Bank Guarantee definition

Bank Guarantee means an irrevocable and unconditional undertaking by a trading bank approved by the Council to pay the Development Contribution amount on demand without an expiry or end date and containing terms and conditions acceptable to Council and in accordance with clause 9 of this Agreement;

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Bank Guarantee means Guarantee issued by a scheduled commercial bank in favour of NMRC Ltd.

Bank Guarantee means an unconditional and irrevocable standby letter of credit or letter of guarantee issued by a bank;

Examples of Bank Guarantee in a sentence

• The Performance Bond or Bank Guarantee shall be returned to the Contractor within twenty-eight days after the issuance by the Engineer of the Certificate of Final Completion, provided that the Contractor shall have paid all money owed to the Employer under the Contract.

• The Performance Bond, Bank Guarantee and Retention, if not yet released at the time the said defects are found, may be used for this purpose.

• IOM may require direct reimbursement for the cost of such action from the Contractor, deduct the expenses from any amount due to the Contractor, or deduct the amount from Performance Bond, the Bank Guarantee or the Retention Amount.

• The Agreement for a Bank Guarantee may be terminated prior to its term if the original bank guarantee certificate is returned to the BANK for cancellation, and a letter is presented from the beneficiary of the guarantee evidencing that the BANK has been released from all of its obligations under the guarantee.

• Should the BENEFICENT fail to fulfil any of the conditions set out in the Bank Guarantee Agreement/ Agreement for a Documentary Letter of Credit, then he/she/it is obliged to pay the BANK a daily penalty interest in the amout of 0.1% of the amount of the issued guarantee/documentary letter of credit, subject to a maximum of 50% of the amount of the issued guarantee/documentary letter of credit.

More Definitions of Bank Guarantee

Bank Guarantee means the financial security on first demand which the Network User shall provide in accordance with Article 14 of this attachment of the Standard Transmission Agreement.

Bank Guarantee means the guarantee executed in favor of the Access Provider on behalf of the Access Seeker by a bank approved by the Access Provider in a format acceptable to the Access Provider.

Bank Guarantee means a direct guarantee issued for the account of the Borrower, and, if requested, a Subsidiary of the Borrower, pursuant to this Agreement by a Facing Agent, in form acceptable to the Facing Agent, ensuring that a liability acceptable to the Facing Agent of the Borrower or a Subsidiary of a Borrower to a third Person will be met.

Bank Guarantee means a bank guarantee, substantially in the form set out in Schedule 12 (Form of Bank Guarantee) or in any other form requested by a Borrower and agreed by the Agent and the Issuing Bank.

Bank Guarantee means a guarantee issued by a bank or other financial institution, for the account of Parent or any Subsidiary of Parent, to support obligations of such Person incurred in the ordinary course of such Person’s business.

Bank Guarantee means the guarantees required to be furnished by the Bidder in accordance with the provisions of Clause 5.4(b) of this BID.

Bank Guarantee means a bank guarantee issued by a bank operating in Australia in form and substance satisfactory to the Developer. Bond means a Deposit Insurance Bond issued to the Developer at the request of the Buyer in form and substance satisfactory to the Developer. Building means the building to be constructed on the Site in accordance with the Plans. Building Works means the building works to be carried on the Site as contemplated by this contract. Buyer's Bank means any person, corporation or institution lending all or any part of the Contract Price to the Buyer. Completion has the meaning given in the Sale Contract.