No Bonding Clause Samples
The "No Bonding" clause specifies that the parties to the agreement are not required to obtain a surety bond or similar financial guarantee as a condition of performing their obligations. In practice, this means that neither party must secure a third-party guarantee to ensure contract performance or payment, which can reduce administrative costs and simplify the contracting process. The core function of this clause is to eliminate the need for bonding, thereby streamlining the agreement and removing the burden of securing additional financial assurances.
POPULAR SAMPLE Copied 1 times
No Bonding. Neither the Committee nor any committee member is required to give any bond or other security in any jurisdiction in connection with the administration of the Plan, unless Apache determines otherwise or any applicable federal or state law so requires.
No Bonding. Notwithstanding anything to the contrary as may be provided by law, if, under Section 10.02(e), the Company treats a Breaching Member as an assignee of Units in the Company, the Company shall not be obligated to secure the value of the Breaching Member’s Units by bond or otherwise; provided, however, that if a court of competent jurisdiction determines that, in order to continue the business of the Company such value must be so secured, the Company may provide such security. If the Company provides such security, the Breaching Member shall not have any right to participate in Company profits or distributions during the remaining term of the Company, or to receive any interest on the value of such Units.
No Bonding. 21 19. Disputes............................................................ 22 20. Miscellaneous....................................................... 22 20.1 Notices.................................................. 22 20.2
No Bonding. Notwithstanding anything to the contrary in the Act, the Company shall not be obligated to secure the value of the Breaching Member’s interest by bond or otherwise; provided, however, that if a court of competent jurisdiction determines that, in order to continue the business of the Company such value must be so secured, the Company may provide such security. If the Company provides such security, the Breaching Member shall not have any right to participate in Company profits or distributions during the term of the Company, or to receive any interest on the value of such interest. For this purpose, the value of the interest of the Breaching Member shall be the Net Equity of such interest as of the effective date of the Breaching Member’s withdrawal.
No Bonding. Notwithstanding anything to the contrary in the law, if the Company treats a Defaulting Member as an unadmitted assignee of Units in the Company, and elects to purchase his Units, the Company shall not be obligated to secure the value of the Defaulting Member’s Units by bond or otherwise; provided, however, that if a court of competent jurisdiction determines that, in order to continue the business of the Company, such value must be so secured, the Company may provide such security, but all Members hereby agree that no such court-ordered bond shall exceed $500.00. If the Company provides such security, the Defaulting Member shall not have any right to participate in Company profits or distributions during the term of the default and shall be liable to the Company in the amount of the so provided security along with any costs incident thereto and shall be subject to Section 8.3.2(b).
No Bonding. Notwithstanding anything to the contrary in the Act, the Partnership shall not be obligated to secure the value of the Breaching Partner's interest by bond or otherwise; provided, however, that if a court of competent jurisdiction determines that, in order to continue the business of the Partnership such value must be so secured, the Partnership may provide such security. If the Partnership provides such security, the Breaching Partner shall not have any right to participate in Partnership profits or distributions during the term of the Partnership, or to receive any interest on the value of such interest. For this purpose, the value of the interest of the Breaching Partner shall be the greater of $1 or the Net Equity of such interest as of the effective date of the Breaching Partner's withdrawal.
No Bonding. Notwithstanding anything to the contrary set forth in the Lease, Tenant shall not be required to obtain or provide any completion or performance bond in connection with the construction of the Tenant Improvements.