Concession Contract Performance Bond definition
Examples of Concession Contract Performance Bond in a sentence
Receipt by the Intercreditor Agent of evidence that the Concession Contract Performance Bond has been issued under the Performance Bond Facility as required by Article 61 of the Concession Contract.
In case of partial execution of the Concession Contract Performance Bond, the CONCESSIONAIRE shall restitute or make restitute the Concession Contract Performance Bond to the amount established.
Resources obtained by the enforcement of the Concession Contract Performance Bond shall be deposited into the account opened for that purpose by the GRANTOR.
The GRANTOR shall reimburse the CONCESSIONAIRE the Concession Contract Performance Bond.
The Concession Contract Performance Bond may be enforced by OSITRAN in whole or in part, upon the GRANTOR’s instructions, once failure of all or any of the obligations of the Contract is identified and provided the same has not been remedied by the CONCESSIONAIRE within the time granted for that purpose.
Additionally the GRANTOR will pay the CONCESSIONAIRE compensation equivalent to the amount of the Concession Contract Performance Bond.
If the CONCESSIONAIRE fails to restitute the Concession Contract Performance Bond to the amount specified in this clause, within twenty (20) Calendar Days from the date on which partial execution was carried out, renewable for twenty (20) additional Calendar Days, then the provisions of Section 15.3 of Clause Fifteenth of this Contract shall apply.
If the CONCESSIONAIRE fails to restitute the Concession Contract Performance Bond to the amount specified in this clause, within twenty (20) Calendar Days from the date on which partial execution was carried out, renewable for twenty (20) additional Calendar Days, then the provisions of Section 15.8 of Clause Fifteen of this Contract shall apply.