48Content

48 Content

48 Content

(1) A load reduction agreement must—

(a) specify the agreed load of an assessable pollutant for the purposes of calculating the load-based fee for each licence fee period covered by the agreement, and

(b) specify the program proposed to be undertaken to attain the agreed load, and

(c) set out the circumstances in which amounts must be paid to the EPA on termination or expiry of the agreement, and

(d) include conditions requiring the licence holder to—

(i) provide the EPA, with each annual return required under the licence, a report on progress towards attainment of the agreed load during the period to which the annual return relates, and

(ii) notify the EPA if the licence holder becomes aware it is likely the licence holder will not be able to attain the agreed load.

(2) A load reduction agreement may include a condition requiring the licence holder to supply a financial assurance to the EPA to secure obligations if the agreement is terminated or expires, which must provide for the following matters—

(a) the circumstances in which the EPA may make a claim on or realise the financial assurance or part of it,

(b) that the calling on and use of a financial assurance does not affect the liability of the licence holder,

(c) the effect of failure to provide a financial assurance.

(3) The financial assurance may be in one or more of the following forms—

(a) a bank guarantee,

(b) a bond,

(c) another form of security the EPA considers appropriate and specifies in the load reduction agreement.