Definitions for division
31 Definitions for division
In this division—
approved security provider means—
a financial institution rated by—
Fitch Ratings with a long-term credit rating not less than A-; or
Moody’s Investors Service with a long-term credit rating not less than A3; or
Standard & Poor’s with a long-term credit rating not less than A-; or
an insurance company rated by—
Fitch Ratings with an insurance claims-paying ability rating not less than A-; or
Moody’s Investors Service with an insurance financial strength rating not less than A3; or
Standard & Poor’s with an insurer financial strength rating not less than A-; or
the Queensland Treasury Corporation; or
a guarantee provider approved by the Treasurer or a nominated officer under section 35 as an approved security provider.
contractor means a person who enters into a contract with a department’s accountable officer or a statutory body.
contract performance guarantee means a security given by a contractor, or for a contractor by an approved security provider, for the performance of 1 or more of the contractor’s obligations under a contract with a department’s accountable officer or a statutory body.
guarantee provider means an entity carrying on a business of providing contract performance guarantees.
insurance company means a body corporate authorised under the Insurance Act 1973 (Cwlth) to carry on insurance business.
monetary security deposit means a deposit of funds that is immediately available in the form of 1 or more of the following—
cash;
a cheque drawn by a financial institution on itself;
Example—
bank cheque
a telegraph transfer;
a direct deposit;
an electronic transfer.
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