PERFORMANCE SECURITY a Sample Clauses

PERFORMANCE SECURITY a. The Concessionaire/Agency (where the Concessionaire/Agency is a Joint Venture, then the Lead Member) shall as security for the due and faithful performance and discharge of all its obligations set out in terms of this Concession Agreement, procure and furnish to the Authority/ULB a Performance Security of 5% of Estimated Project Cost, in the form of a Bank Guarantee from a scheduled commercial bank in India acceptable to the Authority/ULB for an amount stipulated in SC Clause 3.1.5. The Concessionaire/Agency shall provide such Performance Security within 30 days from the date of letter of award but prior to signing of Agreement Such Performance Security shall be in the form set forth in Annexure C hereto. Until such time the Performance Security is provided by the Concessionaire/Agency 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, the Authority shall release the Bid Security to the Concessionaire/Agency. No interest shall be payable by the Authority/ULB against the Performance Security. b) Upon occurrence of a Concessionaire/Agency Default or failure of the Concessionaire/Agency to meet any of the Conditions Precedent, the Authority/ULB shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire/Agency Default. Upon such encashment and appropriation from the Performance Security, the Concessionaire/Agency shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security by the Authority/ULB, provide a fresh Performance Security, as the case may be, failing which the ULB shall be entitled to terminate this Concession Agreement in accordance with GC Clause 2.6. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire/Agency shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Concessionaire/Agency Default, and in the event of the Concessionaire/Agency not curing its default within such Cure Period, the Authority/ULB shall be entitled to encash and appropriate such Performance Security as Liquidated Damages, and to terminate this Concession Agreement in accordance with G...
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Related to PERFORMANCE SECURITY a

  • Performance Security If our Tender is accepted, we commit to obtain a performance security in accordance with the Tendering document;

  • Appropriation of Performance Security Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default. Upon such invocation, encashment and appropriation from the Performance Security, the Concessionaire shall, within [30 (thirty)] days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of [90 (ninety)] days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 37.

  • Performance Assurance Seller agrees to deliver to Buyer Performance Assurance in a form acceptable to Buyer to secure its obligations under this Agreement, which Performance Assurance Seller shall maintain in full force and effect for the period posted with Buyer, as follows:

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified.

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD.

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award. 

  • Performance of Services The Contractor is responsible for fully meeting all obligations set forth in the Contract and for providing Product in accordance with the Contract or any Authorized User Agreement.

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

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