62Registrar may accept undertakings

62 Registrar may accept undertakings (1) The registrar may accept a written undertaking (a compliance undertaking) given by the following in relation to residential building work: (a) a property developer; (b) a director of a property developer that is a corporation if the developer— (i) becomes the subject of a winding-up order; or (ii) is placed into administration, receivership or liquidation; or (iii) is deregistered. (2) A compliance undertaking may include an undertaking by the property developer or director to do 1 or both of the following: (a) take stated action in relation to— (i) a serious defect, or possible serious defect in the building; or (ii) a contravention of this Act or a relevant law;

(b) provide the registrar with a financial security that may be claimed or realised by the Territory to meet— (i) the costs of rectifying a serious defect, or possible serious defect in the building; or (ii) the costs mentioned in section 64 (2) (Compliance cost notices). (3) A compliance undertaking must state— (a) the circumstances in which the financial security may be claimed or realised; and (b) the procedure for claiming or realising the financial security; and (c) that it is an offence under section 63 to fail to comply with an undertaking. financial security means a bank guarantee, bond or other form of security acceptable to the registrar.