102
CurrentMeaning of commercial guarantee and standard guarantee contract
Part 8Registration of standard guarantee contract for commercial guarantee
102 Meaning of commercial guarantee and standard guarantee contract
In this Act:
commercial guarantee, in relation to a residential tenancy agreement, means a contract or arrangement between the lessor, the tenant and a third party—
(a)
that is in addition to or in place of a bond; and
(b)
under which the third party, for a fee, benefit or reward, gives a guarantee or indemnity to the lessor for the performance of the tenant’s obligations under the residential tenancy agreement.
standard guarantee contract means a form of contract for a commercial guarantee.
This Act’s bill:Explanatory statement
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