By the Expiry Date, Project Co must:
• have handed over to the State or any Project Successor, the Project Assets and the Project Area; and
• ensure that any Returned Asset or any part of a Returned Asset that is a Warranted Asset is,
• in a condition which complies with the Handover Condition.
The table below sets out the Handover Condition requirements for the Project Assets and the Project Area at various points during the Term and the Returned Assets at the Expiry Date.
When Handover occurs | |
Prior to the Date of Commercial Acceptance | A condition that the Project Assets and the Project Area would be in if Project Co had complied with all of its obligations in connection with the Project in accordance with the requirements of the Project Deed having regard to the time and circumstances of the termination. For example, if the Expiry Date occurs during the Development Phase, Works will not need to be completed but the Development Phase Site will need to be clean and made safe. |
On or after the Date of Commercial Acceptance | A condition that the Project Assets and the Project Area would be in: • if Project Co had complied with all of its obligations in connection with the Project under, or reasonably inferred from the Project Deed at the time of Handover and having regard to the time and circumstances of the termination; and • such that if any Project Asset or any part of the Project Assets is a Warranted Asset or otherwise has a residual life specified in the PSDR, that Project Asset or the relevant part of the Project Asset will be Fit For Purpose (without any major maintenance or refurbishment works) for its Warranted Life or specified residual life that continues beyond the Expiry Date, provided that the Project Asset or any relevant part of the Project Asset will be operated and maintained after the Expiry Date: - in accordance with Best Operational Practices; - such that any damage to the relevant Project Asset or component of the relevant Project Asset occurring after the Expiry Date (as applicable) is promptly rectified in accordance with Best Industry Practices; - in accordance with the Asset Management Plan; and |
At the Expiry Date | For any Returned Asset or any part of a Returned Asset that is a Warranted Asset, Project Co must ensure that the Returned Asset or the relevant part of the Returned Asset is Fit For Purpose (without any major maintenance or refurbishment works) for its Warranted Life provided that the Returned Asset is operated and maintained following the relevant Date of Returned Works Acceptance for that Returned Asset: • in accordance with Best Operational Practices; • such that any damage to the relevant Returned Asset or any part of the relevant Returned Asset occurring after the Date of Returned Works Acceptance for that Returned Asset is promptly rectified in accordance with Best Industry Practices; and |