Performance Guarantee definition

Performance Guarantee means the security to be provided by the Contractor in accordance with Sub Clause 10.1 for the due performance of the Contract.

Performance Guarantee means the bank guarantee or other form of security submitted by the contractor to secure obligations under the contract in accordance with the requirement in the bidding document

Performance Guarantee of any Person means (a) any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation issued for the account of such Person to support only trade payables or nonfinancial performance obligations of such Person, (b) any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation issued for the account of such Person to support any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation issued for the account of a Subsidiary, a Joint Venture or a Consortium of such Person to support only trade payables or non-financial performance obligations of such Subsidiary, Joint Venture or Consortium, and (c) any parent company guarantee or other direct or indirect liability, contingent or otherwise, of such Person with respect to trade payables or non-financial performance obligations of a Subsidiary, a Joint Venture or a Consortium of such Person, if the purpose of such Person in incurring such liability is to provide assurance to the obligee that such contractual obligation will be performed, or that any agreement relating thereto will be complied with.

Examples of Performance Guarantee in a sentence

• We also understand that if the certificates submitted by us are found to be false/forged or incorrect at any time, after the award of the contract, it will lead to termination of the contract, alongwith forfeiture of EMD/ SD and Performance Guarantee besides any other action provided in the contract.

• Wherever such a fresh Performance Guarantee is furnished by the contractor the Engineer-in-Charge may return the previous Performance Guarante e.

• The Performance Guarantee shall be paid in one of the following forms.

• Failure to do so shall constitute a breach, in which case, CWC would be at liberty to not only terminate the contract but also forfeit EMD and Performance Guarantee if any.

• However, if the tenderer has not uploaded any of the other documents as per NIT/pre-qualifying Proforma/ comparative statement, lowest tenderer should submit the same with submission of Performance Guarantee, If the lowest tenderer fails to do so than no Agreement in between CWC and contractor will be executed and it will lead to rejection of bid and forfeiture of EMD & Performance Guarantee.

More Definitions of Performance Guarantee

Performance Guarantee means the amount to be paid by the Successful Tenderer as per relevant clause mentioned elsewhere.

Performance Guarantee means any form of security, including a performance bond, cash escrow, assignment of funds or irrevocable letter of credit, in an appropriate amount and in a form that is satisfactory to the City.

Performance Guarantee means the bank guarantee(s)/letter(s) of credit procured by the Concessionaire for the benefit of the Concessioning Authority guaranteeing the performance of the obligations of the Concessionaire hereunder in the manner specified in Article 4.1.

Performance Guarantee means any guarantee by any Person of the performance of the obligations of another Person (other than obligations in respect of payments, indebtedness or other monetary obligations of any kind) under contracts of such other Person to design, develop, manufacture, construct or produce products or production facilities (and related nonmonetary obligations) or to provide services related to any of the foregoing.

Performance Guarantee means the guarantee to be procured in accordance with

Performance Guarantee means the LNG Production Rate Performance Guarantee.

Performance Guarantee means the Bank Guarantee furnished by a successful Bidder for punctual and due performance of its duties as per terms and conditions of this RFP.