Common use of Developer to provide Security Clause in Contracts

Developer to provide Security. ‌ 18.1 The Parties agree that the obligation to carry out the Item of Work to be carried out by the Developer pursuant to Clause 12 will be secured by a Bond, equal to 25% of the value of the applicable Item of Work under this Agreement, which the Developer will provide to the Council prior to the issue of the Construction Certificate. . 18.2 The Bond may not be requested, and no Bond may be retained by the Council until after the foreshadowed Development Consent for the Development is granted by the Council and the Developer gives Council notice of its intention to commence development pursuant to section 6.6(2)(e) of the Act and the Development is physically commenced as provided in section 4.53 of the Act 18.3 The Developer acknowledges that the Council or other Consent Authority may impose conditions of Development Consent on the Development under section 4.17 of the Act specifying that the Security Amount as it relates to the Item of Work is to be provided in accordance with Schedule 3 18.4 The Parties agree in respect of the Item of Work identified in Schedule 3 that, where Council is the Registered Certifier, it may withhold the issue of the relevant Occupation Certificate (as appropriate) until such time as the identified Item of Work is completed.

Developer to provide Security. ‌ 18.1 The Parties agree that the obligation to carry out the Item of Work to be carried out by the Developer pursuant to Clause 12 will be secured by a Bond, equal to 25% of the value of the applicable Item of Work under this Agreement, which the Developer will provide to the Council prior to the issue of the Construction Certificate. . 18.2 The Bond may not be requested, and no Bond may be retained by the Council until after the foreshadowed Development Consent for the Development is granted by the Council and the Developer gives Council notice of its intention to commence development pursuant to section 6.6(2)(e) of the Act and the Development is physically commenced as provided in section 4.53 of the Act 18.3 The Developer acknowledges that the Council or other Consent Authority may impose conditions of Development Consent on the Development under section 4.17 of the Act specifying that the Security Amount as it relates to the Item of Work is to be provided in accordance with Schedule 3 18.4 The Parties agree in respect of the Item of Work identified in Schedule 3 that, where Council is the Registered Certifier, it may withhold the issue of the relevant Occupation Certificate (as appropriate) until such time as the identified Item of Work is completed.