Financial Coverage definition

Financial Coverage shall have the meaning ascribed to it in Clause 12.2.1;
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Examples of Financial Coverage in a sentence

  • For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Security Deposit and/or the Financial Coverage BG.

  • Schedule - I - Annual Contracted Quantity (ACQ) Schedule - II - Quality of Coal Schedule - III - Bank Guarantee format for Security Deposit Schedule - IV - Bank Guarantee format for Financial Coverage against Coal Supplies.

  • For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Performance Security and/ or the Financial Coverage BG.

  • Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within 30 (thirty) days, the Seller shall be entitled to invoke the Performance Security and/ or the Financial Coverage BG and suspend Coal supplies in accordance with Clause 14.

  • The Seller shall resume the Contracted Grade of Coal supplies within 3 (three) days of payment/ adjustment of the outstanding amount together with interest as also the full replenishment of Performance Security or Financial Coverage, as the case may be.

  • The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1.

  • In case of any increase in the As Delivered Price of Coal pursuant to Clause 11, the amount of the Financial Coverage BG shall be increased commensurately within 7 (seven) days of such increase.

  • The Purchaser shall ensure renewal at least 1 (one) month prior to the expiry of the Financial Coverage BG.

  • The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.

  • In case of any increase in the As Delivered Price of Coal, the amount of the Financial Coverage BG shall be increased commensurately within seven (7) days of such increase.