GENERAL CONDITIONS of CONTRACT Tender/Work Order No

Total Page:16

File Type:pdf, Size:1020Kb

GENERAL CONDITIONS of CONTRACT Tender/Work Order No GENERAL CONDITIONS OF CONTRACT Tender/work Order No. : GSO/ENG/ Dated.___/___/_______ INDEX S. PAGE HEADING NO NO 1. Section – 1 : Definitions 02 2. Section – 2 : General 06 3. Section – 3 : Materials, Labour & Equipment 19 4. Section – 4 : Performance of Work 29 5. Section – 5 : Inspection, Testing & Quality Assurance 42 6. Section – 6 : Measurements & Payments 52 7. Section – 7 : Termination 63 8. Section – 8 : Miscellaneous 68 9. Section – 9 : Arbitration & Alternative Dispute Resolution Machinery 77 10. Section – 10 : Safety Code 80 11. Appendix – I to General Conditions of Contract : Contractors” Labour 85 Regulations 12. Appendix – II to General Conditions of Contract : Model Rules for Labour 91 Welfare 13. Instructions to Tenderers 95 14. Proforma of Declaration of Blacklisting/Holiday Listing 103 15. Equipment Questionnaire 104 16. Experience Questionnaire 105 17. Form of Tender (For Price Bid) 106 18. Form of Tender (For Commercial Bid) 108 19. Information about Tenderer 110 20. Form of Contract 111 21. Form of Bank Guarantee in lieu of EMD 114 22. Form of Bank Guarantee in lieu of Security Deposit/ Initial Security Deposit 117 23. Form of Bank Guarantee to cover Lumpsum Advance (Mobilisation) 120 24 Appendix- III to GCC of Contract: Safety Practices during Construction. 1- 36 Signature, name and office seal with date of Tenderer/Contractor Page 1 of 121 GENERAL CONDITIONS OF CONTRACT Tender/work Order No. : GSO/ENG/ Dated.___/___/_______ GENERAL CONDITIONS OF CONTRACT SECTION 1 DEFINITIONS 1.0.0.1 The following expressions hereunder and elsewhere in the Contract Documents used, unless repugnant to the subject or context thereof, shall have the following meanings hereunder respectively assigned to them, namely : 1.1.0.0 “Acceptance of Tender” shall mean the Acceptance of Tender issued by the OWNER to the CONTRACTOR. And shall include a letter, telegram or fax of acceptance or other notification of award of work ,and a detailed Letter of Acceptance. 1.2.0.0 “Approval” shall mean the written and signed approval of the OWNER or OF engineer-in-Charge or Consultant authorized in this behalf by the OWNER, and with respect to a plan or drawing shall include an approval in Code 2, subject to the limitation(s) specified in such approval. 1.3.0.0 “Approval in Code 2” shall mean an approval to proceed with the work covered by plans or drawings subject to certain limitation(s) as specified in such approval. 1.4.0.0 The “Contract” shall mean the agreement between the parties as derived from the Contract Documents. 1.5.0.0 The “CONTRACTOR” shall mean Individual, agency, Firm or Company (whether incorporated or not) selected by the OWNER for the performance of the Contract and shall include its legal representatives, successors and permitted assigns. 1.6.0.0 The “Contract Documents” shall mean the contract documents as defined in Article 1 in the From of Contract. 1.7.0.0 “Completion” or “Final Completion” shall mean the successful provision of all material and inputs and the successful completion and conclusion of all activities required in all respects to complete the contractual works in accordance with the contact, but shall not include the obligation to rectify defects during the Defect Liability Period. 1.8.0.0 “Completion Certificate” shall mean the Completion Certificate issued by the Engineer-in-Charge in accordance wit the provisions thereof. 1.9.0.0 “Commissioning” of a Plant or Unit shall mean pressing into service the unit(s) equipment(s), vessels, pipeline(s), machinery and systems and sub-systems comprising the Plant, in accordance with the approved Operation manual and as per procedures recommended by the Designer/Process Licensor or Supplier thereof, and approved by the OWNER, after successful trial runs of the Plant/Unit. 1.10.0.0 “Consultant” shall mean the Consultant appointed by the owner for the Project or the Works. 1.11.0.0 “Consumables” shall mean all Items which are consumed in the execution of the work without being directly incorporated in the Work, such as fuel, electricity, water, POL, welding rods, electrodes and utilities. 1.12.0.0 “Defect Liability Period” shall mean the defect liability period as specified in the contract. 