Financial and Performance Management Standard 2019
sec.34Other requirements for contract performance guarantees
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sec.34 Other requirements for contract performance guarantees
A contract performance guarantee given by a contractor to a department’s accountable officer or a statutory body must— be a monetary security deposit; and make the deposited funds immediately available to the accountable officer or statutory body. A contract performance guarantee given for a contractor by an approved security provider must— be irrevocable and unconditional; and be payable in whole or in part, immediately on demand, without reference to another entity; and be available until all obligations secured by the guarantee have been performed. (sec.34-ssec.1) A contract performance guarantee given by a contractor to a department’s accountable officer or a statutory body must— be a monetary security deposit; and make the deposited funds immediately available to the accountable officer or statutory body. (sec.34-ssec.2) A contract performance guarantee given for a contractor by an approved security provider must— be irrevocable and unconditional; and be payable in whole or in part, immediately on demand, without reference to another entity; and be available until all obligations secured by the guarantee have been performed.
- (a) be a monetary security deposit; and
- (b) make the deposited funds immediately available to the accountable officer or statutory body.
- (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.