Security for Final Payment Clause Samples

Security for Final Payment. Within three (3) Working Days from the Effective Date, XXX shall provide THT with an original copy of the bank payment guarantee issued by one of the following banks (“Guarantor”): Shinhan Bank Vietnam, Woori Bank Vietnam, KEB Hana Bank, Vietcom Bank, Vietin Bank, MB Bank or BIDV Bank with the main contents as stated in SCHEDULE 6, for the purpose of securing the payment of the Final Payment with the term until the Final Payment has been made by XXX in full (“XXX’s BG”). The provision of XXX of the original copy of XXX’s BG to THT shall be a condition precedent to the Handover of Sub-project and release of Relevant Documents from THT to XXX as stipulated in Article 7. (i) The XXX’s BG shall be valid from the Handover Date to the date that XXX practically makes the Final Payment to THT. The Parties hereby agree on the term of months for the first issuance of XXX's BG with the guarantee value equal to the Final Payment. (ii) In case of any delays in obtaining the New LURC, XXX shall extend such term so as to maintain the continuous validity of the XXX’s BG and failing which, XXX shall hold THT harmless against any damages, loss and/or expenses arising out of and in connection with such failure to comply with this obligation. The original copy of corresponding amendment of XXX’s BG shall be provided by XXX to THT at least three (3) Working Days before the expiry date of the XXX’s BG. (iii) Notwithstanding the foregoing or anything implied elsewhere in this PTC all the fees and/or charges for issuing the XXX’s BG and extending its effective duration (if any) shall be solely borne by XXX.
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Related to Security for Final Payment

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