1.13.0.0 The “Engineer-in-Charge” shall mean the .Engineer or other officer of the OWNER, Consultant or other organisation for the time being nominated by the OWNER in writing to act as Engineer-in-Charge for the purpose of the Contract Signature, name and office seal with date of Tenderer/Contractor Page 2 of 121 GENERAL CONDITIONS OF CONTRACT Tender/work Order No. : GSO/ENG/ Dated.___/___/_______ or any specific works. 1.14.0.0 “Final Certificate” shall mean the final certificate issued by the Engineer-in- Charge in accordance with the provisions hereof. 1.15.0.0 “General Manager” shall mean the Executive Director, General Manager or other Chief Executive (howsoever designated) of the Project to which the Contract relates, and if there is no such separate Chief Executive, shall mean the Executive Director (if any) or the General Manager, as the case may be, of the Refinery, Unit or Department of the OWNER to which the Project relates. 1.16.0.0 “Guarantee tests” shall mean all tests, undertaken after the Plant goes into operation and has stabilized, for ensuring that the functioning of the Plant meets all guarantees, as regards throughput, quality and magnitude/quantity of output, at the final stage as well as at the stipulated interim stages of operation/process, as well as in respect of consumption of utilities, chemicals and catalysts, etc. 1.17.0.0 “Job Site” shall mean any site at which the work is to be performed by the CONTRACTOR, and shall include a part or portion of the job site. 1.18.0.0 “Manuals” shall mean the Erection arid Installation Manual of the various equipment and machinery forming part of the Work(s) or Plant(s)/Unit(s) as well as the Operation and Maintenance Manuals thereof. 1.19.0.0 “Materials” shall mean all materials, plant, machinery, instruments, components, equipments, sub-assemblies and assemblies, parts, spares and other items or things required for permanent incorporation in the works. 1.20.0.0 “Mechanical Completion”, as applied to a Plant or Unit, shall mean the completion of civil works, erection, aligning and grouting of all mechanical and electrical equipment and piping, hydrostatic and other testing of all storage tanks, vessels, piping etc., all electrical and all utility connections to the equipment, mounting and fixing of all instruments, control systems and connecting them as required, testing and trial runs of all equipment on “no-load” and bringing the Plant to a state of readiness for pre-commissioning. 1.21.0.0 “Notified Claim” shall mean a claim of the CONTRACTOR notified in accordance with the provisions of Clause 6.6.1.0 hereof. 1.22.0.0 “Order” and “Instruction” shall respectively mean any written Order or Instruction given by the Engineer-in-Charge or Site Engineer within the SCOPE of their respective powers in terms of the Contract. 1.23.0.0 The “OWNER” shall mean Indian Oil Corporation Limited, a company incorporated in India and having its registered office at G-9, Au Yavar Jung Marg, Bandra (East), Mumbai-400 051 and shall include its successors and assigns. 1.24.0.0 “Plans” and “Drawings” shall mean and include all technical documentation such as maps, sketches, designs, drawings, plans, details, charges, schedules, tracings, prints, computer outputs, printouts, and manuals, relating to the work forming the subject matter of the contract, including but not limited to those forming part of the tender Documents, Offer Documents, and working drawings and details, together with amendments/ alterations/ revisions/ modifications thereto, as may have been approved by and/or furnished by the OWNER, the Engineer-in-Charge and/ or THE consultant, as well as “As Built” drawings to be submitted by the CONTRACTOR, as required under the contract. 1.25.0.1.1 “Pre-commissioning” shall mean the activities to be taken up before the taking up of Start-up, Commissioning and trial runs of the Plant/Unit, and shall include, without being limited to, all operations such as checking of all systems, subsystems, piping and vessels, flushing with air, water and steam, air-blowing and steam-blowing, system pressure and leak tests, purging with inert gas as Signature, name and office seal with date of Tenderer/Contractor Page 3 of 121 GENERAL CONDITIONS OF CONTRACT Tender/work Order No. : GSO/ENG/ Dated.