Initial Contract Security Clause Samples

The Initial Contract Security clause requires one party, typically the contractor, to provide a form of financial guarantee at the outset of the contract. This security may take the form of a bank guarantee, performance bond, or cash deposit, and is usually submitted before any work begins or payments are made. Its core function is to protect the other party, often the client or employer, against the risk of non-performance or default by ensuring that funds are available to cover losses or enforce obligations if the contractor fails to meet their commitments.
Initial Contract Security. No more than five (5) Business Days after the Effective Date, unless otherwise agreed to by NYSERDA, Seller must provide Contract Security, in the form of cash, certified funds, a Letter of Credit conforming to the requirements of Section 15.03, or an Acceptable Guaranty conforming to the requirements of Section 15.05, in an amount equal to the product of the Offer Capacity (in MW) and five thousand dollars ($5,000). Seller may provide the Contract Security through any combination of the forms set forth in the preceding sentence.
View SourceView Similar (12)
Initial Contract Security. On or before the Effective Date, unless otherwise agreed to by NYSERDA, Seller must provide Contract Security, in the form of cash, certified funds or a Letter of Credit conforming to the requirements of Section 15.03, in an amount equal to the product of the Offer Capacity (in MW) and five thousand dollars ($5,000).
View SourceView Similar (3)
Initial Contract Security. No more than five (5) Business Days after the Effective Date, unless otherwise agreed to by NYSERDA, Seller must provide Contract Security, in the form of cash, certified funds, a Letter of Credit conforming to the requirements of Section 15.03, or an Acceptable Guaranty conforming to the requirements of Section 15.05, in an amount equal to the product of the Offer Capacity (in MW) and forty thousand dollars ($40,000) [plus an additional [AMOUNT] representing the amount of contract security required pursuant to the terminated Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement dated [DATE] by and between the Parties]. Seller may provide the Contract Security through any combination of the forms set forth in the preceding sentence.
View SourceView Similar (2)
Initial Contract Security. (a) No more than ten (10) Business Days after the Effective Date, unless otherwise agreed to by NYSERDA, Seller must provide Contract Security, in the form of cash, certified funds, a Letter of Credit conforming to the requirements of Section 15.04, or an Acceptable Guaranty conforming to the requirements of Section 15.06, in an amount equal to the product of the (i) the Bid Quantity and (ii) four dollars ($4.00). Seller may provide the Contract Security through any combination of the forms set forth in the preceding sentence. (b) No later than one (1) year prior to the initial Commercial Operation Milestone Date (“Initial Commercial Operation Milestone Date”), Seller must provide additional Contract Security in an amount equal to the product of (i) Bid Quantity and (ii) six dollars ($6.00).
View SourceView Similar (2)
Initial Contract Security. (a) No more than ten (10) Business Days after the Effective Date, unless otherwise agreed to by NYSERDA, Seller shall provide, or cause to be provided, Contract Security, in the form of cash, certified funds, a Letter of Credit conforming to the requirements of Section 15.04, or an Acceptable Guaranty conforming to the requirements of Section 15.06, in an amount equal to the product of (i) the Bid Quantity and (ii) four dollars ($4.00). Seller may provide the Contract Security through any combination of the forms set forth in the preceding sentence. (b) No later than one (1) year prior to the initial Commercial Operation Milestone Date (“Initial Commercial Operation Milestone Date”), Seller shall provide, or cause to be provided, additional Contract Security, in the form of cash, certified funds, a Letter of Credit conforming to the requirements of Section 15.04, or an Acceptable Guaranty conforming to the requirements of Section 15.06, in an amount equal to the product of (i) the Bid Quantity and (ii) six dollars ($6.00).
View Source
Initial Contract Security. Prior to or upon the Effective Date, unless otherwise agreed to by NYSERDA, Seller must provide Contract Security in an amount equal to the Bid Quantity multiplied by forty dollars ($40.00). Seller shall provide to NYSERDA Contract Security, in the form of cash, certified funds, or a Letter of Credit conforming to the requirements in Section 15.04.
View Source

Related to Initial Contract Security

  • Initial Contract Term The Initial Contract Term shall be for two years. The Initial Contract Term shall begin on October 1, 2021, or on the last date the Contract is signed by all Parties, whichever is later. The Contract shall expire on October 1, 2023, unless terminated earlier in accordance with the Special Contract Conditions or Additional Special Contract Conditions.

  • Contract Schedule The information set forth in the Contract Schedule is true and correct.

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • THE CONTRACT SUM The Owner shall pay the Contractor for the performance of the contract, subject to additions and deductions provided by approved change orders, in current funds, the Contract Sum as follows:

  • CONTRACT SUM 9.1.1 The Contract Sum is stated in the State-Contractor Agreement and, including authorized adjustments thereto, is the total amount payable by the State to the Contractor for the performance of the Work under the Contract Documents.