Performance Guarantee Sample Clauses

Performance Guarantee. 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire.
Performance Guarantee. The estimated cost of constructing the Improvements required in Section I.A., above, and are itemized and set forth on Exhibit “G.” The actual cost of constructing the Improvements required in Section I.A., and itemized on Exhibit “G,” shall be finally determined by the Developer and agreed to by the Town prior to the issuance of any permits for this Development. Accordingly, in conformance with Code requirements, prior to issuance of any permits for the Development, the Developer shall post an irrevocable Letter of Credit issued by a qualified lending institution acceptable to the Town, in the form as set forth on Exhibit “I,” in the agreed upon amount of the cost of constructing the Improvements with the Town as a guarantee of the performance of its obligations under this Agreement. Said Letter of Credit shall be in a minimum amount of One Hundred Twenty percent (120%) of the estimated cost of constructing the Improvements and shall be for an initial term of not less than one year, renewable automatically for additional one year periods unless notice is given to the Town sixty days in advance of non-renewal. No permit of any kind shall be issued by the Town prior to the Developer delivering to the Town the irrevocable Letter of Credit as required herein.
Performance Guarantee. The contractor shall warrant for the satisfactory performance of the materials / equipment supplied and works executed by him, for a minimum the period of 12 months from the date of commissioning of the project for proper fulfillment of performance obligations. Where the suppliers/ manufacturers provide longer period of warranty than mentioned above, the purchaser shall be entitled for such longer warranty. Equipment, sub-assemblies or spares, or parts replaced / repaired under warranty shall have further warrantee of 12 months from the date of replacement / repair. After commissioning and handing over of the project to the TSTRANSCO, the contractor shall arrange for thorough patrolling of the line during the first six months of the guarantee period so that the defects if any noticed during that period may be rectified by the contractor free of cost to the TSTRANSCO without having to wait for the TSTRANSCO to suggest such rectifications. If during the period of guarantee, the Engineer decide and inform in writing to the contractor that any equipment, part of equipment, material or works is defective, the contractor on receiving details of such defects or deficiencies shall at his own expense, irrespective of reimbursement of insurance company, rectify/replace the defective material or works within seven (7) days of his receiving the notice or within such reasonable time as TSTRANSCO may deem proper for making it good. The decision whether correction of the defects should be through repair or by replacement shall be the sole discretion of the TSTRANSCO. In the event of contractor not responding to the intimation of the Engineer as mentioned above, the Engineer may arrange for a third party to correct the defects after duly giving the contractor at least seven (7) days’ notice of its intention to use a third party to correct a defect. If the contractor does not correct the defect himself within this notice period, the Engineer may have the defect corrected by the third party. The cost of such rectification will be deducted / collected from the balance pending bills or retention amounts or performance / additional / retention securities or amounts of the contractor either in this contract or other contracts or any other securities.
Performance Guarantee. Unless otherwise specified in Chapter 2 of the Terms and Conditions of Lease, in entering into this agreement, the Lessee shall deposit cash or submit a Letter of Guarantee issued by a local bank for the amount equivalent to three (3) times of the rent plus the relevant service fees and monthly building and land taxes, to the Lessor as performance guarantee. The above performance guarantee shall be returned after the Lessee has been relieved from all obligations under this agreement. In case of an amendment of this agreement, resulting in an increase of the rent, the Lessee shall submit the performance guarantee to cover the increased amount accordingly.
Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour of the Concessioning Authority encashable and enforceable at [●]17 substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] (Rupees [●] only)18. Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form of a bank guarantee shall be valid for an initial period of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 above.
Performance Guarantee. In entering into this contract, the Operator has submitted the Letter of Guarantee No. L 42-0080 dated 1 February 1999, issued by Bangkok Metropolitan Bank Public Company Limited, for Baht 6,666,000.00 (Six Million Six Hundred Sixty-Six Thousand Baht Only) to AAT as performance guarantee. AAT shall return the said Letter of Guarantee after the Operator has been relieved from all obligations under this contract.