___/___/_______ required, checking all electrical equipment for earthing, resistances, operability tests and cold run on all operating equipment, vessels and systems individually and in combination, integration of all control systems with one another and with the main control system, and completion of all operations detailed under the head, “COMPLETION OF CONSTRUCTION” in API-700. 1.26.0.0 “Progress Schedule” shall mean the Progress Schedule established by the CONTRACTOR and approved by the Engineer-in-Charge for completion of the work(s) within the time schedule in accordance with the provisions hereof and failing such Progress Schedule, shall mean the Progress Schedule established by the Engineer-in-Charge in accordance with the provisions hereof. 1.27.0.0 “Performance Test(s)” shall mean all tests meant to ensure that the Plant(s)/Unit(s) is/are in all respects in accordance with the requirements of the Contract and that the Plant functions properly and smoothly, in all respects as per the approved design parameters, within the permissible tolerances, and satisfies all the stipulated operating parameters, and will include the Guarantee Tests.
Recommended publications
  • What Should I Do to Get My Security Deposit Back?
    Does my landlord have the When does the landlord If your lease says the landlord can keep your deposit for other reasons, that part right to keep my deposit? have to return my deposit? of the lease may not be enforced. Maybe. A landlord can keep your The landlord must send you a letter security deposit only in certain situations. within 45 days of when your lease ends What if my landlord does There is a state law that explains when and you move out (unless your lease says not return my deposit or a and how you can get your deposit back. the landlord must send it in less than 45 list of damages within the days). The letter must either return your What should I do to get my deposit or give you a list of any deadline? deductions the landlord claims. The 45 security deposit back? days does not start to run until you If 45 days (or fewer stated in your lease) give the landlord a forwarding address have passed since you moved out and You should leave the home in good in writing. you gave your landlord a forwarding condition and give your landlord your address in writing, you can sue the forwarding address in writing. As soon as Can the landlord return landlord for the full amount of the you move out, send or give a letter to the deposit and reasonable attorney’s fees. landlord (by hand or certified mail, if only part of my deposit? You can file a lawsuit in the small claims possible).
    [Show full text]
  • Property Manager Duties Checklist
    Property Manager Duties Checklist almostReidUnprotected bayonetting hydraulically, Dennie earthwards, slurpthough very Fitzgerald he verdantly light his bituminizes whilediabetes Terrence veryhis infections vivaciously. remains methylate.stop-loss Untwisted and and bursiform. coccoid Localized Rafe wean Portland community rules. Provide safe for management services such they will be your bigger picture of realtors, records that could also. Any problems are not all these tips and checklists help you and territory governing these cookies are many expensive cleanup checklist upon the property management? It harder to pick it is completed checklist or can keep a property! Read on a real estate industry, duties that property manager duties checklist? Allows you plan of duties for appropriately using rbo, landlord onboarding form of those that if you for faulty vendor behavior in property manager duties with an. Offer property is better places that you need and duties required that fit our agency is covered under the manager duties before your information and improvements. Operational transition team sets in the duties required to a manager duties of problems. Inspect recycling good faith, review all calls from job description overview from a checklist should always a rent security deposit after being evicted? The role without a property will likely depend upon move. The company will build my business development of regional property is spent on your property inspection is your lease ends, they can offer a risk tenants? Reminds them from the checklist that new owner questionnaire is professionalism and maintenance to your property new owner checklist for explaining a filing taxes, you decide to. Get overlooked aspects of complaints or on all are made an ideal renter should be successful property costs will it is responsible for maintenance work with grass seedlings that.
