Common use of Monetary Contribution Clause in Contracts

Monetary Contribution. ‌ (a) The Developer will pay to Council a monetary contribution of $insert amount of monetary contribution or an amount calculated in accordance with the following formula, whichever is the greater: $insert amount of monetary contribution x The CPI at the time of payment The CPI at the date of this agreement (b) The Monetary Contribution must be paid to Council prior to the issue of the first [Construction Certificate / Occupation Certificate / Subdivision Works Certificate / Subdivision Certificate] for the Development, or if no such certificate is required, prior to the commencement of any work comprising the Development. (c) The Monetary Contribution must be paid by way of bank cheque in favour of Council or by deposit by means of electronic funds transfer into an account specified by Council. (d) The Monetary Contribution will be taken to have been made when the Council notifies the Developer in writing that the bank cheque has been received and cleared funds or electronic funds have been deposited in the Council’s bank account. (e) The parties agree and acknowledge that the Monetary Contribution will be used by the Council towards [insert public purpose of monetary contribution[.