SECURE PERFORMANCE Clause Samples
The SECURE PERFORMANCE clause is designed to ensure that a party fulfills its contractual obligations by requiring additional assurances or guarantees of performance. In practice, this may involve the provision of a performance bond, letter of credit, or other financial security to protect the non-breaching party if the other party fails to perform as agreed. This clause serves to mitigate the risk of non-performance and provides a mechanism for recourse, thereby enhancing trust and reliability in the contractual relationship.
SECURE PERFORMANCE. The Fund so established shall be used solely to pay EGLE for monitoring, operation, and maintenance necessary to assure the effectiveness and integrity of the corrective action documented in the Corrective Action Plan and to meet [SUBMITTER’S] financial assurance obligations as set forth in the Corrective Action Plan. Upon receipt of a notice of request for reimbursement from the Beneficiary, the Trustee shall reimburse EGLE. All notices of request for disbursement, except for the Trustee’s fee which is to be paid to the Trustee directly by the Grantor, are to be made by the Beneficiary to the Trustee with a copy sent to the Grantor. The Trustee shall remit payment to EGLE within thirty (30) days of receipt of the notice. Funds disbursed to EGLE under this Paragraph shall be delivered to the address indicated in Subsection (B) (2) of Section III (Notices).
SECURE PERFORMANCE. The Fund so established shall be used solely to pay EGLE for monitoring, operation, and maintenance necessary to assure the effectiveness and integrity of the corrective action documented in the Corrective Action Plan and to meet [SUBMITTER’S] financial assurance obligations as set forth in the Corrective Action Plan. Upon receipt of a notice of request for reimbursement from the Beneficiary, the Escrow Agent shall reimburse EGLE. All notices of request for disbursement, except for the Escrow Agent’s fee which is to be paid to the Escrow Agent directly by the Grantor, are to be made by the Beneficiary to the Escrow Agent with a copy sent to the Grantor. The Escrow Agent shall remit payment to EGLE within thirty (30) days of receipt of the notice. Funds disbursed to EGLE under this Paragraph shall be delivered to the address indicated in Subsection (B) (2) of Section III (Notices).
SECURE PERFORMANCE. The Fund so established shall be used solely to pay the MDEQ for monitoring, operation and maintenance, oversight, and other costs determined by the MDEQ to be necessary to assure the effectiveness and integrity of the remedial action documented in the NFA Report and to meet [SUBMITTER’S] financial assurance obligations as set forth in the Postclosure Agreement. Upon receipt of a notice of request for reimbursement from the Beneficiary, the Escrow Agent shall reimburse the MDEQ. All notices of request for disbursement, except for the Escrow Agent’s fee which is to be paid to the Escrow Agent directly by the Grantor, are to be made by the Beneficiary to the Escrow Agent with a copy sent to the Grantor. The Escrow Agent shall remit payment to the MDEQ within thirty (30) days of receipt of the notice. Funds disbursed to the MDEQ under this Paragraph shall be delivered to the address indicated in Subsection (B) (2) of Section III (Notices).
SECURE PERFORMANCE. The Fund so established shall be used solely to pay EGLE for monitoring, operation and maintenance, oversight, and other costs determined by EGLE to be necessary to assure the effectiveness and integrity of the remedial action documented in the NFA Report and to meet [SUBMITTER’S] financial assurance obligations as set forth in the Postclosure Agreement. Upon receipt of a notice of request for reimbursement from the Beneficiary, the Escrow Agent shall reimburse EGLE. All notices of request for disbursement, except for the Escrow Agent’s fee which is to be paid to the Escrow Agent directly by the Grantor, are to be made by the Beneficiary to the Escrow Agent with a copy sent to the Grantor. The Escrow Agent shall remit payment to EGLE within thirty (30) days of receipt of the notice. Funds disbursed to EGLE under this Paragraph shall be delivered to the address indicated in Subsection (B) (2) of Section III (Notices).
SECURE PERFORMANCE. The Fund so established shall be used solely to pay the MDEQ for monitoring, operation and maintenance, oversight, and other costs determined by the MDEQ to be necessary to assure the effectiveness and integrity of the remedial action documented in the NFA Report and to meet [SUBMITTER’S] financial assurance obligations as set forth in the Postclosure Agreement. Upon receipt of a notice of request for reimbursement from the Beneficiary, the Trustee shall reimburse the MDEQ. All notices of request for disbursement, except for the Trustee’s fee which is to be paid to the Trustee directly by the Grantor, are to be made by the Beneficiary to the Trustee with a copy sent to the Grantor. The Trustee shall remit payment to the MDEQ within thirty (30) days of receipt of the notice. Funds disbursed to the MDEQ under this Paragraph shall be delivered to the address indicated in Subsection (B) (2) of Section III (Notices).
SECURE PERFORMANCE. To secure Covol's performance in the event of a failure on the part of Covol to produce and deliver the Covol Binder to Mohave pursuant to the License Agreement, Covol agrees to place in escrow at Zions First National Bank, Main Office in Salt Lake City, Utah (the "Escrow Holder"), all documents, written specifications and instructions necessary and required for Mohave or a third party designated by Mohave to formulate, mix, prepare and produce the Covol Binder as required by the terms and provisions of this Mohave Agreement. Covol agrees to cooperate with Mohave and the Escrow Holder, in the preparation and execution of appropriate escrow instructions concerning the documents to be placed in escrow and how, when and for what purposes the documents may be released to Mohave or its designee.
SECURE PERFORMANCE. The Fund so established shall be used solely to pay the MDEQ for monitoring, operation, and maintenance necessary to assure the effectiveness and integrity of the corrective action documented in the Corrective Action Plan and to meet [SUBMITTER’S] financial assurance obligations as set forth in the Corrective Action Plan. Upon receipt of a notice of request for reimbursement from the Beneficiary, the Trustee shall reimburse the MDEQ. All notices of request for disbursement, except for the Trustee’s fee which is to be paid to the Trustee directly by the Grantor, are to be made by the Beneficiary to the Trustee with a copy sent to the Grantor. The Trustee shall remit payment to the MDEQ within thirty (30) days of receipt of the notice. Funds disbursed to the MDEQ under this Paragraph shall be delivered to the address indicated in Subsection (B) (2) of Section III (Notices).