Performance Securities Sample Clauses
A Performance Securities clause requires one party, typically the contractor or supplier, to provide a financial guarantee—such as a bond, letter of credit, or bank guarantee—to assure the other party that contractual obligations will be fulfilled. This security is usually provided before work begins and may be drawn upon if the contractor fails to meet performance standards or complete the project as agreed. The core function of this clause is to protect the beneficiary from losses due to non-performance or default, thereby allocating risk and ensuring the reliability of contract execution.
Performance Securities. 14.1 So as to assure the performance by the Owner of the terms and provisions of this Agreement, the Owner shall deposit with the Town securities in accordance with the Development Manual and this Agreement and to the satisfaction of the Director of Municipal Services for the Town in the amount of 50% of the awarded tender price for all services for the plan, to be deposited with the Town prior to the initiation of the installation of any services. Securities shall be provided as cash, an irrevocable Letter of Credit or a Subdivision Bond, each of which must be in a form satisfactory to the Town.
14.2 It is the intent herein that if the Owner shall fail in the performance of the terms and conditions of this Agreement, the Town shall be entitled to realize on the securities that have been deposited with respect to this Agreement in order to fulfill those terms and conditions in respect of which the Owner is in default.
14.3 It is also the intent herein that if the Owner fails in the performance of any of the terms and conditions of this Agreement, the Town at its option, may refuse to grant to the Owner any permissions, certificates, approvals, building permits or authorities of any kind or nature which the Owner, had the Owner otherwise complied with the Town requirements and this Agreement, may have been entitled to receive. The Town may continue to refuse to grant any permissions, certificates, approvals, building permits or authorities until the Town is satisfied that any default in question shall have been remedied.
14.4 No performance security will be released until the Owner has filed a maintenance security in accordance with the Development Manual and this Agreement.
14.5 The refund of any monies paid by the Owner pursuant to this Agreement shall be at the sole discretion of the Corporation, but under no circumstances will interest be paid on any refund.
Performance Securities. Within 7 days of execution of this Contract, the Contractor shall, at its own expense, deliver to the following to the Employer (duly executed and enforceable):
(a) the Performance Security for proper performance, in the amount and currencies stated in Attachment C to the Particular Conditions from the Contractor's Parent Company; and
(b) the Advance Payment Bonds from the Contractor's Parent Company in the amount and currencies and at the times stated in Attachment C to the Particular Conditions. The Contractor shall ensure that:
(c) the Performance Security is valid and enforceable for [to insert] years following the date of the final Taking-Over Certificate issued under the Contract in respect of the Works, or[to insert], whichever is the earlier; and
(d) the Advance Payment Bonds remain valid and enforceable until the Engineer issues the final Taking-Over Certificate in respect of the Works in accordance with clause [to insert] whichever is the earlier. If the terms of the Performance Security or any of the Advance Payment Bonds specify its expiry date, and the Contractor has not become entitled to receive the Performance Security or the Advance Payment Bonds by the date 28 days prior to the expiry date of the Performance Security or the Advance Payment Bonds the Contractor shall extend the validity of the Performance Security until the Works have been completed and any defects have been remedied, or in the case of the Advance Payment Bonds, until the Engineer issues the final Taking-Over Certificate in respect of the Works in accordance with clause 10 [Employer's Taking Over]. The Employer shall not make a claim under the Performance Security or the Advance Payment Bonds except for amounts to which the Employer is entitled under the Contract in the event of:
(e) failure by the Contractor to extend the validity of the Performance Security or any of the Advance Payment Bonds as described in the preceding paragraph, in which event the Employer may claim the full amount of the Performance Security, or the Advance Payment Bonds, as the case may be;
(f) failure by the Contractor to pay the Employer an amount due, as either agreed by the Contractor, notified under sub-clause 2.5 [Employer's Claims] or determined under clause 20 [Claims Disputes and Arbitration], within 42 days after the agreement, notice or determination (as the case may be);
(g) failure by the Contractor to remedy a default within 42 days after receiving the Employer’s notice requiring the ...
