Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p30
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 30/50)
Character Range: 144779–147545

joint venturer, partner, agent, employee or representative of the other party and any act or omission of either party shall not bind or obligate the other party except as is expressly set forth in this Agreement.

    29. DEFAULT PROVISIONS
    29.1 Persistent failure by the Bank to provide Subsidised Loans.
    Where it appears to the Commonwealth that there has been a persistent failure by the Bank to provide Subsidised Loans in accordance with this Agreement the following provisions shall apply:
        29.1.1 the Commonwealth shall serve upon the Bank a notice in writing giving particulars of the persistent failure and requiring the Bank to rectify the failure;
        29.1.2 within twenty‑eight (28) days of the date of service of such a notice on the Bank either party may request a meeting in which case the parties shall forthwith meet in order that agreement can be reached on whether there has been a persistent failure and, if so, the appropriate steps and procedures to be taken or adopted by the Bank in order to rectify the failure;
        29.1.3 where three (3) months has elapsed from the date of service of such a notice on the Bank and the parties have not met or are unable to reach agreement pursuant to Sub‑clause 29.1.2 then, if the Commonwealth considers that the Bank has not rectified the persistent failure, the Commonwealth may require the Bank to show cause to the Commonwealth why the Commonwealth should not terminate the Agreement, and in the event that the Bank fails to do so, the Commonwealth may terminate the Agreement.
    29.2 Persistent failure by Bank to comply with any other term of the Agreement.
    Where it appears to the Commonwealth that there has been a persistent failure by the Bank to comply with any other term of this Agreement the following provisions shall apply:
        29.2.1 the Commonwealth shall serve upon the Bank a notice in writing specifying the nature of the persistent failure and giving particulars thereof and requiring the Bank to rectify the failure;
        29.2.2 where following such notice the Commonwealth considers that the Bank has not rectified the persistent failure, the Commonwealth may refer the matter to arbitration in accordance with Clause 24. In the event that it is determined that there has been a persistent failure by the Bank, the Commonwealth may require the Bank to show cause to the Commonwealth why the Commonwealth should not terminate the Agreement and in the event that the Bank fails to do so the Commonwealth may terminate the Agreement.
    29.3 Meaning of "rectify the failure"
    The expression "rectify the failure" in this Clause shall include, where appropriate, taking steps or adopting procedures to ensure that a similar breach does not occur