Security for Defects Liability Period Clause Samples
The 'Security for Defects Liability Period' clause requires the contractor to provide a form of financial security, such as a bank guarantee or retention, to cover the period after project completion during which defects may be identified and need to be rectified. This security typically remains in place for a specified duration, ensuring that funds are available to address any faults or incomplete work discovered after handover. The core function of this clause is to protect the client by ensuring that the contractor remains accountable for correcting defects, thereby reducing the risk of unaddressed issues and financial loss during the defects liability period.
Security for Defects Liability Period. Until the expiry of the relevant Defects Liability Period, the City may retain from the Guarantee an amount equal to 10% of the Attributed Value of the Developer’s Works as security for the Developer’s performance of its obligations under this clause 8. The Developer must make any necessary arrangements to allow the provision of the Guarantee for the Defects Liability Period in accordance with this clause.
Security for Defects Liability Period. Until the expiration of the Defects Liability Period, the Council may retain from the Guarantee provided in connection with the Relevant Works an amount equal to 10% of that Guarantee as security for the performance by the Land Owner of its obligations under this clause 11 and the Land Owner must make any necessary arrangements to allow that to occur.
Security for Defects Liability Period. Until the expiry of the Defects Liability Period, the City may retain from the Guarantee an amount equal to 10% of the Attributed Value of the Footpath Works as security for the Developer’s performance of its obligations under this clause 10. The Developer must make any necessary arrangements to allow the provision of the Guarantee for the Defects Liability Period in accordance with this clause.
Security for Defects Liability Period. Until the expiry of the relevant Defects Liability Period, Council may retain from the Guarantee an amount equal to 10% of the Attributed Value of the Developer’s Works as security for the Developer’s performance of its obligations under this clause 8. The Developer must make any necessary arrangements to allow the provision of the Guarantee for the Defects Liability Period in accordance with this clause. If: the Developer is in breach of clause 4.3of this Planning Agreement; or Council notifies the Developer of a Defect in the Public Benefits within the Defects Liability Period, then, following written notice from Council, the Developer must promptly correct or replace (at the Developer’s expense) the defective elements of the Public Benefits. If the Developer is unable or unwilling to comply with clause 8.2(a), or fails to rectify the Defect within three months of receiving notice from Council under clause 8.2(a), Council may: rectify the Defect itself; make a claim on the Guarantee in accordance with clause 10 for the reasonable costs of Council in rectifying the Defect; and to the extent the costs incurred to rectify the Defect exceeds the Guarantee, recover the reasonable costs from the Developer as a debt due and owing to Council. If Council requires access to the Land to rectify any Defect, the Developer grants Council and its contractors a licence for such period as is necessary for Council and its contractors to access the Land to carry out, or procure the carrying out, of the rectification works. The Owner: consents to the registration of this Planning Agreement at the NSW Land Registry Services on the certificate of title/s to the Land; warrants that it has obtained all consents to the registration of this Planning Agreement on the certificate of title/s to the Land; and must within 10 Business Days of a written request from Council do all things necessary to allow Council to register this Planning Agreement on the certificate of title/s to the Land, including but not limited to: producing any documents or letters of consent required by the Registrar-General of the NSW Land Registry Services; providing the production slip number when the Owner produces the certificate of title/s to the Land at the NSW Land Registry Services; and providing Council with a cheque for registration fees payable in relation to registration of this Planning Agreement at NSW Land Registry Services. The Owner must act promptly in complying with and assisting to respond t...