Delivery to Council of Bank Guarantee Clause Samples
The 'Delivery to Council of Bank Guarantee' clause requires a party, typically a developer or contractor, to provide a bank guarantee to the council as a form of financial security. This guarantee is usually delivered before the commencement of certain works or upon signing an agreement, and serves as assurance that the party will fulfill its obligations, such as completing construction or rectifying defects. By mandating the delivery of a bank guarantee, the clause protects the council from financial loss if the other party defaults or fails to meet contractual requirements.
Delivery to Council of Bank Guarantee. The Developer must deliver to Council an unconditional bank guarantee in a form acceptable to the Council for an amount, and by the times set out in Schedule 3 (Bank Guarantee).
Delivery to Council of Bank Guarantee. Prior to the issue of a Subdivision Certificate for each Stage of the Development, the Developer must deliver to Council a Bank Guarantee for an amount equal to the Security Value for the Works.
Delivery to Council of Bank Guarantee. (a) On the date this Agreement becomes operative, the Proponents must deliver to the Council an unconditional bank guarantee from an Australian Bank:
(i) in favour of the Council; and
(ii) on terms acceptable to the Council,
(iii) for an amount equal to one hundred percent (100%) of the first Total Yearly Contribution Amount (Bank Guarantee).
(b) Where the Total Yearly Contribution Amount for any year specified in Schedule 4 changes, then within fourteen days of the due date for payment of that Total Yearly Contribution Amount, the Proponents must provide the Council with a replacement bank guarantee on the same terms as the Bank Guarantee but for 100% of the relevant Total Yearly Contribution Amount specified for that year (Replacement Bank Guarantee).
Delivery to Council of Bank Guarantee. Except to the extent that a bank guarantee, bond or other security of equal or more value has been provided by the Developer in relation to the Works (or any part thereof) pursuant to a development consent (granted by Council or any other relevant Authority) in connection with the Land, prior to the issue of a Subdivision Works Certificate for the Development, the Developer must deliver to Council one (1) or more Bank Guarantees comprising of the following amounts:
(a) 100% of the value of the Water Main Works, being $366,000;
(b) 75% of the value of the Road Upgrade Works, being $472,500; and
(c) 25% of the value of the Sewer Main Works, being $122,527.50.
Delivery to Council of Bank Guarantee. Prior to the release of a Subdivision Certificate in respect of the Development, the Developer must deliver to Council an unconditional bank guarantee in a form acceptable to the Council for the amount of $20,000.00 (Bank Guarantee).
Delivery to Council of Bank Guarantee. The Developer must deliver to Council one or more Bank Guarantees:
17.1.1 in the amount(s) equal to the sum of the Security Value; and
17.1. 2 by the time specified in Table 2 of Schedule 4.
Delivery to Council of Bank Guarantee. Except to the extent that a bank guarantee, bond or other security has been provided by the Developer (or its contractor performing the Works, or any part thereof) in relation to the Works (or any part thereof) pursuant to a development consent (granted by Council or any other relevant Authority) in connection with the Land, prior to the issue of a Subdivision Works Certificate for the Development, the Developer must deliver to Council a Bank Guarantee in the amount of 5% of the value of the Works.
Delivery to Council of Bank Guarantee. (1) The Developer must deliver to Council an unconditional bank guarantee(s) from a major Australian bank (Bank Guarantee) as follows:
(a) in a form acceptable to Council;
(b) in the amount and as described in Schedule 8; and
(c) without an expiry date.
(2) The Bank Guarantee must be provided to Council when the Developer returns to Council this original executed agreement in duplicate. Council is not required to sign, nor is bound by this agreement, until the Bank Guarantees have been provided to Council in accordance with the requirements of this clause 11.4 (1) & (2).