Northern Territory Consolidated Regulations

GOVERNMENT OWNED CORPORATIONS (POWER AND WATER CORPORATION ELECTRICITY BUSINESSES RESTRUCTURE) REGULATIONS 2014 - REG 56

    (1)     If a contract is included in the Retail Business Register as one to which this regulation applies, on and after 1 July 2014 the contract:

        (a)     continues to apply to P&WCorp; and

        (b)     has effect:

            (i)     as modified by subregulations (2), (3) and (4); and

            (ii)     as otherwise modified as specified in the Retail Business Register.

    (2)     If, immediately before 1 July 2014, the contract contained a compensation clause in relation to costs incurred by P&WCorp, the clause is modified to apply in relation to costs incurred by P&WCorp or RetailCorp.

    (3)     If, immediately before 1 July 2014, the contract contained an affected asset clause relating to an asset owned or operated by P&WCorp, the clause is modified to apply in relation to an asset owned or operated by P&WCorp or RetailCorp.

    (4)     In this regulation:

"affected asset clause" means a provision giving P&WCorp a right to cease performing, or modify the performance of, its obligations under the contract on the occurrence of an event affecting an asset.

"compensation clause" means a provision requiring a party to the contract to compensate P&WCorp for costs incurred as a result of a breach of the contract by that party.