s 102
In forceMeaning 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.
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