Performance/Demolition Bond Sample Clauses

Performance/Demolition Bond. Owner agrees that, as a condition of master building permit issuance for the Project, Owner shall post a reasonable performance/demolition bond, letter of credit, or its equivalent in a form approved by the Town, to ensure that if construction of the Project commences but is later abandoned and not completed during the Term, then the Town may elect to use the posted amount for demolition of any partially-completed improvements on the Property and to restore the Property to its condition on the Effective Date (the “Bond”). Any obligations under the Bond shall be null and void and of no further effect once the Project receives its first temporary/permanent certificate of occupancy. It is further understood and agreed that the time at which the Project is deemed “abandoned” for purposes of the Bond may be extended beyond the expiration of the Term by the Town for good and sufficient cause.
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Related to Performance/Demolition Bond

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.

  • Performance Deposit Permittee shall deposit the Performance Deposit required under Paragraph F of this Permit with Port upon execution of this Permit, which sum (and any additions thereto required hereunder) shall be by cash or irrevocable letters of credit, each in a form and from an issuer acceptable in Port’s sole discretion. Any letter of credit provided as a Performance Deposit must be in the form of the letter of credit attached hereto as Exhibit “11”, or such successor form as Port may from time to time require by written notice to Permittee, and shall be drawn on a bank located within the continental United States acceptable to the Port’s Chief Financial Officer. The Port’s preference is for Permittee to provide a letter of credit that can be drawn at a site or counter of such a bank with a branch office located in Oakland or San Francisco, California. (Letters of credit issued through correspondent banks will not be accepted.) Unless the Port receives a written extension or replacement of the letter of credit at least ninety (90) days before the end of the term of the letter of credit, the Port without notice to Permittee, may draw on the letter of credit and retain all proceeds as a cash Performance Deposit pursuant to the terms of this Section 27. The Performance Deposit shall be retained by Port as security for the faithful performance of Permittee’s obligations hereunder and under any other agreement between Port and Permittee. From time to time, the Port shall have the right to increase the amount of the Performance Deposit to reflect any increases in the amount of the total Minimum Annual Guaranty (rounded to the nearest thousand), or to such greater amount required by Port Policy No. AP 509 – Collection of Delinquent Accounts, as such Policy may be amended from time to time, by giving Permittee fifteen (15) days written notice and Permittee shall be obligated to increase the Performance Deposit to such amount by the end of such fifteen

  • Performance Delay The performance of a Party impacted by a Force Majeure Event, other than the satisfaction of payment obligations that have accrued under this Agreement, is delayed, without liability, for the duration of a Force Majeure Event.

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD.

  • Performance Assessment 6.1 The Performance Plan (Annexure A) to this Agreement sets out key performance indicators and competencies that needs to be evaluated in terms of –

  • Prior Payment of Guaranteed Obligations In any proceeding under any Bankruptcy Law relating to any other Loan Party, each Guarantor agrees that the Secured Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an allowed claim in such proceeding (“Post Petition Interest”)) before such Guarantor receives payment of any Subordinated Obligations.

  • Performance and Payment Bond Contractor shall post with County, not later than ten (10) days of the execution of this Agreement, a performance and payment bond in the amount of one hundred percent (100%) of the total lump sum price in such form as is satisfactory to County. The bond shall be executed by a corporate surety company duly authorized and admitted to do business in the State of Texas and licensed to issue such a bond in the State of Texas.

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