Performance Guarantees by Developer Sample Clauses

The "Performance Guarantees by Developer" clause requires the developer to assure that certain standards or milestones will be met during the course of a project. Typically, this involves the developer providing financial guarantees, such as bonds or letters of credit, or committing to specific performance metrics, like completion dates or quality benchmarks. This clause serves to protect the interests of the other party by ensuring that the developer is held accountable for delivering the agreed-upon results, thereby reducing the risk of non-performance or project delays.
Performance Guarantees by Developer a. General: A Letter of Credit (LOC) or other Performance Guarantee acceptable to and approved by the COUNTY (Performance Guarantee) to guarantee completion of the ▇▇▇▇▇▇ Road Pipeline Project, Phase 1 (LOC Performance Guarantee No. 1), shall be posted in favor of and provided to the COUNTY prior to approval of the first record plat for the 800th equivalent single-family detached dwelling unit (or construction plan approval where no plat is required) or prior to January 1, 20113, [c10] whichever occurs first. A second LOC Pipeline Project, Phase 2 (LOC Performance Guarantee No. 2), shall be posted in favor of and provided to the COUNTY prior to June 30, 20146, . Failure to post, revise, update, and keep effective the required LOCs entitle the COUNTY to suspend any TIF credits or reimbursements due pursuant to Section 6 above and/or stop the issuance of Building Permits and other development approvals. The DEVELOPER shall post LOC
View Source
Performance Guarantees by Developer 
View SourceView Similar (8)

Related to Performance Guarantees by Developer

  • 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. 9.4.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee is not provided by the Concessionaire within a period of [90] days prior to expiry of the Performance Security, the Authority may invoke and encash the Performance Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

  • Performance Guarantees Contractor agrees to provide the County the performance guarantees specified in Attachment A and to pay any penalties incurred in accordance with the terms of Attachment A.

  • Performance Guaranty Parent hereby guarantees the due, prompt and faithful performance and discharge by, and compliance with, all of the obligations, covenants, terms, conditions and undertakings of Merger Sub under this Agreement in accordance with the terms hereof, including any such obligations, covenants, terms, conditions and undertakings that are required to be performed, discharged or complied with following the Effective Time by the Surviving Corporation.

  • Guarantees, etc To endorse or guarantee the payment of any notes or other obligations of any person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property or any part thereof to secure any of or all such obligations;

  • EXCLUSIVE GUARANTEES The only performance guarantees applicable to the Aircraft are those set forth in this Attachment.