sec.45Conditions of service contracts

### sec.45 Conditions of service contracts A service contract is subject to conditions agreed by the parties. A service contract may provide for payment, by the holder, of an amount to the chief executive for a breach of a key performance indicator. The payment can not be more than the equivalent of 40 penalty units. The payment is payable on demand by the chief executive and may be recovered as a debt payable to the chief executive. This section does not limit section 47 or the chief executive’s right to damages for a breach of service contract, including damages arising out of a breach of a key performance indicator. In this section— key performance indicator , for a service contract, means a term of the service contract identified in the contract as a key performance indicator. s 45 amd 2002 No. 15 s 49 ; 2007 No. 43 s 17 (sec.45-ssec.1) A service contract is subject to conditions agreed by the parties. (sec.45-ssec.2) A service contract may provide for payment, by the holder, of an amount to the chief executive for a breach of a key performance indicator. (sec.45-ssec.3) The payment can not be more than the equivalent of 40 penalty units. (sec.45-ssec.4) The payment is payable on demand by the chief executive and may be recovered as a debt payable to the chief executive. (sec.45-ssec.5) This section does not limit section 47 or the chief executive’s right to damages for a breach of service contract, including damages arising out of a breach of a key performance indicator. (sec.45-ssec.6) In this section— key performance indicator , for a service contract, means a term of the service contract identified in the contract as a key performance indicator.