Security for Defects Liability. (a) Prior to the issue of a Certificate of Practical Completion for each item of the Works the Developer must deliver to the Council Bonds or Bank Guarantees in an amount equivalent to 25% of the construction costs for the particular item of Works.
Security for Defects Liability. (a) This clause 8.5 only applies if the Foreshore Park is to be dedicated to Council. If Council informs the Developer, in accordance with clause 7.4 of this Agreement, that dedication is not required then security for defects liability is not required and this clause 8.5 will not apply.
Security for Defects Liability. Prior to the issue of a Certificate of Practical Completion for each item of the Works the Developer must deliver to the Council Bonds or Bank Guarantees in an amount equivalent to 2.5% of the construction costs for the particular item of Works. The Developer advises and the Council acknowledges its awareness that the Bonds or Bank Guarantees may be supplied by the Builder and form a part of the security held by the Developer from the Builder under the terms of the Construction Contract, provided that: any Bond or Bank Guarantee provided by the Builder benefits the Council and satisfies the requirements of this agreement; and the Developer procure an agreement from the Builder that the Council will be entitled to call on any Bond or Bank Guarantee provided by the Builder, in accordance with the terms of this agreement and the terms of any Construction Contract. Within 10 Business Days after the Defects Liability Period for a particular item of Works has expired Council must (if it has not called on it) return the Bond or Bank Guarantee referred to in clause 8.5(a) of this Schedule 2 for that item of Works (or any remaining balance of it) to the Developer. Notwithstanding clause 8.4(c) of this Schedule 2, if during the Defects Liability Period for a particular item of Works, the Council issues a Rectification Notice and the Rectification Notice is not complied with, then the Council need not deliver the balance of any Bonds or Bank Guarantees provided to it until that defect has been rectified. The Council must deliver the balance of any Bond or Bank Guarantee for the Defects Liability Period to the Developer within 14 days after the Defects Liability Period has ended. Risk The Developer undertakes the Works entirely at its own risk. Insurance Prior to the commencement of the construction of any of the Works, the Developer must ensure the Builder effects and the Developer must produce evidence to the Council of the following insurances issued by an insurer approved by the Council (acting reasonably) in a form approved by the Council (acting reasonably): construction works insurance for the value of the Works; public risk insurance for at least $20 million;
Security for Defects Liability. (a) Prior to completion of any Works the Developer must deliver to the Council Bonds or Bank Guarantees in the amount of $80,000.
