Defects Security definition

Defects Security means a bank guarantee, bond, or other form of security approved by the Council, on terms reasonably acceptable to the Council. Defects Liability Period means, the period commencing on the date of Practical Completion of a Work or Phase, and ending at a time determined by Council acting reasonably and notified to the Developer in writing at the time of issue of the Compliance Certificate for that Work or Phase.

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Defects Security means the Security provided by the Developer in accordance with cl.

Defects Security means a Bank Guarantee, or a Bond or other form of security to the satisfaction of the Council, acting reasonably, being for an amount that is 2.5% of the Contribution Value of the Works item indexed in accordance with increases in the Security Index from the date of this Deed. Detailed Design means a detailed design, including design drawings, (with only sufficient detail necessary for a Development Application where it relates to the Development Application stage), of a Contribution Item (or part) comprising a Work. Developer means both Developer 1 and Developer 2 or either one of them that is carrying out the Development, or any part of the Development, on the Land; Developer’s Associates means an agent, employee, office, consultant, subcontractor, principal contractor, licensee of the Developer. Development means the development (within the meaning of the Act) of the Land for mixed use and/or high-density residential purposes the subject of Development Consent which relies on the Instrument Change and excludes:

Examples of Defects Security in a sentence

The Service Provider shall analyse the Incident Log to identify common recurring Incidents, Defects, Security Incidents and Performance Indicator Incidents and take such action as has been agreed with TfL to prevent their re-occurrence.
The Service Provider shall track and keep a record of the total amount of time spent resolving each Incident, Defects, Security Incidents and Performance Indicator Incidents and how long it was open.
If the Developer does not comply with a Rectification Notice, Council may do such things as are necessary to rectify the defect and may: enter upon any part of the Land that it requires access to in order to satisfy the obligations of the Developer; call upon the Defects Security to meet its costs in rectifying the defect; and recover, as a debt due in a court of competent jurisdiction, any difference between the amount of the Defects Security and the costs incurred by Council in rectifying the defect.
This shall include:  a description of all Incidents arising in the previous week, together with their classification and their Severity Level in the case of Incidents, Defects, Security Incidents and Performance Indicator Incidents;  a status report on all open Incidents Defects, Security Incidents and Performance Indicator Incidents; and  a description of the resolution of all Incidents, Defects, Security Incidents and Performance Indicator Incidents closed during the previous week.
Release of Defects Security Unless: Council has made or intends to make a demand against any Security provided by the Developer for that Stage; the relevant Defects Liability Period has not expired; or the Developer is in breach of this document at the relevant time, Council, upon a written request being made by the Developer, must return the Defects Security within ten (10) business days of such a request being made.
This shall include: • a description of all Incidents arising in the previous week, together with their classification and their Severity Level in the case of Incidents, Defects, Security Incidents and Performance Indicator Incidents; • a status report on all open Incidents Defects, Security Incidents and Performance Indicator Incidents; and • a description of the resolution of all Incidents, Defects, Security Incidents and Performance Indicator Incidents closed during the previous week.
On receipt of a replacement Defects Security, Council must immediately release the Defects Security being replaced and return it to the Developer.
The Service Provider shall link similar Incidents, Defects, Security Incidents and Performance Indicator Incidents to Problems.
Where Council exercises its step-in rights, the Developer must pay to Council all reasonable costs incurred by Council in rectifying the relevant Defects may call upon the Defects Security provided by the Developer pursuant to clause 10 and recover as a debt due in a court of competent jurisdiction any difference between the amount of the Defects Security and the costs incurred by the Council in rectifying the Defects.
Where Council exercises its step-in rights, it may call upon the Defects Security provided by the Developer and recover as a debt due in a court of competent jurisdiction any difference between the amount of the Defects Security and the costs incurred by the Council in rectifying the Defects.

More Definitions of Defects Security

Defects Security means a Bank Guarantee, or a bond or other form of security to the satisfaction of the Council, acting reasonably, indexed in accordance with increases in the Defects Security Index from the date of this Deed.

Defects Security means the Security for rectification of defects required under clause 6.3(a).