Performance Voorbeeld Klousules

Performance. 7.1 Within thirty (30) days of receipt of the notification of contract 7.2 The proceeds of the performance security must be payable to the purchaser as compensation for any loss resulting from the supplier’s failure to complete his obligations under the contract. 7.3 The performance security must be denominated in the currency of the contract, or in a freely convertible currency acceptable to the purchaser and must be in one of the following forms: (a) a bank guarantee or an irrevocable letter of credit issued by a reputable bank located in the purchaser’s country or abroad, acceptable to the purchaser, in the form provided in the bidding documents or another form acceptable to the purchaser; or 7.4 (b) a cashier’s or certified cheque. The performance security will be discharged by the purchaser and returned to the supplier not later than thirty (30) days following the date of completion of the supplier’s performance obligations under the contract, including any warranty obligations, unless otherwise specified.