Performance Guarantee/Security Sample Clauses

Performance Guarantee/Security. 9.1.1 The SPD shall, for the performance of its obligations hereunder during the development, construction and commissioning period, provide to Railways within 30 days of issue of LOA or before signing of PPA whichever is earlier, an irrevocable and unconditional guarantee from a Bank for a sum of Rs. 20 lakhs per MW which has already been decided in the form set forth in Schedule-G (the “Performance Security”). Until such time the Performance Security is provided by the SPD pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Performance Security pursuant hereto, Railways shall release the Bid Security to the SPD. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee/Security is not provided by the SPD within timelines as per the Schedule N, Railways / REMCL may encash the Bid Security and appropriate the proceeds thereof as damages, and thereupon all rights, privileges, claims and entitlements of the Solar Power Developer SPD under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the SPD, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Performance Guarantee/Security. .1 The Property Manager shall provide a Performance Guarantee Security in the form of a Certified Cheque, an Irrevocable Letter of Credit or other security acceptable to the Minister in the amount of 8% of the combined one year amount of the Net Operations Price and the Extra Work Allowance. This Performance Guarantee Security will be drawn on a financial institution authorized to conduct business in Alberta and made payable to the “Minister of Finance”. Such security shall be effective for the term of this Contract, and shall continue on for three months following the expiry of this Contract. A Performance Guarantee Bond is not acceptable as a Performance Guarantee Security. .2 If this Contract is terminated with cause, or if the Property Manager does not perform in accordance with the Terms of Contract, then the Performance Guarantee Security shall be forfeited by the Property Manager. .3 In the event that the Performance Guarantee Security is due to expire prior to the expiry of the Contract, and the Property Manager does not renew or update this security as required, the Minister will redeem the current security prior to its expiry. .4 The Property Manager shall provide the Minister with the required Performance Guarantee Security upon the award of the Contract and prior to the commencement of the Work.

Performance Guarantee/Security. 7.1 The Operation and Maintenance Performance Security: The Successful Bidder shall, at the time of issuance of Letter of Award from the Authority, has to submit the O&M Performance Security in form of the Bank Guarantee. The O&M performance security shall be for an amount of Rs. 1.25 crores (Rs One Crore and Twenty-Five Lakhs) for an initial period as defined in this section. It is hereby clarified that the Operator will supplement/enhance the O&M Performance Security at the time of Handover Date of the Project if the actual project cost (as determined and informed by the Authority to the Operator) exceeds the Estimated Project Cost so that the O&M Performance Security is at least 5% of the actual project cost. The Performance Security will be 5% of the actual project cost or 1.25 crores (whichever is higher) for the initial 6.5 (Six and a Half) years from date of issuance of Letter of Award from the Authority and the same will be reduced to 2% of the actual project cost or 50 Lakhs (whichever is higher) for remaining period of the Term. Once the Operator submits Performance Security of 2% of the actual project cost before the completion of 6.5 years of period, the initial Performance Security of 5% will be released back to the Operator by the Authority. All charges, fees, costs and expenses related to the Bank Guarantee shall be borne and paid by the Operator. 7.2 In the event the Authority draws on the Performance Security, in part or in full, liquidated damages/ losses, payable/recoverable in accordance with the Agreement, the Operator shall forthwith restore the value of the Performance Guarantee to such value which existed prior to such drawl by the Authority. In the event the Operator fails to restore the Performance Security, the Authority shall be entitled to encash the same and the Operator shall, within the time so granted at the sole discretion of the Authority, shall have to submit a fresh Performance Guarantee. 7.3 In the event, the Operator is in default in the due and faithful performance of its obligations under this Agreement and failing to remedy such default within the Cure Period of ninety days as set out in this Agreement, the Authority shall without prejudice to its other rights and remedies hereunder be entitled to encash and appropriate the Performance Security as damages for such default. Upon such encashment and appropriation of the Performance Guarantee, the Authority shall grant such time in its sole discretion to the Operator ...

Performance Guarantee/Security. (i) The Supplier, within 07 days of signing of this contract, shall provide to the Purchaser a Performance Security in the form of an Irrevocable Bank Guarantee equivalent to 05 % of the total Contract amount having validity of one year from its date of issuance from any scheduled bank on the prescribed format and in prescribed manner. This Performance Guarantee/Security shall be released to the Supplier upon successful completion of the Contract.

Performance Guarantee/Security. (i) The Supplier, within 10 days of signing of this contract, shall provide to the Purchaser a Performance Guarantee equivalent to 10% of the total Contract price or the prescribed Bank Guarantee on the prescribed format and in prescribed manner. This Performance Guarantee shall be released to the Supplier upon successful completion of the Contract. Alternately, the supplier may opt for deduction of 10% performance security/guarantee from the payment to be made to the supplier after delivery of goods/medicines at first order and shall remain valid for the rest of the contract period and all subsequent orders.

Performance Guarantee/Security. (i) The Supplier, within 07 days of issuance of AAT, shall provide to the Purchaser a Performance Security in the form of an Irrevocable Bank Guarantee equivalent to 2% of the total Contract amount having validity of one year from its date of issuance from any scheduled bank on the prescribed format and in prescribed manner. This Performance Guarantee/Security shall be released to the Supplier upon successful completion of the Contract. (ii) Failure to submit a Performance Guarantee/Security shall result into Cancellation of Contract and initiation of legal action against the firm.

Performance Guarantee/Security. (i) The Supplier, within 07 days of signing of this contract, shall provide to the Purchaser a Performance Security in the form of an Irrevocable Bank Guarantee equivalent to 5% of the total Contract amount having validity of one year from its date of issuance from any scheduled bank on the prescribed format and in prescribed manner. This Performance Guarantee/Security shall be released to the Supplier upon successful completion of the Contract. (ii) Supplier’s Bid Security already submitted with the Bid shall only be released upon satisfactory submission of a Performance Guarantee/Security in accordance with sub- clause (i) above. (iii) Failure to submit a Performance Guarantee/Security shall result into forfeiture of Bid Security and Cancellation of Contract.