Claims Against Guarantee Clause Samples

Claims Against Guarantee. Following notice to the Concession Holder to fulfill within 15 days any obligation as on which it may have defaulted, ORSNA shall have the right to collect such portion of the guarantee as to enable it to make arrangements, either directly or through third parties and at the Concession Holder’s expense, to fulfill the obligations the latter failed to perform and cover the repairing of any damages, including legal interest deriving from the default. ORSNA shall have the right to collect against the guarantee to cover payment of fines imposed on the Concession Holder, or any other sum the latter may owe the Concession Grantor and/or ORSNA on any account. Any failure to fulfill a clause of the present Contract shall be regarded as covered by this Contract Performance Guarantee If the nonfulfillment affects the Investment Plan, this guarantee shall be replaced by the Investment Commitment Guarantee provided for under section 10.2 of the present Contract.