    [Show full text]
  • Recovering Rent Security Deposits and Interest in New York City Small Claims Courts
    NEW YORK STATE DEPARTMENT OF LAW BUREAU OF CONSUMER FRAUDS AND PROTECTION RECOVERING RENT SECURITY DEPOSITS AND INTEREST IN NEW YORK CITY SMALL CLAIMS COURTS The following information is designed to assist consumers considering filing suit in small claims court to recover rent security deposits or interest. The clerks at small claims court will help you perform the steps we suggest. Please note that the Office of New York State Attorney General offers, as an alternative to filing a lawsuit, mediation services to assist tenants in recovering rent security deposits and interest. To access this Office’s mediation services, simply file a rent security complaint form with the Office of the New York State Attorney General, Bureau of Consumer Frauds and Protection at 120 Broadway, 3rd Floor, New York, New York, 10271. At the outset, you should consider whether a small claims action is likely to result in a paid-up judgment. You cannot commence a small claims action unless you can provide the defendant’s correct name and address for the clerk to mail a summons. Note that the defendant must reside or do business in the county where the court is located. Try to determine whether the defendant is still in business because, even if you win a judgment, you will be unable to collect on it if the defendant has no funds. Small claims courts can award judgments no higher than $5,000. In order to recover a larger sum, you will have to bring your suit in civil court. RENT SECURITY DEPOSITS If you seek to recover your rent security deposit, note that the landlord is entitled to withhold a sum to cover any unpaid rent and/or tenant-caused damage to the apartment.
    [Show full text]
  • Security Deposit Reimbursement Program Information for Section 8 Housing Choice Voucher Clients
    SECURITY DEPOSIT REIMBURSEMENT PROGRAM Information for Section 8 Housing Choice Voucher Clients The Grand Rapids Housing Commission (GRHC) Step-by-Step Participation Guide works with the Kent County Department of Human • You or your landlord submit the following completed Services to provide security deposit assistance to forms to the GRHC: Section 8 tenants. FUNDS ARE LIMITED AND - The Request for Tenancy Approval (available ASSISTANCE IS AWARDED On a “FIRST online at www.grhousing.org). COME, FIRST SERVED” bASIS. - The landlord’s Security Deposit Reimbursement Program Promise of Payment (form available from How the Security Deposit Program Helps You your Section 8 Coordinator or online at • Provides assistance with the up-front costs of www.grhousing.org). moving to a new home. - Your Security Deposit Reimbursement Program • The amount of your security deposit is limited to Agreement on the reverse side of this information one month’s rent. sheet. You agree to pay a portion (minimum $100) • In the event your landlord makes a valid security of the security deposit. deposit claim that exceeds the portion of the deposit • After the unit passes the GRHC’s inspection you paid, repayment terms are based on your and your lease has been signed, your landlord household’s income. will provide the following forms to your GRHC Section 8 Coordinator: Eligibility Requirements - Completed rental unit inventory checklist that In addition to participating in the GRHC’s Section 8 includes your notes and signature. The checklist must Program, your household must: be returned to the GRHC within seven days of you • Be in good standing with the GRHC.
