AS 4000:1997 pdf – General conditions of contract.
The Principal’s entitlement to security in Item 13(e) shall cease 14 days after incorporation into the Works of the plant and materials for which that security was provided.
A party’s entitlement otherwise to security shall cease 14 days after fina/ certificate.
Upon a party’s entitlement to security ceasing. that party shall release and return forth with the security to the other party.
5.5 Trusts and interest
Except where held by a government department or agency or a municipal, public or statutory authority, any portion of security (and interest earned thereon) which is cash or retention moneys, shall he held in trust for the party providing them until the Principal or the Contractor is entitled to receive them.
Interest earned on security not required to be held in trust shall belong to the party holding that security.
5.6 Deed of guarantee, undertaking and substitution
Where:
a) a party is a related or subsidiary corporation (as defined in the applicable corporations law of the jurisdiction); and
b) a form of deed of guarantee, undertaking and substitution was included in the tender documents,
that party shall, within 14 days after receiving a written request from the other party, provide such deed of guarantee, undertaking and substitution duly executed and enforceable.
6 Evidence of Contract
Until a formal instrument of agreement is executed by the parties, documents evidencing the parties’ consensus shall constitute the Contract. If such Contract requires a formal instrument of agreement, the Principal shall, within 28 days of the date of acceptance of tender, send it in duplicate for execution by the Contractor. Within 14 days after receiving them, the Contractor shall (if they are correct) properly execute both copies and return them.
Within 14 days after receiving them, the Principal shall execute both copies, have them stamped as necessary and send one copy to the Contractor.
The Superintendent may extend the time under this clause by written notice to the parties.
The Principal ‘s entitlement to security in Item 13(e) shall cease 14 days after incorporation into the Works of the plant and materials for which that security was provided.
A party’s entitlement otherwise to security shall cease 14 days after final certificate.
Upon a party’ s entitlement to security ceasing, that party shall release and return forthwith the security to the other party.
5.5， Trusts and interest
Except where held by a government department or agency or a municipal, public or statutory authority, any portion of security (and interest earned thereon) which is cash or retention moneys, shall be held in trust for the party providing them until the Principal or the Contractor is entitled to receive them.
Interest earned on security not required to be held in trust shall belong to the party holding that security.
5.6
Deed of guarantee, undertaking and substitution.
AS 4000:1997 pdf – General conditions of contract
