Performance Deposits Clause Samples
A Performance Deposits clause requires one party, typically the contractor or service provider, to provide a sum of money as security to guarantee fulfillment of their contractual obligations. This deposit is usually held by the other party for the duration of the contract and may be forfeited if the provider fails to meet agreed performance standards or deadlines. The core function of this clause is to incentivize proper performance and protect the recipient from losses due to non-performance or breach of contract.
Performance Deposits. All Works required to be provided and maintained in this Agreement by the Owner shall be provided and maintained at its sole risk and expense and to the satisfaction of the City.
Performance Deposits. All Works required to be provided and maintained in this Agreement shall be provided and maintained by the Owner at its sole risk and expense and shall be to the satisfaction of the Municipality. In order to ensure that such Works are provided and maintained by the Owner, the Owner shall deposit with the Municipality, before this Agreement is executed by the Municipality, a sum in cash, certified cheque or by irrevocable letter(s) of credit in a form and from a financial institution/user approved by the Municipal Treasurer, which deposit however made, may be referred to hereafter as a “performance deposit” or “performance redeposit”. The performance deposit shall be based upon the total estimated cost of the Works required to be constructed or installed. The estimate of the cost of the Works and the amount of the performance deposit shall be those prescribed in Schedule “B”, attached hereto, as approved by the Director of Planning and Economic Development.
Performance Deposits. Collect security or performance deposits from tenants and refund such deposits, less any proper deductions, and if required by law to do so, pay interest on any such deposit. All such deposits will be handled as directed by the VRLTA provisions in effect and applicable lease provisions. Agent may require at leasesigning a performance deposit in an amount equal to up to two month=s rent. The amount of this deposit is dependent upon the applicant=s credit history and other Arisk factors.@ Agent may allow a delay or paymentplan on performance deposits. The amount of performance deposit is left to Agent=s discretion. Agent has become, due to market requirements, more Apet tolerant@ over time. An Owner may make the decision on whether any particular unit is Aanimal approved.@ or leave such decisions to Agent. Animal issues are outlined on the DATA/FEE PAGES (Section 5) of this Agreement. Agent may require a NONREFUNDABLE pet fee either in lieu of or in addition to a performance deposit on pet approved units. Nonrefundable pet fees become the property of the Owner and are forwarded with the next monthly statement after they are collected. Animal approved units thus provide an additional revenue source for owners as well as a higher rent. Animals almost always cause some degree of Adamage@ to a property. Owners must weigh the pros and cons if they elect to allow animals.
Performance Deposits. The performance deposits, as identified and set forth on Schedule 19.1 ("Deposits"),are or may with the passage of time or otherwise become refundable to the contractor or permittee shown on such Schedule 19.1. At Closing, Purchaser shall receive a credit against the Purchase Price in the amount of such Deposits. If any Deposits are returned at or prior to Closing, Seller shall notify Purchaser and the amount thereof shall reduce the amount of the credit Purchaser is to receive for the Deposits. Purchaser agrees to refund the Deposits as may be appropriate to the contractor or permittee upon termination or completion of the corresponding contract or permit. Purchaser shall defend and indemnify Seller and hold it harmless from any claim, damage, liability, loss, cost, deficiency, judgment or expense (reference to "expense" shall include, without limitation, reasonable attorneys' fees and other costs and expenses incident to any actions, suits, proceedings or investigations or the defense of any claims, whether prior to or at trial or in appellate proceedings) arising out of, resulting from or relating to claims by third parties relating to Purchaser's failure to return the Deposits for which Purchaser has received a credit at Closing, as may be required pursuant to the corresponding contract or permit identified on Schedule 19.1.
Performance Deposits. All Works required to be provided and maintained in this Agreement shall be provided and maintained by the Owner at its sole risk and expense and shall be to the satisfaction of the Town. In order to ensure that such Works are provided and maintained by the Owner, the Owner shall deposit with the Town, before this Agreement is executed by the Town, an irrevocable letter(s) of credit or a bond and from a financial institution/user approved by the Town, which deposit however made, may be referred to hereafter as a "performance deposit". The performance deposit shall be based upon the total estimated cost of the Works required to be constructed or installed. The estimate of the cost of the Works and the amount of the performance deposit shall be those prescribed in Schedule "G" attached hereto, as approved by the Town.