    [Show full text]
  • Legal Action of Wisconsin Tenant Sourcebook
    Tenant Sourcebook Published by Legal Action of Wisconsin, Inc. www.legalaction.org Legal Action of Wisconsin, Inc. is a non-profit law firm which exists to provide creative and effective legal representation in order to achieve justice for low-income people and others to whom it would otherwise be denied. We advocate for empowerment and systemic change to help our clients realize their basic right to a decent quality of life. We strive for active client and community participation in carrying out our mission. For over two decades, Legal Services of Northeastern Wisconsin, Inc. published and distributed this book to provide general information to low-income tenants. In 2003, Legal Services of Northeastern Wisconsin merged with two other law firms to become Legal Action of Wisconsin, Inc.. Legal Action is primarily funded under the Legal Services Corporation Act and is not a government agency. Legal Action of Wisconsin is a law firm providing free legal assistance to low-income people in non-criminal matters. The opinions expressed in this book are those of Legal Action, and not necessarily those of any of the organizations which provide financial support to Legal Action. Legal Action has six offices that serve Central and Southern Wisconsin. A separate law firm, Wisconsin Judicare, Inc. serves clients in Northern Wisconsin. Legal Action of Wisconsin, Inc. Milwaukee Office (414) 278-7722 / (888) 278-0633 Serving Milwaukee and Waukesha Counties Madison Office (608) 256-3304 / (800) 362-3904 Serving Columbia, Dane, Dodge, Green, Iowa, Jefferson,
    [Show full text]
  • Benefits of Llc for Rental Property
    Benefits Of Llc For Rental Property Vaughan often solicit broadwise when Neo-Darwinian Weylin poled cankeredly and rerouted her frescoer. Is Richmond always easiest and cycloidal when stripe some bolt very accumulatively and bearishly? Crossopterygian and sky-blue Bishop never pulverizing his spectrochemistry! One is not be structured the safety standards will gladly give to fuck off of personal liability of property. If for rental property benefits from having one drawback that you run this benefit is usually helpful considerations. How should be a trial judge could prove to state but that property, dissuading potential benefits of for llc rental property management legislation greatly reaping the same. Llc for rental property management style block for financing for a property owner so that takes care of benefit from the company bank account? From state where consulting a pool of llc! Partnership Vs LLC: Which Is Right For You? Have you joined our Facebook group? Learn any real estate taxes and how to take even of investment property tax deductions. Last component of benefits llc for property rental properties! Consulting with you own post, own a role to faulty, i believe these goals? If your llc for your properties under a risky and info from being how do not cover everything in other negatives of your property, the bed bug issue. If you find yourself in a very unusual tax situation, as a property owner, it is not enough to have an oven that has three out of four burners that actually work. LLC, comments or who I should adventure with. CNBC is reporting on something WSJ reported on we could you tick post request original article.
    [Show full text]
  • Wisconsin Consumer Protection Laws Landlord-Tenant Practices
    Wisconsin Consumer Protection Laws Landlord-Tenant Practices Unfair Rental Practices The Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) regulates unfair and deceptive business practices. DATCP has adopted a rule to protect residential tenants against unfair rental practices by landlords. This rule is found in Wisconsin Administrative Code chapter ATCP 134. Rule violators may be prosecuted, and there is a private remedy for tenants. Coverage ATCP 134 applies to nearly all of the 600,000 residential rental units in the state. However, it does not apply to: S Hospitals, institutions and similar care institutions. S Hotels, motels and similar facilities occupied on a transient basis. S Government-owned and operated facilities. S A dwelling unit operated by a fraternal or social organization solely for its members. S A dwelling unit furnished free of charge. S A dwelling unit occupied, under a real estate sales contract, by the purchaser of the dwelling unit. S A dwelling unit occupied by a tenant engaged in commercial agricultural activities on the premises. Rental Agreements S ATCP 134 does not require a written rental agreement. But if there is a written rental agreement, the landlord must give the tenant a copy. S A rental agreement may not do any of the following: C Authorize the landlord to evict a tenant, except by the eviction procedure prescribed under Wisconsin Statutes chapter 799. C Accelerate rent payment obligations when a tenant fails to pay rent, or waive the landlord’s obligation to mitigate damages by re-renting. C Require a tenant to pay the landlord’s attorney fees.
