Common use of Security Bond Clause in Contracts

Security Bond. 3.1 The Liability Deposit as stated in the Rental Agreement is required upon the collection of the Vehicle. You must provide a valid Visa or Mastercard to pay the Security Bond and the amount will be debited to Your card on the day of Vehicle collection. The credit card holder must be present and able to sign for the Security Bond upon Vehicle collection. 3.2 A reduced bond is payable if a Liability Reduction option is taken out. Both Liability Reduction Options can be taken out at the time of Vehicle collection. 3.3 The Security Bond is fully refundable, provided the Vehicle is returned without Damage and within the agreed rental period. 3.4 TCC may deduct from the bond all amounts payable under this Agreement. By way of summary, these charges include, but are not limited to, any costs arising under clause 11. 3.5 All transactions under this agreement are conducted in Australian Dollars. Due to exchange rate fluctuations and bank fees, there may be a variance between the amount initially debited against Your credit card and the amount refunded. TCC accepts no liability for any such variation.