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Deposit Power Bond
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Deposit Power
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This date must be later than the settlement
date per the Contract of Sale
date per the Contract of Sale
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If the ‘Particulars of the Property to be Purchased’ are not already included below, they are required to be registered with the Authorised Manager at digitalbond@depositpower.com.au with 7 days of the exchange of Contract of Sale.
Maximum amount of deposit bond*
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For and behalf of HDICredeq Australia Pty Ltd as Authorised ManagerABN 39 625 083 810To the Vendor - Conditions
Deposit Power
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Deposit Power
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- Terms typed in bold in this Deposit Bond are references to the terms dened below or used on the page overleaf
- Authorised Manager: Credeq Australia Pty Ltd, ABN 39 625 083 810.
- Contract of Sale: The contract for the sale of the Property to be Purchased entered into between the Purchaser and the Vendor, in respect of which the Vendor has accepted this Deposit Bond.
- Deposit Bond: This Deposit Power Bond issued by the underwriter.
- The Underwriter: HDI Global Specialty SE HRB211924
- In consideration of the Vendor accepting this Deposit Bond from the Underwriter, instead of the Vendor’s entitlement to some or all of the deposit under the Contract of Sale, the Authorised Manager, on behalf of the Underwriter will make payment under this Deposit Bond, within two (2) clear business days of the Authorised Manager receiving from the Vendor (prior to the expiry of the Deposit Bond) a copy of:
- a) the Contract of Sale, executed by the Purchaser/s
- b)
- i) where the Property to be Purchased is in Victoria, the notice of rescission of the Contract of Sale which has been served on the Purchaser and a statement signed by the Vendor confirming that the Purchaser had not remedied the default specified on the notice of rescission within the period specified in the Contract of Sale; or
- ii) where the Property to be Purchased is outside Victoria, the notice of termination which has been served on the Purchaser,
and which, in either case, would consequently entitle the Vendor to keep, recover or declare forfeited the deposit, of the amount demanded by the Vendor up to but not exceeding the Maximum Amount of Deposit Bond or 10% of the Purchase Price or the amount of the deposit specified in the Contract of Sale, whichever is the lesser.
- c) the notice of rescission or termination which has been served by the Purchaser exercising its right to cool off under the relevant legislation (if any), of the amount which is required to be forfeited to the Vendor, but not exceeding the amount prescribed by law, if any.
ANDOR - Payment will not be made where the conditions of this Deposit Bond are not strictly complied with prior to the expiry of the Deposit Bond.
- Any payment shall be made by the Authorised Manager, on behalf of the Underwriter to the party nominated in the Contract of Sale to hold the deposit.
- The liability of the Underwriter to make payment in relation to this Deposit Bond is not impaired or discharged notwithstanding that:
- a) The Vendor is not entitled to serve the notice of termination or notice of rescission; or
- b) The Vendor’s consequent entitlement to keep, recover or declare fortied the deposit is disputed.
- This Deposit Bond:
- a) takes effect on the Date of Issue.
- b) only applies to the Contract of Sale; and
- c) is not transferrable by any party.
- The Maximum Amount of Deposit Bond is the total liability the Underwriter can have under this Deposit Bond and any other deposit bond bearing the same Deposit Bond Number issued by the Underwriter in respect of the Contract of Sale.
- If the Vendor’s details are not included on the front page of this Deposit Bond, the details are required to be registered with the Authorised Manager within 7 days of the exchange of the Contract of Sale.
- This Deposit Bond expires on the earliest of when:
- a) The Contract of Sale is completed; or
- b) The Authorised Manager pays the amount required to be paid under this Deposit Bond; or
- c) The Contract of Sale is terminated or rescinded and, in either case, the Vendor has accepted in writing the termination or rescission and the Purchaser is entitled to a refund of the deposit; or
- d) 5:00pm Sydney time on the earlier of the Date of Expiry or, if the Date of Expiry falls on a weekend or a public holiday in Sydney, the immediately preceding business day.
- The rights of the Purchaser to resist forfeiture of the deposit or recover the deposit are not impaired by any payment by the Underwriter under this Deposit Bond.
- This Deposit Bond is a surety bond under and for the purposes of the relevant Corporations legislation in Australia.