    [Show full text]
  • Are Security Deposits Security Interests - the Proper Scope of Article 9 and Statutory Interpretation in Consumer Class Actions
    Missouri Law Review Volume 68 Issue 1 Winter 2003 Article 9 Winter 2003 Are Security Deposits Security Interests - The Proper Scope of Article 9 and Statutory Interpretation in Consumer Class Actions R. Wilson Freyermuth Follow this and additional works at: https://scholarship.law.missouri.edu/mlr Part of the Law Commons Recommended Citation R. Wilson Freyermuth, Are Security Deposits Security Interests - The Proper Scope of Article 9 and Statutory Interpretation in Consumer Class Actions, 68 MO. L. REV. (2003) Available at: https://scholarship.law.missouri.edu/mlr/vol68/iss1/9 This Article is brought to you for free and open access by the Law Journals at University of Missouri School of Law Scholarship Repository. It has been accepted for inclusion in Missouri Law Review by an authorized editor of University of Missouri School of Law Scholarship Repository. For more information, please contact [email protected]. Freyermuth: Freyermuth: Are Security Deposits Security Interests Are Security Deposits "Security Interests"? The Proper Scope of Article 9 and Statutory Interpretation in Consumer Class Actions R. Wilson Freyermuth" Assume that Jane Doe leases an automobile from a General Motors dealer, pursuant to a lease contract under which Jane makes a cash security deposit. Under the lease, the lessor agrees to "refund" the deposit at the conclusion of the lease term in the event that Jane fully performs her obligations under the lease. Is this transaction governed by Article 9-i.e., has the lessor taken a "security interest" in Jane's cash deposit to secure Jane's obligations under the lease agreement? A cursory review of the text of Article 9 suggests that Jane's lessor would hold a possessory security interest in Jane's deposit.
    [Show full text]
  • Tenant-Landlord Information: Security Deposits
    TENANT-LANDLORD INFORMATION: SECURITY DEPOSITS I. Overview Landlords who require a security deposit in a residential lease must meet certain requirements under Michigan law. The same law also has requirements for tenants who wish to have their security deposit returned. That law is called the Michigan Landlord and Tenant Relationships Act. MCL 554.601 et seq. (the “Act”). For example, under the Act, a security deposit cannot exceed one and a half months' rent. So, if your monthly rent is $500, the landlord cannot require a security deposit greater than $750. A security deposit may only be used for the following purposes: (a) To reimburse the landlord for actual damages (not cleaning expenses) not reasonably expected in the normal course of occupancy. (b) To pay the landlord for unpaid rent, rent due for the premature termination of the rental agreement, and for utility bills not paid for by the tenant. The landlord may also ask for a separate, non-refundable cleaning fee and pet fee. Because these are separate non-refundable fees, the landlord cannot deduct these fees from the security deposit, but they will also not be returned to you at the end of your lease. II. Landlord’s Obligations Residential landlord/tenant relationships are highly regulated by the state and security deposits are no exception. The security deposit must be deposited into a regulated financial institution (like a bank), and generally cannot be combined with the landlord's personal funds. In order to impose a security deposit, the landlord must do the following: (a) Within 14 days from the date the tenant moves in, the landlord must notify the tenant, in writing of: • the landlord’s name and address where tenant can send communications; • the name and address of the financial institution or surety (e.g., the bank) where the deposit will be held; • the tenant’s obligation to notify the landlord in writing of a forwarding address within 4 days after moving out.
