89Approval of terms

89 Approval of terms (1) ICRC may— (a) approve; or (b) refuse to approve; the terms of a standard customer contract, a draft of which has been submitted to ICRC in accordance with section 88. (2) ICRC may approve the terms of a standard customer contract only if satisfied that, when in force as a standard customer contract— (a) the terms would be consistent with— (i) the conditions of the utility’s licence; and (ii) the requirements imposed by or under this Act or a related law, including in particular, the requirements of each industry code and technical code that is applicable; and (b) the charges payable under the contract would be consistent with the relevant price direction by ICRC; and (c) the terms would be fair and reasonable. (3) ICRC must give written notice of a refusal under this section to the (4) A notice of refusal must set out the reasons for the refusal and may— (a) state any matter that ICRC is satisfied requires further consideration or development; and (b) require the utility to submit a further draft standard customer contract to ICRC for consideration.

(5) If subsection (4) (b) applies, the notice must state the period, that ICRC is satisfied is reasonable in the circumstances, within which the further draft standard customer contract is to be submitted.