Retention Bond definition

Retention Bond means an "on demand" bond issued by a Qualifying Issuer in favour of the Project Company in a form acceptable to the Project Company as security for performance of the Supplier's obligations under this Agreement.

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Retention Bond shall have the meaning set forth in Section 21.1.

Retention Bond means the unconditional, irrevocable and on-demand bond to be furnished by the Contractor in favour of the Purchaser for an amount equal to 5% (five percent) of the Contract Price, valid from the date of Final Performance Acceptance until the issuance of the Defects Liability Certificate) and in the form set forth in Appendix 22 hereof, issued by an internationally recognised first class bank acceptable to the Purchaser immediately on Final Performance Acceptance and simultaneous to the release of the Performance Bond.;

Examples of Retention Bond in a sentence

In case Seller fails to make proposals for settling the claims according to any and/or all the ways mentioned above within 14 days after notification of the claim raised by Buyer, Buyer shall have the right to recover the claimed amount from Retention Bond (maximum up to 5% of the total contract price).
The Retention Bond shall be in full force and effect from the date provided to Owner until Substantial Completion, and may be drawn upon by Owner in British Pounds Sterling in the United Kingdom from time to time for Contractor’s failure to perform any of its obligations under this Agreement as determined by the arbitration award pursuant to Article 19.
If: any Retention Bond in place from time to time will expire or cease to be in effect before the anticipated date of issue of the Final Acceptance Certificate; or the issuer of the Retention Bond ceases to be a Qualifying Issuer, then the Installation Contractor must extend such Retention Bond or procure a replacement Retention Bond from a Qualifying Issuer (as applicable) and such extended or replacement Retention Bond must be valid until the date of issue of the Final Acceptance Certificate.
In the event of a drawing under Clause 4.3(e)(i), the Project Company shall retain the drawings by way of security until such time as the Project Company receives the extended or replacement Retention Bond.
Retention Bond Add a new definition as follows: The duly executed and delivered bond in the form set out in Schedule 35 of the Project Agreement Retention Payment Date Means the date when the Independent Certifier has issued the Acceptance Test Certificate in relation to the Installation.

More Definitions of Retention Bond

Retention Bond means t he r etention bond w hich t he C ontractor i s r equired t o i ssue t o the Employer pursuant to Section 14.9 below.

Retention Bond means any retention bond executed and delivered to ProjectCo in accordance with paragraph 2.5 of part 1 of the schedule to the Construction Contract or pursuant to clause 33.6.5 of the Construction Contract (as the case may be);

Retention Bond means the bond in the form attached at Schedule Part 19 by [INSERT SURETY] in favour of the Authority

Retention Bond means for each Phase a validly executed bond by a bank or insurance company acceptable to and previously approved in writing by SFT and the Local Authority in the same or substantially similar form to that set out in Part 11 of the Schedule; Schedule means the Schedule (comprising 11 Parts) attached to this Agreement; Settlement Date means in respect of a Phase, the date upon which the Developer provides the last of the Settlement Items to the Development Vehicle; Settlement Items means in respect of a Phase which is Practically Complete, the items listed at Paragraph 2 of Part 6 of the Schedule; Site means the site(s) specified in Part 2 of the Schedule; Snagging means minor defects, deficiencies or omissions of a snagging nature which do not prevent a Phase from being Practically Complete;

Retention Bond has the meaning given to it in the ▇▇▇▇▇▇ Construction Contract;

Retention Bond has the meaning given to it in the Ecodeco Construction Contracts;

Retention Bond means a retention bond provided from time to time by the Infraco to tie pursuant to Clause 74 (Bonds Parent Company Guarantees and Collateral Warranties), and which shall be substantially in the form set out in Part B of Schedule Part 8 (Bonds, Parent Company Guarantees and Collateral Warranties) issued by a surety approved by tie in advance in writing, such approval not to be unreasonably withheld or delayed;