CONSTRUCTION GUARANTEE definition

CONSTRUCTION GUARANTEE means a guarantee at call obtained by the contractor from an institution approved by the employer in terms of the employer's construction guarantee form as selected in the schedule

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CONSTRUCTION GUARANTEE is amended by replacing it with the following:

CONSTRUCTION GUARANTEE means a fixed amount on-demand guarantee in accordance with the draft included within the tender documents, obtained by the contractor from an institution approved by the employer for the amount determined in terms of 14.0.

Examples of CONSTRUCTION GUARANTEE in a sentence

• In such event, only to the extent that the CAPACITY MINUTES may not be issued in the term scheduled for the INVESTMENT PERIOD due to causes exclusively attributable to the DEVELOPER, the DEVELOPER shall be subject to the payment of the applicable conventional penalties pursuant to the terms of the applicable provisions of this APP and shall be obliged to maintain in force and effect the CONSTRUCTION GUARANTEE until the issuance of the MINUTES OF CAPACITY.

• In the event that there is any extension to the dates of the CALENDARED SCHEDULE of MILESTONES for causes exclusively attributable to the DEVELOPER, the latter shall extend the term of the issued bond for the term of such extension, in such a manner that the CONSTRUCTION GUARANTEE is valid throughout the required terms and amounts.

• The non-compliance by the DEVELOPER to obtain the extension of the term of the CONSTRUCTION GUARANTEE as established in this APP, shall be a cause of rescission of this APP, provided that the DEVELOPER does not remedy such situation within a term of 30 (thirty) BUSSINESS DAYS following the notification to that effect made by CEA.

• In the event that, upon conclusion of such term, CEA does not make any observation in writing, the MINUTES OF CAPACITY shall be considered as accepted by the SUPERVISION and CEA and, therefore, the CONSTRUCTION GUARANTEE shall be released, without the need of any further requirement.

• The MINUTES OF CAPACITY shall evidence that the SYSTEM complies with the PRODUCTION CAPACITY established for the release of the CONSTRUCTION GUARANTEE referred to in CLAUSE TWENTY EIGHTH of this APP.

More Definitions of CONSTRUCTION GUARANTEE

CONSTRUCTION GUARANTEE means guarantee at call obtained by the contractor from an institution approved by the employer in terms of the employer's construction guarantee form as selected in the schedule Clause 1.1 Definition of "Construction Period" is amended by replacing it with Section No. 1 PRELIMINARIES Bill No. 1 PRELIMINARIES the following:

CONSTRUCTION GUARANTEE has the meaning assigned to it in the Collateral Agency Agreement.

CONSTRUCTION GUARANTEE means the Guarantee, dated as of November 21, 2017, provided by the Construction Guarantor in favor of the Borrower.

CONSTRUCTION GUARANTEE means a guarantee at call obtained by the contractor from an institution approved by the employer in terms of the employer's construction guarantee form as selected in the schedule Clause 1.1 Definition of "Construction Period" is amended by replacing it with the following: "CONSTRUCTION PERIOD" means the period commencing on the commencement date and ending on the date of practical completion

CONSTRUCTION GUARANTEE means a construction completion guarantee, substantially in the form attached hereto as Exhibit J (or such other form as may be satisfactory to the County and Developer), executed by Contractor in favor of the County, that guarantees the GMP for the Work and the date on which Substantial Completion for the Work shall occur, that has no exclusion for concealed, unknown or unforeseen conditions other than conditions resulting from a Force Majeure Event or Environmental Conditions not caused by Contractor.

CONSTRUCTION GUARANTEE means “Performance Guarantee” means “Service fee” means [ ]

CONSTRUCTION GUARANTEE is amended by replacing it with the following: „CONSTRUCTION GUARANTEE” means a guarantee at call obtained by the contractor from an institution approved by the employer in terms of the employer’s construction guarantee form as selected in the schedule Clause 1.1 Definition of “Construction Period” is amended by replacing it with the following: “CONSTRUCTION PERIOD” means the period commencing on the commencement date and ending on the date of practical completion Clause 1.1 Definition of “Corrupt Practice” is added: “CORRUPT PRACTICE” means the offering, giving, receiving or soliciting of anything of value to influence the action of a public official in the procurement process or in contract execution. Clause 1.1 Definition of “Fraudulent Practice” is added: “FRAUDULENT PRACTICE” means a misrepresentation of facts in order to influence a procurement process or the execution of a contract to the detriment of any tenderer and includes collusive practice among tenderers (prior to or after the tender submission) designed to establish tender prices at artificial non-competitive levels and to deprive the tenderer of the benefits of free and open competition. Clause 1.1 Definition of "Interest" is amended by replacing it with the following: “INTEREST” means the interest rates applicable on this contract, whether specifically indicated in the relevant clauses or not, will be the rate as determined by the Minister of Finance, from time to time, in terms of section 80(1)(b) of the Public Finance Management Act, 1999 (Act No. 1 of 1999). Clause 1.1 Definition of “Principal Agent” is amended by replacing it with the following: “PRINCIPAL AGENT” means the person or entity appointed by the employer and named in the schedule. In the event of a principal agent not being appointed, then all the duties and obligations of a principal agent as detailed in the agreement shall be fulfilled by a representative of the employer as named in the schedule Clause 1.1 Definition of “Security” is amended by replacing it with the following: “SECURITY” means the form of security provided by the employer or contractor, as stated in the schedule, from which the contractor or employer may recover expense or loss Clause 1.6 is amended by replacing the words “prepaid registered post, telefax or e-mail” with “prepaid registered post or telefax” Clause 1.6.4 is amended by replacing it with the following: No clause Fixed: Value related: Time related: Item OBJECTIVE AND PREPARATION A2.0 OFFER, AC...