Common use of Assurance of Performance Clause in Contracts

Assurance of Performance. In the event Supplier fails to perform in terms of this Agreement and/or the Purchase Order, or the Company in good faith has any other reason to question Supplier’s intent or ability to perform, the Company may, in its sole discretion, demand adequate assurance of performance, including that Supplier furnish a performance bond or letter of credit, conditioned to indemnify the Company for any loss the Company may sustain by failure of Supplier to perform its obligations. In the event Supplier fails to comply with such demand within ten (10) business days thereafter, the Company may treat this failure as a material default.

Assurance of Performance. In the event Supplier fails to perform in terms of when due any delivery and/or service required by this Agreement and/or the Purchase Orderorder, or the Company Buyer in good faith has any other reason to question Supplier’s 's intent or ability to perform, the Company Buyer may, in at its sole discretionelection, demand adequate assurance of performance, including that Supplier furnish furnish, at Supplier's expense, a performance bond or letter of credit, conditioned to indemnify the Company Buyer for any loss the Company Buyer may sustain by failure of Supplier to perform its obligations. In the event Supplier fails to comply with such demand within ten (10) business days thereafter, the Company Buyer may treat this failure as a material default.