A State tax calculated on the assessed value of land and imposed on the proprietor of the land.
The person under a Lease who grants to the Lessee the right to occupy the whole or any part of a premises for residential or commercial purposes. Also known as the Lessor.
Site conditions that could not have been ascertained or identified by making reasonable enquiries or conducting reasonable investigations prior to the commencement of the Works.
Defects that exist in the Works that cannot be ascertained or identified by making reasonable enquiries or conducting reasonable investigations at the time of Practical Completion.
An expressed or implied agreement whereby the Lessor grants to a Lessee the exclusive (or otherwise) right to occupy any part or whole of a premises for residential or commercial purposes for a specified period of time. The lease governs the rights and obligations of the Lessor and Lessee.
Legislative Requirements is defined in Australian Standards contracts to include:
- Acts, ordinances, regulations, by-laws, orders, awards and proclamations of the Commonwealth or the State or Territory in which the work under the Contract or any part thereof is being carried out;
- certificates, licences, consents, permits, approvals and requirements of organisations having jurisdiction in connection with the carrying out of the work under the Contract; and
- fees and charges payable in connection with the foregoing.
The person under a Lease who is granted the right by the Lessor to occupy the whole or any part of a premises for residential or commercial purposes. Also known as Tenant.
The person under a Lease who grants to the Lessee the right to occupy the whole or any part of a premises for residential or commercial purposes. Also known as Landlord.
Letter of Comfort
Written correspondence from one party to another that provides non-contractual assurance of a particular fact or legal obligation or that the first named party intends to act or refrain from acting in a certain way in the future.
Letter of Intent (LOI)
A pre contractual letter from a prospective Principal notifying a prospective Contractor (Tenderer) that it intends to award a contract to that prospective Contractor. An issue that may arise is whether the Principal is bound by such a letter to proceed with the contract or pay the Contractor for any work it does in reliance on the letter.
See Limitation of Liability: The right of a person founded in contract or statute to limit that person’s liability to another person for a defined cause of action to either a specified or maximum amount.
A written document that permits the named person(s) to do an act or thing which, without that licence, would otherwise be unlawful, eg. a licence to enter land or use intellectual property.
The right to take an interest in the property of another as security for the performance of an obligation (such as the payment of a debt) by the other person.
Limitation of Liability
The right of a person founded in contract or statute to limit that person's liability to another person for a defined cause of action to either a specified or maximum amount.
A set period of time prescribed in contract or statute during which an action may be commenced in court beginning on the date when the cause of action arose.
Liquidated Damages (LDs)
A contractual mechanism that allows a party to claim monetary compensation for loss that occurs as a result of the other party's failure to deliver goods or services under the Contract on time. The quantum of liquidated damages under a Contract represent a sum fixed by (or ascertainable to) the parties as a genuine pre-estimate of a party's loss in the event of the other party's breach.
A procedure by which the business activities of a company are brought to an end and the company is dissolved. It may be instigated by the creditors or the shareholders of the company itself (voluntary liquidation) or by order of the court (compulsory liquidation). The process involves the appointment of a liquidator to assume control of the company from its directors. The main purpose of the liquidation is to collect and realise the assets of the company, and to distribute the proceeds to creditors and (if any surplus remains) to shareholders.
Proceedings to resolve a dispute between parties that are brought before courts of law, which have the appropriate jurisdiction to make a determination. (Contrast with Arbitration and Mediation).
Loan to Value Rate (LVR)
A limit on funding by reference to the value of the underlying asset (usually on completion value).
Lump Sum Contract
A Contract in which the remuneration for the Contractor is calculated and agreed as either a single, or periodic, lump sum payment subject to Variations. (Contrast with Guaranteed maximum price contract)