Contract Information Class 1 | |
Reference Number | LSU1660 |
Amount Payable | Greater than $150,000.00 Approximate rent of $281,400 for period of lease. This does not include outgoings and any annual reviews or GST |
Effective Date | 01/10/2020 |
Completion Date | 30/09/2023 |
Name and business address of the contractor |
Joy Global - Suite 3, Level 2 iC Enterprise 1 Building, Innovation Campus North Wollongong NSW 2500
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Particulars of the project to be undertaken, the goods or services to be provided or real property to be leased/transferred | Joy Global is leasing commercial property at Office B, Level 2, Wing B, The Central, Innovation Campus, including carpark licences |
Details of any related body corporate or private sector entity who will be involved in carrying out any of the contractor’s obligations or receive a benefit. | |
Are there any provisions under which the amount payable may be varied? | Yes |
Amount Payable Variation Clauses | Variations subject to annual rent reviews |
Can the contract be renegotiated? | No |
Did the contract involve a tender process? | No |
Description of any provisions under which the contractor is to receive payment for providing operational or maintenance services | |
Contract Information Class 2 | |
Is there a transfer of significant assets to the State? | No |
Is there a transfer of significant assets to the contractor? | No |
Has any cost-benefit analysis been undertaken by UOW? | No |
Was a public sector comparator used? | No |
Did the contractor provide a base case financial model? | No |
If relevant, provide details of how risk is to be apportioned between the parties. | N/A |
Have there been any significant guarantees or undertakings between the parties? | Yes |
Details | Security in the form of a bank guarantee which is equivalent to approximately 6 months' rent and outgoings |
Other Key Elements | Joy Global has an option to renew the lease for a further term of 3 years plus 3 years |