Common use of Advance Payment Guarantee Clause in Contracts

Advance Payment Guarantee. The Advance Payment Guarantee shall guarantee the set-off or repayment of the advance payment. Within 10 Working Days upon confirmation of DDO by the Provider or Provider Affiliate, the Contractor shall provide a bank guarantee letter to Enel or Enel Affiliate for the amount specified in Part A, valid until full set-off or repayment of the advance payment (“Advance Payment Guarantee”). a) be issued by a reputable bank of the Country with a minimum rating of BBB-S&P or Baa3 Xxxxx'x; b) have an unconditional and irrevocable character; c) be issued for the benefit of Enel or Enel Affiliate; and d) be payable on first demand by Enel or Enel Affiliate submitting a written statement to the issuing bank stating that it has the right of repayment of the advance payment.

Advance Payment Guarantee. The Advance Payment Guarantee shall guarantee the set-off or repayment of the advance payment. Within 10 Working Days upon confirmation of DDO by the Provider or Provider Affiliate, the Contractor shall provide a bank guarantee letter to Enel or Enel Affiliate for the amount specified in Part AA of the relevant DDO, valid until full set-off or repayment of the advance payment (“Advance Payment Guarantee”). a) be issued by a reputable bank of the Country with a minimum rating of BBB-S&P or Baa3 Xxxxx'x; b) have an unconditional and irrevocable character; c) be issued for the benefit of Enel or Enel Affiliate; and d) be payable on first demand by Enel or Enel Affiliate submitting a written statement to the issuing bank stating that it has the right of repayment of the advance payment.