Common use of Process and Performance Guarantees Clause in Contracts

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.