Financial and performance guarantee Clause Samples
Financial and performance guarantee. ▇▇▇▇▇▇▇▇▇ agrees to provide the City with a financial guarantee for surety for Project construction of required public infrastructure and improvements. Said guarantee shall be in accordance with requirements under §650-35 of the Lake ▇▇▇▇▇ Municipal Code, which among other things, requires that the guarantee shall be in an amount equal to 110% of the City's engineering consultant's estimate of the costs for completing the public infrastructure and improvements and meeting all other obligations required under this agreement.
Financial and performance guarantee a) Magna shall procure and deliver to the government a financial and performance guarantee as required under Article 27.1 of the PSC to the extent of its Participating Interest.
b) Until such time as the Government approves the assignment contemplated herein, Oilex shall keep and maintain in place the performance guarantee related to the proposed participating interest being assigned to Magna for which Magna undertakes to furnish a back-to-back guarantees to Oilex to the extent of the Participating Interest being assigned to it hereby.