22 and be based on the residual risk assessment dated 20 July 1998 prepared by the Consent Holder and provided to the Councils. Such residual risk assessment shall be updated annually. The amount of the reviewed bond shall be advised in writing to the Consent Holder at least one month prior to the annual review date. The amount of the bond shall be reduced by the capital amounts settled on the Trust from time to time by the Consent Holder. C70 Should the Consent Holder not agree with the amount of the capitalisation bond fixed by the Councils then the matter shall be referred to arbitration in accordance with the procedures set out in Conditions C56 and C57 above. Subject to Condition C57, that sum shall be adjusted in accordance with the arbitration determination. The Consent Holder shall not exercise this consent if the variation of the existing capitalisation bond or new capitalisation bond is not provided in accordance with this condition. C71 The capitalisation bond may be varied, cancelled, or renewed at any time by agreement between the Consent Holder and the Councils. C72 The capitalisation bond shall expire upon the settlement on the Trust by the Consent Holder of the required capital sum. C73 All costs relating to the capitalisation bond shall be paid by the Consent Holder. C74 In addition to the insurance cover required for the Rehabilitation Bond in Condition C49(e), the Consent Holder shall throughout the term of this consent be able to demonstrate to the satisfaction of the Councils that it holds sufficient funds, insurances or other financial instruments (“cover”) to enable any adverse effect on the environment resulting from the Consent Holder’s activities and not authorised by a resource consent to be promptly avoided, remedied or mitigated. The Consent Holder shall provide evidence to the Council annually that sufficient cover is in place. This evidence shall be provided to Council at the same time as the Annual Work Programme is submitted as required by Condition C2 of this consent. Should the Consent Holder and the Council not agree on the sufficiency of the level of cover, 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 Council advising that the amount of the cover is disputed, such notice to be given by the Council within two weeks of notification of the amount of the cover. If the parties cannot agree upon an arbitrator within a week of receiving the notice from the Consent Holder, then an
RkJQdWJsaXNoZXIy MjE2NDg3