24Security for staged developments and unfinished work

24 Security for staged developments and unfinished work (1) This section applies to— (a) a staged development; or (b) any works (including, for example, landscaping, roadworks and work on driveways) required to give effect to a development provided for in an approved unit title application that (in the territory planning authority’s opinion) will not be complete when the units plan is endorsed under section 27. (2) If this section applies, the territory planning authority may, by written notice to the lessee of the parcel, require the lessee to give a bond to the Territory providing security for— (a) if it is a staged development—the completion of the development in accordance with the development statement; or (b) in any other case—the completion of the works, as provided for in the unit title application, within the time stated in the notice. (3) The required security must not exceed— (a) for a staged development—10% of the total cost of the work required to be carried out to complete the staged development; or (b) in any other case—the amount required to complete the incomplete works under the notice. (4) If a bond is forfeited, the Territory is entitled to all of the security or to a lesser amount decided by the territory planning authority.