PERIOD OF ENFORCEABILITY Sample Clauses

PERIOD OF ENFORCEABILITY. The obligations of the Surety hereunder shall continue and remain in full force and effect until the end of the first anniversary of date first set out above. It is the condition of this Bond that it shall be deemed automatically extended without amendment for an additional period(s) of one (1) year from the present or any future expiration date, unless at least sixty (60) days prior to any such expiration date, the Surety notifies the Authority by registered mail or overnight courier at Temple Quay House, 0 Xxx Xxxxxx, Xxxxxx Xxxx, Xxxxxxx XX0 0XX marked for the attention of Names Redacted under Sec 40 of the FOIA Exemptions ‘Personal Information’ (or such other address as the Authority may notify to the Surety in writing by 20 Business Days' (as defined in the Project Agreement) notice) that it elects not to consider this Bond extended for any such additional one (1) year period. In the event the Surety elects not to extend the expiry date of this Bond, then the Surety hereby unconditionally and irrevocably undertakes to pay to the Authority prior to or on that date the Secured Amount as reduced from time to time by the amount of any demands made upon and paid by the Surety upon presentation to the Surety by the Authority of a demand for payment stating that the Surety has elected not to extend this Bond and that the Authority is therefore entitled to such payment, provided the demand is in the form set out in Schedule 2. The final expiration date of this Bond will be the fifth anniversary of the Effective Date (as defined in the Project Agreement) SAVE TO THE EXTENT OF any demand made prior to such date which remains unpaid.
Sample 1
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Related to PERIOD OF ENFORCEABILITY

  • Governing Law and Enforceability This Contract will be governed and interpreted according to the Constitution and Laws of the State of Colorado. If any provision of this Contract or any application of this Contract to the School is found contrary to law; such provision or application will have effect only to the extent permitted by law. The parties agree, upon the request of either, to meet and discuss in good faith any material changes in law that may significantly impact their relationship, and to negotiate in good faith to adopt any necessary or appropriate replacement provision.

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