Performance Security definition

Performance Security means monetary guarantee to be furnished by the successful Tenderer for due performance of the contract placed on it. Performance Security is also known as Security Deposit or Performance Bank Guarantee.

Performance Security means monetary amount or financial guarantee to be furnished by the successful bidder for due performance of the contract placed on it. Performance Security is also known as Security Deposit.

Performance Security means the security (or securities, if any) under Sub-Clause 4.2 [Performance Security].

Examples of Performance Security in a sentence

• The Contractor may initially provide the Performance Security for a period of 2 (two) years; provided that it shall procure the extension of the validity of the Performance Security, as necessary, at least 2 (two) months prior to the date of expiry thereof.

• Upon the Contractor providing an extended Performance Security, the previous Performance Security shall be deemed to be released and the Authority shall return the same to the Contractor within a period of 7 (seven) business days from the date of submission of the extended Performance Security.

• Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified.

• Without prejudice to the provisions of Clauses 8.3, and subject to the provisions of Clause 7.3, the Parties expressly agree that in the event the Appointed Date does not occur, for any reason whatsoever, within 90 days of signing of the Agreement and submission of the full Performance Security by the Contractor, the Agreement shall be deemed to have been terminated.

More Definitions of Performance Security

Performance Security means monetary or financial guarantee to be furnished by the successful bidder for due performance of the contract placed on it.

Performance Security means the irrevocable and unconditional bank guarantee provided by the Consultant from a scheduled Indian bank as guarantee for the performance of its obligations in respect of the Contract;

Performance Security and “Additional Performance Security” shall have the meaning set forth in Clause 7.1;

Performance Security means the Bank Guarantee to be submitted by Successful Bidder in accordance with Clause 8.3 of this RFP Document

Performance Security shall have the meaning set forth in Clause 4.4;

Performance Security means the Demand Draft submitted to the Authority by the Developer for due performance of its obligations under this Agreement, in accordance with Clause 5.1.

Performance Security means the security to be provided by the Service Provider in pursuant with corresponding clause for the due performance of the contract.