Bank Guarantee for advance payment definition

Bank Guarantee for advance payment means the security (or securities) to be provided under Sub-Clause 11.3 [Advance Payment].
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Examples of Bank Guarantee for advance payment in a sentence

  • Mobilization or Advance Payment 34.1 The Employer shall make advance payment to the Contractor in the amount and within the dates specified in the Special Conditions of Contract, provided that a Bank Guarantee for advance payment for the amount of advance have been provided by the Contractor.

  • In case of award of the contract to a Joint Venture, the performance security and the Bank Guarantee for advance payment shall be submitted in the name of the Joint Venture and not in the name of the Lead Partner or any Partner(s) of the Joint Venture alone.

  • The Bank Guarantee for advance payment shall be released when the same has been fully amortized.74.1 The Procuring Entity shall notify the Contractor of any claim made against the Bank issuing the Performance Security.74.2 The Procuring Entity may claim against the security if any of the following events occurs for fourteen (14) days or more.

  • In some cases, it was noticed that the effective date of contract was linked with the date of receipt of Bank Guarantee for advance payment.

  • The Bank Guarantee for advance payment payable in accordance with Sub- Clause 11.3(b), must be an unconditional and irrevocable on-demand bank guarantee in the form provided in the Schedule of Security, from a bank approved by the Employer.

  • The Employer shall make advance payment to the Contractor in the amount and within the dates specified in the Special Conditions of Contract, provided that a Bank Guarantee for advance payment for the amount of advance have been provided by the Contractor.

  • The PE/PM will instruct the release of the Bank Guarantee for advance payment when the same has been fully amortized.

  • The Bank Guarantee for advance payment shall be revoked from the Supplier upon their failure to use the advance properly.

  • The Contractor must ensure that the Bank Guarantee for advance payment is valid and enforceable until the whole of the advance payment has been repaid, but its amount may be progressively reduced by the amount repaid by the Contractor in the interim payments.

  • The Bank Guarantee for advance payment shall be released when the same has been fully amortized.

Related to Bank Guarantee for advance payment

  • Guaranteed Advance Payment Sum means: The maximum amount of R .........................................................................

  • Performance Bank Guarantee/ Security Deposit means interest free amount to be deposited by the Contractor with NMRC as per terms and conditions of Contract Agreement as a security against the performance of the Contract agreement

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Advance Payment means a payment that a federal awarding agency or passthrough entity makes by any appropriate payment mechanism, including a predetermined payment schedule, before the non-federal entity disburses the funds for program purposes.

  • Payment/Advance Form is that certain form attached hereto as Exhibit B.

  • Performance Bank Guarantee means the irrevocable unconditional bank guarantee to be submitted by the successful bidder as per the RfS.

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Revolving Advance has the meaning given in Section 2.1.

  • Eligible advance means an advance made before August 19, 1993.

  • Term Advance has the meaning specified in Section 2.01(a).

  • Letter of Credit Disbursement means a payment made by Issuing Lender or Underlying Issuer pursuant to a Letter of Credit.

  • Net advance amount means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under section 3(e).

  • Maximum Revolving Advance Amount means $30,000,000.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • 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;

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable:

  • Additional Advance means each additional loan that is made under an RBC Homeline Plan after the initial advance, including any new or additional advances, increases to principal, or further borrowings or extensions of the term, including in the case of any fluctuating account or accounts, revolving loans, or lines of credit, additional segments of such facilities made after the initial advance. They are referred to collectively as Additional Advances.

  • Advance Payments means the payments made by Customer in advance of delivery with respect of an Aircraft pursuant to Section 4.2 of the Purchase Agreement.

  • Maturity Payment Amount shall have the meaning set forth in Section 2 of this Annex A.

  • Payment Date Advance Reimbursement has the meaning set forth in Section 8.03(a)(iii)(A) of the 20[•]-[•] Servicing Supplement.

  • Tranche A Advance has the meaning specified in Section 2.01(a).

  • Maximum Advance Amount shall not exceed Five Hundred Thousand Dollars ($500,000) or two hundred (200%) percent of the average daily volume based on the trailing ten (10) days preceding the Drawdown Notice date whichever is of a larger value.