Performance Securities holdback will be made on the total cost of the contract. The Holdback will be released at the written request of the Contractor and with the satisfaction of the Company that: - Quality of the work meets the Company’s Standards. - All unused cones, stakes and planting materials are cached back at Juskatla grade shed - All planting garbage is disposed of at a Company agreed to disposal site. - No garbage or equipment of the Contractor’s is left on site. - Contractor has completed and submitted all CMS reports and forms to the Company. Taan Forest is not obliged to advance the Contractor more than 90% of the calculated amount of any payment. The 10% holdback shall be retained for forty calendar days after the completion, or earlier termination, of all work and interest is not payable on the amount held back by Taan Forest. Taan Forest is authorized, but not obliged to apply the holdback funds as follows: • To the Contractor’s and Subcontractor’s unpaid workers, Subcontractors and materials suppliers; and • As security for the correction and/or clean-up of any breach of, or for payment of any Assessment provided for in, this Agreement. If the Contractor fails to perform or comply with this agreement, the Company may, in addition to terminating the Agreement and claiming the Performance Security, pursue any other remedies available to it under this Agreement or the laws of British Columbia. In addition to deductions as described under part 5 of General Terms and Conditions the contractor is subject to penalties and fines for non-conformances to Taan’s Corporate Management System, Safety non- conformances and production incidents. Serious non-conformances are subject to part 14 of General Terms and Conditions. Where part 14 is not enacted serious non-conformances can be up to $500.00 per occurrence, applied against the contract and removed from the security deposit or holdback. Contractor minor non-conformances are subject to $100.00 fines per occurrence and will be applied against the contract and removed from the security deposit or holdback. Where ▇▇▇▇ has received a fine from Government agencies and that fine is deemed to be the contractor’s responsibility or the result of the contractor’s action or inaction the fine will be transferred to the Contractor in addition to the penalties listed above.
Performance Securities. Upon request of the Administrator, the Recipient shall furnish Performance Security in the amount specified by and in a form and manner acceptable to the Administrator as security for the faithful performance by the Recipient of all Work.
Performance Securities. If the Purchaser requires that the Supplier provide performance security under any Order, the Supplier shall deliver performance security in an amount as specified by the Purchaser to the Purchaser to secure its performance under such Order. Such performance security may be in any of the following forms: (i) cash; (b) cashier’s cheque, made payable to the Purchaser and dated the date of executing the Order or no more than three (3) business days before such date; (c) guarantee issued by a domestic bank, in the form of guarantee prescribed by the Purchaser; or (d)
Performance Securities. The Authority shall be entitled to appropriate any subsisting Performance Security provided by the Concessionaire, if the termination is on account of the Concessionaire Event of Default.
Performance Securities. Prior to commencing any of the Works, the Owner shall provide Lakeshore with an irrevocable letter of credit or subdivision bond as security for the Owner’s performance of its obligations under this agreement. The said letter of credit or subdivision bond shall be in a form acceptable to Lakeshore and shall be in an amount equal to 50 percent (50%) of the value of the said works as determined from the accepted tenders for the said works. If the owner is constructing the said works so that there shall be no tender then the Owner’s Consulting Engineer shall provide an estimate of the value of the Works that, subject to the Lakeshore’s right to verify and approve the said estimate, shall be used to establish the amount of the securities.
Performance Securities. Upon request of the Province, the Contractor will furnish performance securities in the amount specified by and in a form and manner acceptable to the Province as security for the faithful performance by the Contractor of the Services according to the terms and conditions of this Contract.
Performance Securities. 32.1 Where specified in the Appendix the Supplier shall obtain and provide to Network Rail, forthwith upon entry into this Agreement, a parent company guarantee in the form annexed in the Contract Specific Conditions from the Supplier’s ultimate holding company. For these purposes “ultimate holding company” shall mean the parent company of the group of companies of which the Supplier is a member (as each of those terms is defined in s.170 of the Taxation of Chargeable Gains Act 1992).
32.2 The Supplier’s compliance with Clause 32.1 shall be a condition precedent to any obligation on the part of Network Rail to make any payment that may otherwise be due under this Agreement and the Supplier acknowledges that it has no entitlement either to receive payment or to exercise any rights in respect of non-payment arising under this Agreement unless and until the Supplier has provided a parent company guarantee in accordance with Clause 32.1 if so required. Schedule 1: Project and Services Schedule 2: Contract Requirements HSEA Conditions Schedule 3: Key Supplier Personnel Schedule 4: Pricing Documents Schedule 5: Process for issuing Contract Orders