Common use of Bank Guarantee Clause in Contracts

Bank Guarantee. 18.1 In order to secure the obligations of the Company under clause 17.2 of this document to pay liquidated damages, the Company must on or before the Licensing Date provide to the State an unconditional guarantee or letter of credit issued by a bank or banks acceptable to the State's Nominated Representative and in such form approved by the State's Nominated Representative to pay to the State on demand up to $25 000 000. 18.2 Unless demand under the Bank Guarantee has been previously made and has not been satisfied, the Bank Guarantee will be returned to the Company 18 months after the Melbourne Casino Complex has been Completed.