Assignment Of Subcontractors' Warranties And Bank Guarantees Sample Clauses

Assignment Of Subcontractors' Warranties And Bank Guarantees. CONTRACTOR hereby irrevocably assigns without restriction to COMPANY all of CONTRACTOR'S right, title and interest in and to any and all warranty bank guarantees and advance payment bank guarantees that CONTRACTOR holds for the benefit of COMPANY and those provided by any subcontractor or vendor, and any and all warranty claims and claims for performance CONTRACTOR may have against its subcontractors, vendors, architects, building engineers, project planners and any other building tradesmen and persons involved in the Project who have a contractual relationship with CONTRACTOR. CONTRACTOR shall be obligated to provide to COMPANY immediately after receipt all original performance guarantees or warranty guarantees which CONTRACTOR receives from its subcontractors and vendors. COMPANY grants to CONTRACTOR an entitlement, subject to revocation by COMPANY, pursuant to which CONTRACTOR shall be entitled and obligated to assert against all subcontractors and vendors the performance claims and warranty claims under the subcontracts and purchase orders in its own name and at its own cost. COMPANY may revoke this entitlement and obligation upon the occurrence of (i) the filing of a petition for bankruptcy of CONTRACTOR, or (ii) termination of the Contract, and may then itself assert the claims assigned to it against the aforesaid subcontractors, vendors, architects, building engineers, project planners, and other persons involved in the Project. This Section shall not be deemed a waiver in any form whatsoever of any claims against CONTRACTOR under this Agreement, provided any sums collected by COMPANY under this Section 21.8 -------- ------------ shall be set off against COMPANY'S claims against CONTRACTOR. CONTRACTOR shall recognize, and hereby consents to, any assignment by COMPANY of its right, title and interest in such guarantees to any lender or lenders providing financing for the Project. CONTRACTOR shall direct the issuer of any bank guarantee to make all payments directly to COMPANY. In the event of revocation of the entitlement, CONTRACTOR shall hold any such proceeds received by CONTRACTOR in trust for COMPANY and shall promptly pay to COMPANY any such proceeds received by CONTRACTOR.
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Related to Assignment Of Subcontractors' Warranties And Bank Guarantees

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