ADVANCE PAYMENT BOND Sample Clauses
An Advance Payment Bond is a financial guarantee provided by a third party, typically a bank or insurer, to secure the repayment of advance payments made by an employer to a contractor. This bond ensures that if the contractor fails to fulfill their contractual obligations or misuses the advance funds, the employer can recover the prepaid amount from the bond issuer. Commonly used in construction and large supply contracts, the bond protects the employer from financial loss due to contractor default, thereby facilitating the safe provision of upfront funds necessary for project commencement.
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ADVANCE PAYMENT BOND. (a) As security for the payment of each Advance Base Payment, the Training Provider shall provide the Procurer with an unconditional and irrevocable on demand bond (the Advance Payment Bond) in amounts and currencies equal to the sum of the Advance Base Payment payable in respect of the relevant Semester issued by a bank approved by the Procurer and in the form set out in Schedule 5.
(b) The Training Provider shall ensure that the Advance Payment Bond is valid and enforceable until the expiry of the relevant Semester for which the Advance Base Payment is made. If the expiry date of the Advance Payment Bond is likely to occur before the expiry of the relevant Semester, then not less than twenty-eight (28) days prior to the expiry of the relevant Semester, the Training Provider shall extend the validity of the Advance Payment Bond until the expiry of the relevant Semester.
(c) If the Training Provider does not extend the validity of the Advance Payment Bond as required under Clause 8(b), then the Procurer shall be entitled to call in the full amount of the Advance Payment Bond and hold it as cash security until such time as the Training Provider supplies a replacement Advance Payment Bond acceptable to the Procurer. The Procurer will then return the cash retained as security to the Training Provider less such amounts as are required to cover the costs incurred by the Procurer as a result of such failure by the Training Provider.
(d) The Procurer shall return the Advance Payment Bond to the Training Provider within twenty- one (21) days after the expiry of the relevant Semester.
ADVANCE PAYMENT BOND. 10.1. Prepayment (Advance Payment) shall be used in an amount no more than 50% of contractual value from funding source of state budget of 2018. Prepayment is possible in case of submitting unconditional and irrevocable advance payment bond on the relevant advance payment, issued by the banking institution, licensed by the National Bank of Georgia or by the insurance company licensed by LEPL Insurance State Supervision Service of Georgia in national currency – GEL, which means that the Purchaser shall receive the amount prescribed by the guarantee if it provides the bank with the written form, where there will be indicated that the supplier breached the agreement.
10.2. The Validity Period of the advance payment bond shall exceed the validity period of the Agreement at least 30 (thirty) calendar days;
10.3. The Purchaser is obliged to make advance payment to the Supplier, no more than 50% of contractual value, within 10 (ten) business days after submission of the advance payment bond of relevant amount by the Supplier;
10.4. The amount issued as an advance payment, shall be considered during final payment, after which the Purchaser returns the advance payment bond to the Supplier on the basis of written request. The remaining amount shall be paid in accordance with the conditions prescribed by this Article, after full deduction of amount received as an advance payment.
ADVANCE PAYMENT BOND. 69.1 Thirty (30) days prior to the date set forth in Section 58 and as a condition for receipt of the Advance Payment, the Contractor shall provide NI with an Advance Payment Bond in the amount of sixty five percent (65%) of the Advance Payment (not including VAT) linked to the CPI as of the Bid Submission Date, in the form attached hereto as Appendix E (Advance Payment Bond) ("the Advance Payment Bond").
ADVANCE PAYMENT BOND. (a) As security for the payment of each Advance Base Payment, the Training Provider shall provide the Procurer with an unconditional and irrevocable on demand bond (the Advance Payment Bond) in amounts and currencies equal to the sum of the Advance Base Payment payable in respect of the relevant Semester issued by a bank approved by the Procurer and in the form set out in Schedule 5.
(b) The Training Provider shall ensure that the Advance Payment Bond is valid and enforceable until the expiry of the relevant Semester for which the Advance Base Payment is made. If the expiry date of the Advance Payment Bond is likely to occur before the expiry of the relevant Semester, then not less than twenty-eight (28) days prior to the expiry of the relevant Semester, the Training Provider shall extend the validity of the Advance Payment Bond until the expiry of the relevant Semester.
(c) If the Training Provider does not extend the validity of the Advance Payment Bond as required under Clause 8(b), then the Procurer shall be entitled to call in the full amount of the Advance