Common use of Adjustment of the Financial Guarantees Clause in Contracts

Adjustment of the Financial Guarantees. The value of the financial guarantee of the PTI shall be automatically subject to inflation adjustment on January 1st of each calendar year, by the IGP-DI variation of the immediately preceding year, except on the January 1st that immediately follows the publication of the tender protocol, in which case there shall be no update. The Concessionaire shall submit the update of the financial guarantees to ANP up to January 31 of each calendar year. The annual update of the guarantee is hereby waived if the type of guarantee provided already contains a clause for automatic inflation adjustment by the IGP-DI.

Adjustment of the Financial Guarantees. The value of the financial guarantee of the PTI shall be automatically subject to inflation adjustment on January 1st of each calendar year, by the IGP-DI variation of the immediately preceding year, except on the January 1st that immediately follows the publication of the tender protocol, in which case there shall be no update. The Concessionaire shall submit the update of the financial guarantees to ANP up to January 31 of each calendar year. The annual update of the guarantee is hereby waived if the type of guarantee provided already contains a clause for automatic inflation adjustment by the IGP-DI.