12 Guam Code Ann. § 83113
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Terms Used In 12 Guam Code Ann. § 83113
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
The contract with the contractor/developer, and the lease- back, shall provide that all capital maintenance and repair of the Guam Twenty-First Century Healthcare Center facilities be performed by the contractor/developer. The contractor/developer shall provide sufficient funding for a separate maintenance fund
COL 7/27/2023
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 83 THE GUAM TWENTY-FIRST (21ST) CENTURY
HEALTHCARE CENTER ACT OF 2021
for this purpose; sufficient funds for this purpose shall be defined as the cost of capital maintenance and repair for the remaining period of the lease agreement with the Government of Guam after the completion of the Guam Twenty-First Century Healthcare Center. The maintenance fund shall be used exclusively for the purpose of capital maintenance and repair and shall be in an interest-bearing account segregated from other funds held in escrow.