Contract Performance Security Clause Samples

Contract Performance Security. If the Province terminates this Agreement, the Contract Performance Security will only be returned to the Contractor if the termination is occasioned by an Act of God, unsuitable weather, natural disaster, withdrawal of labour in labour disputes, or any other unforseeable cause clearly beyond the control of the Contractor.

Contract Performance Security. 24.1 The CONTRACTOR shall furnish to the EMPLOYER, within 15 days from the date of notification of award, a security in the sum of 10% of the accepted value of the tender or the actual value of work to be done whichever is applicable due to any additional work or any other reasons, in the form of a Bank draft/Banker’s cheque or Bank Guarantee or irrevocable Letter of credit (as per proforma enclosed) as Contract Performance Security with the EMPLOYER which will be refunded after the expiry of DEFECTS LIABILITY PERIOD. 24.2 CONTRACTOR can furnish the Contract Performance Security in the form of Demand Draft or through a Bank Guarantee or through an irrevocable Letter of Credit from any Indian scheduled bank or a branch of an International bank situated in India and registered with Reserve Bank of India as scheduled foreign bank. However, other than the Nationalised Indian Banks, the banks whose BGs are furnished, must be commercial banks having net worth in excess of Rs. 100 crores and a declaration to this effect should be made by such commercial bank either in the bank guarantee itself or separately on a letter head. The bank guarantee or the Letter of Credit shall be submitted in the prescribed format. 24.3 If the CONTRACTOR/SUB-CONTRACTOR or their employees or the CONTRACTOR’s agents and representatives shall damage, break, deface or destroy any property belonging to the EMPLOYER or others during the execution of the CONTRACT, the same shall be made good by the CONTRACTOR at his own expenses and in default thereof, the ENGINEER-IN-CHARGE may cause the same to be made good by other agencies and recover expenses from the CONTRACTOR (for which the certificate of the ENGINEER- IN-CHARGE shall be final). 24.4 All compensation or other sums of money payable by the CONTRACTOR to the EMPLOYER under terms of this CONTRACT may be deducted from or paid by the encashment or sale of a sufficient part of his Contract Performance Security or from any sums which may be due or may become due to the CONTRACTOR by the EMPLOYER of any account whatsoever and in the event of his Contract Performance Security being reduced by reasons of any such deductions or sale of aforesaid, the CONTRACTOR shall within ten days thereafter make good in cash, bank drafts as aforesaid any sum or sums which may have been deducted from or realised by sale of his Contract Performance Security, or any part thereof. No interest shall be payable by the EMPLOYER for sum deposited as Contract Perform...

Contract Performance Security. 40.1 Within 15 days of the receipt of the notification of award / Fax of Intent from BCPL, the successful bidder shall furnish the contract performance security in accordance with Clause no 9 of Special Condition of Contract & Article 24 of General Conditions of The Contract in the form provided in the bidding documents. The Contract Performance Security shall be in the form of either Demand Draft or Bank Guarantee or Letter of Credit and shall be in the currency of the Contract. 40.2 The Bank Guarantee/DD/Letter of Credit shall be from any Indian scheduled bank or a branch of an International bank situated in India and registered with Reserve bank of India as scheduled foreign bank. However, in case of bank guarantees from banks other than the Nationalized Indian banks, the bank must be a commercial bank having net worth in excess of Rs 100 crores and a declaration to this effect should be made by such commercial bank either in the Bank Guarantee itself or separately on its letterhead. This bank guarantee shall be valid for a period as stated in Article-24 of General Conditions of The Contract. 40.3 Failure of the successful bidder to comply with the requirements of this article shall constitute sufficient grounds for the annulment of the award and forfeiture of the bid security, in which event BCPL may award the order to the next lowest evaluated bidder or call for new bids.

Contract Performance Security. If Chinook terminates this Agreement, the Contract Performance Security will only be returned to the Contractor if the termination is occasioned by an Act of God, unsuitable weather, natural disaster, withdrawal of labour in labour disputes, or any other unforseeable cause clearly beyond the control of the Contractor.

Contract Performance Security. If CoastalNRM terminates this Agreement, the Contract Performance Security will only be returned to the Contractor if the termination is occasioned by an Act of God, unsuitable weather, natural disaster, withdrawal of labour in labour disputes, or any other unforseeable cause clearly beyond the control of the Contractor.

