SCHEDULES
SCHEDULE 15PROTECTIVE PROVISIONS
PART 6FOR THE PROTECTION OF LOCAL HIGHWAY AUTHORITIES
Cash Deposit
schedule 15 paragraph 100 100.—(1) The undertaker shall prior to the commencement of any of the specified works deposit with the local highway authority the cash deposit as security for the performance by the undertaker of its obligations in this Part of this Schedule provided that if the undertaker—
schedule 15 paragraph 100 1 a (a)carries out, completes and maintains the specified works in accordance with this Part of this Schedule; and
schedule 15 paragraph 100 1 b (b)makes all payments in respect of damages, indemnity, reimbursement or otherwise which may have become payable by the undertaker under the terms hereof or in respect of any breach, non-observance or non-performance of any of the terms hereof; and
schedule 15 paragraph 100 1 c (c)in all other respects duly perform their obligations hereunder
the cash deposit plus any accrued interest (at a rate of 1% below the Bank of England’s base rate or 0% whichever is the greater) shall be refunded to the undertaker (but less any part of the cash deposit and interest thereon properly used by the local highway authority in accordance with this Part of this Schedule to defray the costs to the local highway authority arising from the failure of the undertaker to fulfil its obligations or any of them under this Part of this Schedule.
(2) In the event of the costs to which sub-paragraph (1) refers being less than the amount of the cash deposit plus interest accrued due the balance shall be repaid to the undertaker by the local highway authority within 20 working days of the final costs to the local highway authority arising from the default of the undertaker having been ascertained.
(3) In the event of the costs to which sub-paragraph (1) refers being greater than the amount of the cash deposit plus the interest accrued due the balance of such costs shall be a debt due to the local highway authority and payable by the undertaker within 20 working days of notice being issued by the local highway authority to the undertaker of the amount of the said balance.
(4) Following issue of the provisional certificate of completion the local highway authority shall refund to the undertaker so much of the cash deposit so that the amount of the cash deposit retained by the local highway authority amounts to fifty percent (50%) of the original value of the cash deposit.
(5) The remainder of the cash deposit shall subject to sub-paragraph (1) be refunded in full upon issue of the final certificate by the local highway authority.