Liquidated Damages Security Sample Clauses
The Liquidated Damages Security clause requires a party, typically the contractor, to provide a financial guarantee or security to cover potential liquidated damages that may arise from delays or breaches of contract. This security can take the form of a bank guarantee, bond, or retention of funds, and is held by the other party until the risk of liquidated damages has passed or the contract is completed satisfactorily. The core function of this clause is to ensure that funds are readily available to compensate for pre-agreed damages, thereby protecting the non-breaching party and incentivizing timely and proper performance.
Liquidated Damages Security. The Board may require that a Member that has two (2) or more NMFS fishing regulation violations, or which has breached this Agreement or another sector’s operations plan on two (2) or more occasions, post a bond or obtain a letter of credit securing such Member’s payment and performance obligations under this Agreement in such amounts as the Board deems appropriate, or may require such Member to personally guaranty, and/or have other Members or third parties personally guaranty, such Member’s payment and performance obligations under this Agreement.
Liquidated Damages Security. 20 10.7 Manager Action in Response to Apparent Breach. 21 10.8 Member Appeals.
Liquidated Damages Security. Manager Action in Response to Apparent Breach.
Liquidated Damages Security. The Board may require that a member that has two or more 40 NOAA fishing regulation violations, or which has breached this agreement or another sector’s 41 operations plan on two or more occasions, post a bond or obtain a letter of credit securing such 42 member’s payment and performance obligations under this agreement in such amounts as the 43 Board deems appropriate, or may require such member to personally guaranty, and/or have other 44 members or third parties personally guaranty, such member’s payment and performance 45 obligations under this agreement.
Liquidated Damages Security. The Board may require that a Member that 2 has two (2) or more NMFS fishing regulation violations, or which has breached this Agreement or 3 another sector’s operations plan on two (2) or more occasions, post a bond or obtain a letter of credit 4 securing such Member’s payment and performance obligations under this Agreement in such amounts 5 as the Board deems appropriate, or may require such Member to personally guaranty, and/or have 6 other Members or third parties personally guaranty, such Member’s payment and performance 7 obligations under this Agreement. 12 shall notify such Member of the apparent breach and (if such breach is reasonably susceptible of cure) 13 provide such Member with an opportunity to cure the breach. If such Member fails to demonstrate to 14 the Manager, in the Manager’s sole and absolute discretion, that no breach occurred, or to cure the 15 breach within the time period directed by the Manager, taking into account the magnitude of the 16 breach and the potential consequences of the breach for the Sector and the other Members, the 17 Manager shall notify the Member in writing that the Manager is referring the alleged breach to the 18 Enforcement Committee, and shall notify the Enforcement Committee in writing of the alleged breach 19 and the proposed liquidated damages. Pursuant to Section 14, below, if during the investigation, notice 20 and cure period described above, the Manager concludes it is necessary for the protection of the 22 in apparent breach, and if such Member fails to cause the vessels harvesting its Harvest Share to 23 immediately stop fishing , the sector manager may take any action he/she deems necessary including 24 without limitation, self-help or court action which may include the seeking of injunctive relief.
Liquidated Damages Security. The Board may require that a Member that