Performance Guarantee. Terms and conditions for Performance Guarantee release and retention 14.Неустойки и санкции 14. Penalties and sanctions
Performance Guarantee. Art. 8. (1) Upon signing the contract, the Contractor represents a performance guarantee in form of_______________(the type of the document) for its obligations hereunder in the amount of 5% (five percent) of the total contract value excluding VAT determined on the basis of its pricing offer, which was released in part as follows: 1. 40% (forty percents) of the value of guarantee within 30 (thirty) calendar days from the date of entry into force of issued building permit for the site subject prepared by the Contractor of investment project; 2. 60% (sixty percents) of the value of guarantee within 30 (thirty) calendar days after the completion of all assigned in this contract works and cumulative occurrence of the circumstances under Art. 6 para. 6 of this Contract. (2) The performance guarantee covers any inadequate performance of the contract as a result of deception by the CONTRACTOR and correcting improper executed works that are not removed promptly by CONTRACTOR. In case of poor quality, incomplete or poor performance by the CONTRACTOR, Contracting authority may retain the guarantee to remedy the shortcomings noted. The performance guarantee will not be released by the Contracting authority if the implementation of this contract a dispute occurs between the parties regarding misconduct of the duties of the Contractor and the matter was referred for decision to the competent court. (3) The performance guarantee provided by the Contractor shall be maintained valid by him until thirty (30) calendar days after the date of the cumulative conditions under Art. 6 para. 6 of this Contract. (4) The Contracting Authority does not owe interest on the amount of the performance guarantee for the contract period for which funds have stayed legally in him. (5) The text of guarantee must be coordinated in advance with the Contracting authority. (6) The Contracting authority shall be entitled to acquire such a part of the guarantee covering liability of the Contractor incurred for non-compliance, including the amount of accrued penalties if the contractor has exceeded its execution time or found other types of failure. (7) In case of bank guarantee - In case that the bank issuing the performance guarantee of the contract declare bankruptcy or insolvent / indebtedness or its license revoked, or refuse to pay the requested by the Contracting authority amount in 5 days, Contracting authority may request, and the Contractor undertakes to provide within 10 / ten / working ...
Performance Guarantee. 12.1 At the time of signing of this Contract, the
Performance Guarantee. 12.1 At the time of signing of this Contract, the Contractor shall submit a bank guarantee for performance of its obligations under this Contract in the amount of 10 % (ten percent) of the price under article 3.1 in one of the following forms: Bank guarantee in accordance with the sample form (Annex 6); Cash deposit in Leva transfereed to the following bank account of “ICGB AD” in the “Bulgarian Development Bank” - IBAN: XX00XXXX00000000000000. 12.2 The bank guarantee shall be unconditional, irrevocable, with a possibility to be drawn upon in whole or in part by the Contracting Entity and shall contain an obligation of the guarantor bank to make an unconditional payment upon first demand by the Contracting Entity. 12.3 The Contracting Entity may draw upon a part of or the whole amount of the guarantee in case the Contractor has not fulfilled any of its obligations under the Contract. In case the Contractor draws upon a part of the amount of the performance guarantee, the Contractor shall supplement the amount of the guarantee by such an amount which has been drawn upon by the Contracting
Performance Guarantee. Art.9.(1). Upon signing this Contract, the CONTRACTOR shall present to the CONTRACTING AUTHORITY a performance guarantee amounting to 1% (one percent) of the Contract Value excluding VAT, namely
Performance Guarantee. Terms and conditions for Performance Guarantee release and retention