Operational Performance Bond Clause Samples

Operational Performance Bond. (a) To secure the performance of the Concessionaire's obligations under this Agreement during the Services Period, the Concessionaire shall deliver to the Authority an unconditional and irrevocable bank guarantee in favour of the Authority, in the form set out in Part 3 of Schedule 11 (Payment), in the sum of INR twenty (20) crores (the Operational Performance Bond ). (b) The Operational Performance Bond shall: (i) be issued by a bank licensed to do business in India that has a credit rating of at least A1 by ▇▇▇▇▇'▇ or A+ by S&P or any equivalent Indian rating, that is acceptable to the Authority and confirmed for payment in Thiruvananthapuram; (ii) be submitted to the Authority within ten (10) days of the Commercial Operation Date.; and (iii) either have a validity period from the Scheduled Commercial Operation Date until the date that is six (6) months after the Termination Date or be replaced at intervals to ensure that such bank guarantee is in force for such validity period. (c) Upon the occurrence of a default by the Concessionaire in fulfilling its obligations during the Services Period or upon the levy of liquidated damages on the Concessionaire in accordance with Clause Error! Reference source not found. , the Authority shall, without prejudice to its other rights and remedies under this Agreement, be entitled to invoke and appropriate the Operational Performance Bond for the amount of loss incurred by the Authority as a result of such default.
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Related to Operational Performance Bond

  • Annual Performance Review The Employee’s performance of his duties under this Agreement shall be reviewed by the Board of Directors or a committee of the Board of Directors at least annually and finalized within thirty (30) days of the receipt of the annual audited financial statements. The Board of Directors or a committee of the Board of Directors shall additionally review the base salary, bonus and benefits provided to the Employee under this Agreement and may, in their discretion, adjust the same, as outlined in Addendum B of this Agreement, provided, however, that Employee’s annual base salary shall not be less than the base salary set forth in Section 4(A) hereof.

  • CONTRACTOR PERFORMANCE AUDIT The Contractor shall allow the Authorized User to assess Contractor’s performance by providing any materials requested in the Authorized User Agreement (e.g., page load times, response times, uptime, and fail over time). The Authorized User may perform this Contractor performance audit with a third party at its discretion, at the Authorized User’s expense. The Contractor shall perform an independent audit of its Data Centers, at least annually, at Contractor expense. The Contractor will provide a data owner facing audit report upon request by the Authorized User. The Contractor shall identify any confidential, trade secret, or proprietary information in accordance with Appendix B, Section 9(a), Confidential/Trade Secret Materials.

  • Quarterly Contractor Performance Reporting Customers shall complete a Contractor Performance Survey (Exhibit I) for each Contractor on a Quarterly basis. Customers will electronically submit the completed Contractor Performance Survey(s) to the Department Contract Manager no later than the due date indicated in Contract Exhibit D, Section 17, Additional Special Contract Conditions. The completed Contractor Performance Survey(s) will be used by the Department as a performance-reporting tool to measure the performance of Contractors. The Department reserves the right to modify the Contractor Performance Survey document and introduce additional performance-reporting tools as they are developed, including online tools (e.g. tools within MyFloridaMarketPlace or on the Department's website).

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).

  • Ongoing Performance Measures The Department intends to use performance-reporting tools in order to measure the performance of Contractor(s). These tools will include the Contractor Performance Survey (Exhibit G), to be completed by Customers on a quarterly basis. Such measures will allow the Department to better track Vendor performance through the term of the Contract(s) and ensure that Contractor(s) consistently provide quality services to the State and its Customers. The Department reserves the right to modify the Contractor Performance Survey document and introduce additional performance-reporting tools as they are developed, including online tools (e.g. tools within MFMP or on the Department's website).