment of the costs related thereto. 3.4.6 If the claim contemplated in paragraph 3.4.5 above is disputed and a satisfactory resolution cannot be achieved within 21 (twenty-one) days refundable portion of the written notice of such dispute, the matter shall be referred for Arbitration as allowed for under paragraph 8 of the Agreementdeposit or any portion remaining thereof. 3.4.7 Any balance of the respective Construction Deposit accounts will only be released after all disputes have been satisfactorily resolved. 1. Explanatory Notes 1.1 The Fines referred to in this Annexure are levied for the breach by the Owner and/or the Contractor, as applicable, of any term and condition of the Agreement. 1.2 Should the breach of the Owner and/or Contractor not be covered by the Agreement but constitutes a breach of the Rules of the Estate, the HOA would be entitled to impose a Penalty in accordance with the provisions of the Rules, the Related Procedures, and Penalty Schedules. 1.3 The amounts of the Fines specified in this Annexure relate to the breach of a term and condition of the Agreement only and are calculated at the maximum amount contractually agreed. 1.4 The actual amount of a Fine levied by the HOA in terms of paragraph 1.3 above shall be determined after following due process, with due regard to the circumstances resulting in the breach of a provision of the Agreement, as well as any aggravating or mitigating circumstances related to the breach. Fines are cumulative and applicable per incident. 1.5 The HOA may, in addition to the levied Fine, exercise its rights in terms of paragraph 6.6 and