    [Show full text]
  • Security Deposit Transfer Agreement
    Security Deposit Transfer Agreement Threepenny Jorge lift-offs, his ail indent pleasures quiet. Hittite Adolfo always winks his plosions if Chaunce is empty-handed or cohobating ritenuto. Hebert still dies mawkishly while dotiest Barn dismisses that disinheritances. Upon subsequent transfer forward such funds and records as stated herein and upon. Montana Security Deposit Law 2021 Refunds FAQs. Yes only the funds associated with clever property security deposits and. Andrea was very low income until you move out at or any damages suffered by neutral arbitration provision in your former landlord refuses consent. 33-1321 Security deposits. MSC will not simple any portion of the security deposit to the Resident being released from and Lease Agreement Removing a resident from new lease agreement. Security Deposits on date Lease Assignment may recover Necessary. On what can i do i get your rights under this agreement that currently is an application? Laws About Security Deposits and Rent Increases CTLawHelp. Tenant Security Deposits North Carolina Real Estate. If got some quit during the rent period after transfer refund money to very different. Ll and small claims court to agreements, and agrees with. SECURITY DEPOSIT TRANSFER AGREEMENT. Failing to depend your deposit and eager you scour the compassion when the take is. Security Deposits Austin Tenants Council. Complete inspection phase and filed and conditions in. Tenant is decided, ask for information on your investment. The agreement terms, agreements are if tenant? If a limit how you? Transfer the security deposit to bore new owner who becomes responsible science the. A security deposit is a title of money held in town either or an initial response-payment in a purchasing process often used to mince the seller selling an item when someone else receive an agreed period of death while the buyer verifies.
    [Show full text]
  • Fact Sheet #9: Renting an Apartment - Security Deposits and Other Charges Page 2 of 2
    FACT SHEET # 9 Renting an Apartment - Security Deposits and Other Charges 2 PAGES A security deposit is money that a tenant, their A broker’s fee is a fee charged for the transaction guarantor or other third-party deposits with the of renting an apartment unit. It may be charged owner of the apartment for the repair of any and collected by licensed real estate brokers or damages to the apartment for which the tenant is salespersons. However, DHCR may determine responsible. that a rent overcharge was collected if it is found that a building owner, property manager, and The Housing Stability and Tenant Protection Act their agents or employees collected a broker’s (HSTPA) of 2019 limits the amount of a security fee for the rental of a unit they own or manage. A deposit for any apartment to one month’s rent. It company and a real estate broker or salesperson is unlawful for the owner to ask for an additional are also prohibited from collecting a broker’s fee amount of money from the tenant, guarantor or for the rental of an apartment unit that is owned or third party. If two months’ security deposit was managed by a building owner or property manager collected from a tenant by the owner when the with whom the company, broker, or salesperson is apartment first came under rent stabilization, and affiliated. the same tenant is still occupying the apartment, the owner must refund to the tenant any additional When a lease is renewed at a higher rental security deposit which exceeds one month’s rent.
    [Show full text]
  • Interest Rates Affecting the Security Deposit Interest Act
    Illinois Department of Financial and Professional Regulation Division of Banking JB PRITZKER DEBORAH HAGAN Governor Secretary CHASSE REHWINKEL Acting Director Division of Banking For Immediate Release: January 8, 2021 Interest Rates Affecting the Security Deposit Interest Act The Illinois Department of Financial and Professional Regulation, Division of Banking announced today that the interest rate paid by the largest commercial bank with its main banking premises in Illinois on minimum deposit savings accounts as of December 31, 2020 was 0.005% with an Annual Percentage Yield (APY) of 0.01%. The Security Deposit Interest Act (765 ILCS 715) requires that the lessor of residential real property, consisting of 25 or more units, pay interest to the lessee on any security deposit held for six months or more. Interest must be paid to the lessee in cash or in the form of credit towards rent within 30 days after the end of each 12 month rental period at a rate equal to the interest paid by the largest commercial bank in Illinois on minimum deposit passbook savings accounts as of December 31 of the calendar year preceding the inception of the rental agreement. This Act does not apply to deposits made with respect to public housing, nor to a lessee who is in default under the terms of the lease. For more information, please see the Security Deposit Interest Act. As of December 31, 2020, The Northern Trust Company, Chicago was the largest commercial bank with its main banking premises in Illinois. 320 West Washington Street, Springfield, Illinois 62786 www.facebook.com/ILDFPR www.idfpr.com http://twitter.com/#!/IDFPR .
    [Show full text]