sec.1221Existing grid contracts

### sec.1221 Existing grid contracts An existing grid contract— continues to have effect after the commencement of the amending Act, section 51; and ends on the day a bulk water supply agreement is made by the Minister under section 360G for each party to the existing contract that is a bulk water party for the bulk water supply agreement. Despite subsection (1)(b), a term of an existing grid contract continues to have effect if the term— states it survives the ending of the contract; or is prescribed to survive the ending of the contract under a transitional regulation. An existing grid contract may state that a party to the contract must maintain an insurance policy for a particular period after the ending of the contract. Previous section 360ZDI continues to apply in relation to a term in an existing grid contract that continues to have effect under subsection (2) as if the amending Act had not been enacted. s 1221 ins 2012 No. 39 s 77 (sec.1221-ssec.1) An existing grid contract— continues to have effect after the commencement of the amending Act, section 51; and ends on the day a bulk water supply agreement is made by the Minister under section 360G for each party to the existing contract that is a bulk water party for the bulk water supply agreement. (sec.1221-ssec.2) Despite subsection (1)(b), a term of an existing grid contract continues to have effect if the term— states it survives the ending of the contract; or is prescribed to survive the ending of the contract under a transitional regulation. An existing grid contract may state that a party to the contract must maintain an insurance policy for a particular period after the ending of the contract. (sec.1221-ssec.3) Previous section 360ZDI continues to apply in relation to a term in an existing grid contract that continues to have effect under subsection (2) as if the amending Act had not been enacted. - (a) continues to have effect after the commencement of the amending Act, section 51; and - (b) ends on the day a bulk water supply agreement is made by the Minister under section 360G for each party to the existing contract that is a bulk water party for the bulk water supply agreement. - (a) states it survives the ending of the contract; or - (b) is prescribed to survive the ending of the contract under a transitional regulation. Example for paragraph (a)— An existing grid contract may state that a party to the contract must maintain an insurance policy for a particular period after the ending of the contract.