No Bonds Sample Clauses
The "No Bonds" clause stipulates that the parties to the agreement are not required to obtain or provide any form of surety bond, performance bond, or similar financial guarantee in connection with their obligations under the contract. In practice, this means that neither party must secure a third-party guarantee to ensure performance or payment, which can simplify the contracting process and reduce administrative costs. The core function of this clause is to eliminate the need for additional financial assurances, thereby streamlining the agreement and avoiding the expenses and complexities associated with procuring bonds.
No Bonds. No trustee shall be required to give a bond or other security to guarantee the faithful performance of duties hereunder.
No Bonds. The Collateral Agent shall not be required to post any bond.
No Bonds. If, for any reason, the City does not form the CFD and issue
No Bonds. No bond shall be required of the Shareholder Agent, and the Shareholder Agent shall not receive compensation for his services, in either case from the Company, the Surviving Corporation or Parent. Notices or communications to or from the Shareholder Agent shall constitute notice to or from each of the shareholders of the Company.
No Bonds. The Trustee shall not be required to give any bond or surety in respect to the execution of its trusts, powers, rights and duties under this Indenture or otherwise in respect of the premises.
No Bonds. 36 Section 7.13 Condition of Action....................................... 36
No Bonds. There are no payment or performance bonds applicable to the Navy Contracts.