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Financial conditions 3.4

​Payment of contributions 3.4.1

The Owner may pay contributions either:

  1. when accepting the Offer, or
  2. at any time between accepting the Offer and prior to us:
  3. issuing a Letter of Release (consent to the Council issuing a Statement of Compliance), or
  4. issuing a Certificate of Completion (for development without subdivision).

If payment is deferred for more than three months after the date of the Offer, contributions are calculated at the rates current at the time of payment.

If contributions are paid at an interim rate and the Due Date expires, additional contributions may be payable if the contribution rate has gone up to a Preliminary or Final Contributions Rate.

Offsetting developer contribution against reimbursement amount 3.4.2

An owner may elect to offset developer contributions against the total reimbursement payable to the Owner in accordance with 'Reimbursement for Upsized Works':

  1. the developer contribution will be deducted from the total reimbursement amount to be paid to the Owner
  2. the amount of the contribution will be applicable at the date of the Certificate of Practical Completion.

Intensive audit fees and costs 3.4.3

We may charge intensive audit fees if the quality management performance of the Consultant is found by us to be unsatisfactory. Intensive audit fees:

  1. are additional to Application and Offer Acceptance fees
  2. must be paid to us by the Owner prior to us issuing a Certificate of Completion or Letter of Release (consent to a Statement of Compliance).

If we find the Works don't meet our requirements, appropriate rectification works must be arranged for by the Owner. The costs of all such works must be met by the Owner. To enable us to meet our wider obligations to our stakeholders, we reserve the right to make our own arrangements to have such work carried out at the Owner's cost.

Alteration to our existing assets 3.4.4

The Owner must pay the actual cost of any alteration to our existing assets required to facilitate the development. Only Consultants and Contractors authorised by us will be permitted to undertake such work.

Finalisation of account 3.4.5

Accounts will generally be finalised within three months of the Works being vested in us.

 

Last updated:
25 September 2017