PERFORMANCE SECURING DECLARATION Sample Clauses
A Performance Securing Declaration is a contractual provision that requires one party to provide assurance—such as a guarantee, bond, or other security—that it will fulfill its obligations under the agreement. This clause typically applies to situations where the performance of contractual duties is critical, and the other party seeks protection against non-performance or default. For example, a contractor may be required to submit a bank guarantee to the client before commencing work. The core function of this clause is to mitigate the risk of non-performance by ensuring that there are financial or legal remedies available if obligations are not met.
PERFORMANCE SECURING DECLARATION. Invitation to Bid: [Insert Reference Number indicated in the Bidding Documents] To: [Insert name and address of the Procuring Entity] I/We, the undersigned, declare that:
PERFORMANCE SECURING DECLARATION. Invitation to Bid: [Insert Reference Number indicated in the Bidding Documents] To: [Insert name and address of the Procuring Entity] I/We, the undersigned, declare that: I/We understand that, according to your conditions, to guarantee the faithful performance by the supplier/distributor/manufacturer/contractor/consultant of its obligations under the Contract, I/we shall submit a Performance Securing Declaration within a maximum period of ten (10) calendar days from the receipt of the Notice of Award prior to the signing of the Contract.