18 C53 Unless the rehabilitation bond is a cash bond, the performance of all of the conditions of the bond shall be guaranteed by a guarantor acceptable to the Councils. The guarantor shall bind itself to pay for the carrying out and completion of any condition in the event of any default of the Consent Holder, or any occurrence of any adverse environmental effect requiring remedy. C54 The amount of the rehabilitation bond shall be fixed annually by the Councils who shall take into account any calculations and other matters submitted in the Rehabilitation and Closure Plan, or otherwise, by the Consent Holder which are relevant to the determination of the amount. The amount of the rehabilitation bond shall be advised in writing to the Consent Holder at least one month prior to the review date. C55 The amount of the rehabilitation bond to achieve the purposes set out in Condition C49 of this schedule above shall include: a. The estimated costs (including any contingencies necessary) of rehabilitation and closure in accordance with the conditions of this consent, on completion of the mining operations proposed for the next year and described in the Rehabilitation and Closure Plan; b. Any further sum which the Councils consider necessary to allow for remedying any adverse effect on the environment that may arise from the exercise of this consent; c. The estimated costs of monitoring, in accordance with the monitoring conditions of this consent, until this consent expires; and d. Any further sum which the Councils consider necessary for monitoring any adverse effect on the environment that may arise from the exercise of this consent including monitoring anything which is done to avoid, remedy, or mitigate an adverse effect. C56 Should the Consent Holder not agree with the amount of the rehabilitation bond fixed by the Councils then the matter shall be referred to arbitration in accordance with the provisions of the Arbitration Act 1996. Arbitration shall be commenced by written notice by the Consent Holder to each of the Councils advising that the amount of the rehabilitation bond is disputed, such notice to be given by the Consent Holder within two weeks of receipt of notification of the amount of the rehabilitation bond. If the parties cannot agree upon an arbitrator within a week of receiving the notice from the Consent Holder, then an arbitrator shall be appointed by the President of the Institute of Professional Engineers of New Zealand. Such arbitrator shall give an award in writing within 30 days after his or her appointment, unless the Consent Holder and the Councils agree that time shall be
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