34
CurrentOther requirements for contract performance guarantees
Part 2Governance
Division 6Contract performance guarantees
34 Other requirements for contract performance guarantees
(1)
A contract performance guarantee given by a contractor to a department’s accountable officer or a statutory body must—
(a)
be a monetary security deposit; and
(b)
make the deposited funds immediately available to the accountable officer or statutory body.
(2)
A contract performance guarantee given for a contractor by an approved security provider must—
(a)
be irrevocable and unconditional; and
(b)
be payable in whole or in part, immediately on demand, without reference to another entity; and
(c)
be available until all obligations secured by the guarantee have been performed.
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