Advance Payment Guarantee. To ensure the proper utilization of the advance payments that THE CONTRACTING PARTY makes, THE CONTRACTOR will deliver on behalf of THE CONTRACTING PARTY, prior to receiving them, the bank guarantee/s for an amount equivalent to the total of the advance payment; that is, 40 % of the contract amount. The guarantee/s will be reduced to the extent that the advance payment is amortized, until its/their total payment.
Appears in 3 contracts
Sources: Contract for Supply, Integration and Maintenance Services (On Track Innovations LTD), Contract for Supply, Integration and Maintenance Services (On Track Innovations LTD), Contract for Supply, Integration and Maintenance Services (On Track Innovations LTD)