Common use of CONTRACT PERFORMANCE GUARANTEE Clause in Contracts

CONTRACT PERFORMANCE GUARANTEE. 3.3.1 The Performance Guarantee furnished under this Agreement shall be for guaranteeing the commencement and continuity of the supply of power up to the Contracted Capacity within the time specified in this Agreement. 3.3.2 The failure on the part of the Seller to furnish and maintain the Contract Performance Guarantee shall be a material breach of the term of this Agreement on the part of the Seller. 3.3.3 If the Seller fails to commence supply of power on the Scheduled Delivery Date specified in this Agreement, the Procurer(s) shall have the right to encash the Contract Performance Guarantee and appropriate in their favour as liquidated damages without prejudice to the other rights of the Procurer(s) under this Agreement.

CONTRACT PERFORMANCE GUARANTEE. 3.3.1 3.5.1 The Performance Guarantee furnished under this Agreement shall be for guaranteeing the commencement and continuity of the supply of power up to the Contracted Capacity within the time specified in this Agreement. 3.3.2 3.5.2 The failure on the part of the Seller to furnish and maintain the Contract Performance Guarantee shall be a material breach of the term of this Agreement on the part of the Seller. 3.3.3 3.5.3 If the Seller fails to commence supply of power on the respective Revised Scheduled Delivery Date or the Scheduled Delivery Date specified in this Agreement, subject to conditions mentioned in Article 4.7.1, the Procurer(s) Procurer shall have the right to encash the Contract Performance Guarantee and appropriate in their favour as liquidated damages an amount specified in Article 4.8.1, without prejudice to the other rights of the Procurer(s) Procurer under this Agreement.