Commercially acceptable biobanking agreements are essential to make biobanking feasible. The total amount of the fund`s contribution is calculated permanently as the total value of all administrative costs under the biobank agreement. When a lease or licence in the field is entered into, that lease or licence must contain the relevant requirements of the biobanking contract and comply with the biobanking contract. As the biobanking system is still in its infancy, there is currently no example of how the Office of Environment and Heritage has imposed biobanking agreements when the corresponding biobank account has a low level of credit. A biobanking agreement may include a number of conditions, including the obligation for the owner to implement certain management measures in the countryside, to limit the use of the biobanking site and to provide for the date and creation of credits for biodiversity. Landowners are required to report annually to ensure compliance with the terms of the biobanked agreement. Existing biobanking agreements are maintained and managed under the BC Act as biodiversity stewardship agreements. The BCT has been responsible for the day-to-day management of biobank agreements, including annual reporting, waiver applications and annual payments. BioBanking has generated “biodiversity credits” from landowners and developers who, through a biobank agreement, have committed to improving and protecting biodiversity values on their land. When a biodiversity credit is transferred for the first time from one landowner to another (usually on the first sale of biodiversity credits), the present value of all management payments must be paid to the biobank trust fund as part of a biobank agreement. Landowner`s obligations under biobank agreements These payments are intended to compensate the landowner for the implementation of the current management measures necessary to conserve the biobank site. It is now two years since the first bio-bank agreement was registered in NSW. And with more than 60 expressions of interest in new biobank sites currently under the agency of Environment heritage (including about 33,000 hectares of land in NSW), commercial interest in the regime seems to be flourishing.
Landowners who wish to transfer ownership of the land or subdivide land subject to a biobank agreement must inform the Director General. The Minister may amend or terminate a bio-urbanization agreement if it does not have a negative effect on the biodiversity values of the bioban site. Landowners can set up Biobank sites by entering into biobank agreements with the Minister. However, landowners wishing to build a biobank site should take into account their current legal obligations and the long financial implication that results. A biobanking agreement is reached between the Minister of the Environment and a landowner for the designation and creation of a bioban site this. When a biobanking declaration is forwarded to an approval authority, the approval authority must impose a condition of approval requiring compliance with the biobank declaration. For example, if a biobank declaration provides for the withdrawal of a certain number and class of biodiversity credits before development begins, this becomes a precondition for approval.