Form of Performance Security Sample Clauses

Form of Performance Security. The form of the Performance Security and Operating Security is set forth beginning on the following page. SCHEDULE 7-­‐1 PERFORMANCE SECURITY IRREVOCABLE STANDBY LETTER OF CREDIT [Letterhead of Issuer] [Agency] [Address] Place: [●] Standby Letter of Credit No. [●] Date: [●] Dear Sirs: KNOW ALL MEN BY THESE PRESENTS that we, the Agency, a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [●] (the “Letter of Credit”) in your favor and for the account of [insert name of Company] (“Company”) relating to the obligations of Company from the Signature Date until the Provisional Operations Start Date under the Concession Agreement dated [●] (the “Agreement”) between yourselves (the “Agency”) and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein.
Sample 1See All (5)
AutoNDA by SimpleDocs
Form of Performance Security. To: SCHOOL EDUCATION DEPARTMENT, GOVERNMENT OF SINDH, GUARANTEE NO (hereinafter referred to as the “Guarantee”) Dated: ........................................ [Insert Name of Bank], being the Guarantee issuing bank (hereinafter referred to as the “Guarantor Bank”) understands that the following parties have entered into an agreement entitled the “Concession Agreement” dated [●], 2017 (hereinafter referred to as the “Agreement”) for the implementation of the Education Management Organizations Project in the Province of Sindh under the public private partnership mode:
Sample 1
Form of Performance Security. The Contractor must provide to the Principal, within 28 days after the Execution Date, an unconditional and irrevocable undertaking of 10% of the Annual Operating Budget for the first Operating Year which must be:
Sample 1
Form of Performance Security. The performance security must be accept- able to CCC and may be an irrevocable standby letter of credit, a bond, or a certified or cashier’s check. If a stand- by letter of credit is furnished as per- formance security, the opening bank may be a U.S. bank or a foreign bank. If the standby letter of credit is opened by a foreign bank, it must be 100 per- cent confirmed by a U.S. bank. If a bond is furnished as performance secu- rity, the surety(ies) must be among those appearing on the list of approved sureties maintained by the U.S. De- partment of the Treasury. If a cashier’s or certified check is furnished as per- formance security, the bank issuing the cashier’s or certified check must be a U.S. bank.
Sample 1
Form of Performance Security. It is the intention of Xxxxxxxxx Township to accept alternative forms of security to act as a performance bond to guarantee performance of the Agreement and any extension thereof, so long as the proffered form of performance security will protect the Township in the event of non-performance by the Township Contracted Hauler over the entire term of the Agreement and any extension thereof. While is it not the intention of Xxxxxxxxx Township to restrict the type of form of security that can be used, the Township Contracted Hauler accepts and acknowledges that the Township’s decision to accept or reject a proposed security will be entirely within the discretion of Xxxxxxxxx Township. In the event Xxxxxxxxx Township has any questions, uncertainly or doubt regarding proposed or provided performance security, the Township Contracted Hauler accepts and acknowledges that the Township in its discretion may request the provision of an alternative performance security.
Sample 1
Form of Performance Security. ‌ (Letter by the Guarantor to the Lessor) Guarantee No. Executed on Name of Guarantor (Scheduled Bank in Pakistan) with address: Name of Principal (Contractor) with address: Penal Sum of Security (express in words and figures) Letter of Acceptance No. Dated KNOW ALL MEN BY THESE PRESENT, that in pursuance of the terms of the Bidding Documents and above said Letter of Acceptance (hereinafter called the Documents) and at the request of the said Principal we, the Guarantor above named, are held and firmly bound unto the (hereinafter called the Lessor) in the penal sum of the amount stated above, for the payment of which sum well and truly to be made to the said Xxxxxx, we bind ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH that whereas the Principal has accepted the Lessor's above said Letter of Acceptance for (Name of Contract) for the (Name of Project).
Sample 1

Related to Form of Performance Security

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified.

  • Appropriation of Performance Security Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default. Upon such invocation, encashment and appropriation from the Performance Security, the Concessionaire shall, within [30 (thirty)] days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of [90 (ninety)] days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 37.

  • Performance Security If our Tender is accepted, we commit to obtain a performance security in accordance with the Tendering document;

  • Grant of Performance Shares Pursuant to the provisions of the Plan and this Agreement, the Company on the Grant Date has granted and hereby evidences the grant to the Participant, subject to the terms and conditions set forth herein, in the Plan and the Addendum with Additional Country Specific Terms and Conditions attached as Exhibit A, all of which are made part of this Agreement, an award of <shares_awarded> Performance Shares (this “Award”).

  • Suspension of Performance Notwithstanding any other provision hereof, if an Event of Default or a Potential Event of Default has occurred and is continuing, the Non-Defaulting Party, upon written notice to the Defaulting Party, has the right (i) to suspend performance under any or all Transactions and (ii) to the extent an Event of Default has occurred and is continuing, to exercise any remedy available at law or in equity, except as limited be Section 5.7.

  • Timing of Payment of Performance When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

  • Monitoring of Performance Vendor shall continuously monitor and record its performance to ensure that all of Vendor's responsibilities and obligations hereunder are being met and fulfilled. Citizens may conduct programmatic and other administrative contract monitoring during the term of this Agreement. The purpose of this monitoring is to ensure that all of Vendor's responsibilities and obligations are being met and fulfilled. Such monitoring may include on-site visits, report reviews, invoice reviews, compliance reviews, and a review of any other areas reasonably necessary. Vendor acknowledges and agrees that Citizens may also monitor and record Vendor Staff communications to the extent they occur within or are connected to any Citizens’ resource, such as electronic or telecommunications systems.

  • Prohibition of Performance Requirements 1. The provisions of the Agreement on Trade-Related Investment Measures in Annex 1A to the WTO Agreement (TRIMs), which are not specifically mentioned in or modified by this Agreement, shall apply, mutatis mutandis, to this Agreement.

  • CONTINUATION OF PERFORMANCE THROUGH TERMINATION The Subrecipient shall continue to perform, in accordance with the requirements of the Agreement, up to the date of termination, as directed in the termination notice.

  • Manner of Performance Subject to the provisions of Article XII hereof, the Contractor shall perform all of the Work described in the Statement of Work, or cause such Work to be performed in an efficient and expeditious manner and in accordance with all of the terms and provisions of this Agreement. The Contractor shall perform the Work in accordance with the current professional standards and with the diligence and skill expected for the performance of work of the type described in the Statement of Work. The Contractor shall furnish such personnel and shall procure such materials, machinery, supplies, tools, equipment and other items as may reasonably be necessary or appropriate to perform the Work in accordance with this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.