Contract Performance Security. We hereby declare that in case the contract is awarded to us, we shall submit the performance Guarantee Bond in the form of DD or Bank Guarantee for an amount as per the set formula.

Contract Performance Security. A. Builder shall provide the following as security for Builder’s performance under this Contract, which Buyer may draw upon for an undisputed or adjudged event of default relating solely to performance of the portion of the Contract providing for construction and delivery of the Units: 1. A stand-by letter of credit in the amount of $[**] million, issued by a financial institution reasonably satisfactory to Buyer on behalf of Builder for the benefit of Buyer and containing in substance the terms and conditions set forth in Exhibit F hereto (“the Letter of Credit”), 2. An escrow agreement entered into by Builder, Buyer and a financial institution reasonably satisfactory to Buyer and substantially in the form of Exhibit G hereto (“the Escrow Agreement”). 3. A corporate guaranty issued by Builder substantially in the form of Exhibit H hereto (“the Builder Guaranty”). 4. [**]. B. Prior to the date the initial payment from Buyer to Builder is due in accordance with Article II.B.3.a above, the Letter of Credit shall have been delivered to Buyer, the Escrow Agreement shall have been entered into by the parties thereto and the Builder Guaranty and the [**] shall have been delivered to Buyer. C. Notwithstanding any other provision in this Contract, in the event of default by Builder hereunder, Buyer shall exhaust its remedies in the order set out in Paragraph A above. By way of example, prior to enforcing its rights under the Escrow Agreement, Buyer shall have first exhausted its rights under the Letter of Credit. D. As regards the Escrow Agreement, the Parties agree that: 1. Deposits made from progress payments in accordance with Article II.B shall equal [**] percent ([**]%) of each progress payment, subject to an aggregate limit of $[**] for each Unit. In no event shall the total Deposits made by Buyer for all three Units exceed $[**]. 2. Buyer will execute and deliver the “proper written request to disburse” required under the Escrow Agreement to disburse the portion of the Deposits applicable to a Unit upon Builder’s delivery of the Unit for which such Deposits are made to Buyer. 3. In the event of a Builder default and failure to cure, or any other dispute with Builder, the Buyer will execute and deliver the “proper written request [**] Confidential Treatment 45 to disburse” required under the Escrow Agreement to disburse all of the Deposits except for such amount as equals the monetary value of Buyer’s claims under this Contract arising from such default or d...

Contract Performance Security. 10.2.1 The Operator shall, for the performance of its obligations hereunder in respect of the O&M Services, provide to the Authority, no later than 60 (sixty) days from the Effective Date, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to INR 49.95 lakhs (INR Forty nine lakhs and ninety five thousand only) in the form set forth in SCHEDULE 6 (Format of Contract Performance Security) (“Contract Performance Security”), with a validity upto 1 (one) year from the Appointed Date and shall be renewed not less than 1 (one) month prior to expiry of its validity period, for an additional term of 1 (one) year. 10.2.2 Until such time the Contract Performance Security is provided by the Operator pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Contract Performance Security pursuant hereto, the Authority shall release the Bid Security to the Operator. 10.2.3 Notwithstanding anything to the contrary contained in this Contract, in the event Contract Performance Security is not provided by the Operator within a period of 60 (sixty) days from the Effective Date, the Authority may encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Operator under or arising out of this Contract shall be deemed to have been waived by, and to have ceased with the concurrence of the Operator, and this Contract shall be deemed to have been terminated by mutual agreement of the Parties.

Contract Performance Security. Contract Performance Security in the form of a surety bond #103332645 in the amount of $250,000 has been received by the State Procurement Bureau and will be returned to NICUSA after successful completion of this contract. This security must remain in effect for the entire contract period. The State may collect damages from contract security if NICUSA materially fails to perform or provide service as required. This could range from going out of business and leaving the State with no service provider or no finished or supported product, to completing the contract but doing so unsatisfactorily or as required by contract. The damages available to the State are limited to the additional costs incurred to select a new service provider or the cost of correcting the problem. The State may also collect from the security the overhead costs to the State in acquiring a new service provider or the overhead time expended to correct the problem. Reference: 18-4-312, MCA.