Process and Performance Guarantees Clause Samples
The Process and Performance Guarantees clause sets out the standards and procedures that a party must follow to ensure the quality and timeliness of their work or services. Typically, this clause outlines specific benchmarks, timelines, or service levels that must be met, and may include remedies or penalties if these standards are not achieved. Its core function is to provide assurance to the receiving party that the agreed-upon processes will be followed and that performance will meet certain expectations, thereby reducing the risk of subpar results or delays.
Process and Performance Guarantees. If an identified Project requires the provision of process and performance guarantees for the Processes by ▇▇▇▇, the Parties shall discuss and negotiate in good faith upon the structure, conditions and form of such guarantees in consideration of the reliability of the Processes at the time of such requirement. The Parties acknowledge and have discussed in detail the provision that any process and/or performance guarantees by ▇▇▇▇ is explicitly subject to the approval of ▇▇▇▇’▇ Board of Directors. The Parties understand that, for design-build projects, Myriant envisions using a traditional project finance structure requiring process and performance guarantees with corresponding liquidated damage provisions as noted in Item C.3 hereinabove.
Process and Performance Guarantees. If an identified Project requires the provision of process and performance guarantees for the Processes by UCA, the Parties shall discuss and negotiate in good faith upon the structure, conditions and form of such guarantees in consideration of the reliability of the Processes at the time of such requirement. The Parties acknowledge and have discussed in detail the provision that any process and/or performance guarantees by UCA is explicitly subject to the approval of UCA’s Board of Directors. The Parties understand that, for design-build projects, Myriant envisions using a traditional project finance structure requiring process and performance guarantees with corresponding liquidated damage provisions as noted in Item C.3 hereinabove.
Process and Performance Guarantees. Process and Performance Guarantees means process and performance guarantees separately negotiated for each Commercial Project. It is the Parties' intention that the process and performance guarantees for the second and subsequent Commercial Projects shall be more stringent and compensated for by a higher fee.