Common use of Contract Performance Bond Clause in Contracts

Contract Performance Bond. The letter of guarantee issued to the name of the GRANTOR by a Financial Entity that is joint and several, unconditional, irrevocable, without the benefit of excussion or division, and automatically realizable, which guarantees compliance with the obligations under the responsibility of the CONCESSIONAIRE as set forth in this Contract. The Contract Performance Bond may consist of more than one letter of guarantee, on the condition that all of them together add up to the total amount required for the corresponding bond. ▪ Construction Performance Bond: The Contract Performance Bond issued for the amount of up to US$ 4,500,000 (Four Million Five Hundred Thousand United States Dollars), as per the form contained in Annex 4, which guarantees those obligations established from the Closing Date to Commercial Start-Up, including the payment of penalties under the Contract and the payment of any amounts ordered by a final and binding judgment or enforceable arbitral award resulting from the execution of the Contract. ▪ Operating Performance Bond: The Contract Performance Bond issued for an amount of up to US$ 2,000,000 (Two Million United States Dollars), as per the form contained in Annex 4, which guarantees those obligations established from Commercial Start-Up to the termination of the Contract, including the payment of penalties under the Contract and the payment of any amounts ordered by a final and binding judgment or enforceable arbitral award resulting from the execution of the Contract.

Contract Performance Bond. The letter of guarantee issued to the name of the GRANTOR by a Financial Entity that is joint and several, unconditional, irrevocable, without the benefit of excussion or division, and automatically realizableperform, which guarantees compliance with the obligations under the responsibility of the CONCESSIONAIRE as set forth in this Contract. The Contract Performance Bond may consist of more than one letter of guarantee, on the condition that all of them together add up to the total amount required for the corresponding bond. ▪ Construction Performance Bond: The Contract Performance Bond issued for the amount of up to US$ 4,500,000 2,500,000 (Four Two Million Five Hundred Thousand United States Dollars), as per the form contained in Annex 4, which guarantees those obligations established from the Closing Date to Commercial Start-Up, including the payment of penalties under the Contract and the payment of any amounts ordered by a final and binding judgment or enforceable arbitral award resulting from the execution of the Contract. ▪ Operating Performance Bond: The Contract Performance Bond issued for an amount of up to US$ 2,000,000 (Two Million United States Dollars), as per the form contained in Annex 4, which guarantees those obligations established from Commercial Start-Up to the termination of the Contract, including the payment of penalties under the Contract and the payment of any amounts ordered by a final and binding judgment or enforceable arbitral award resulting from the execution of the Contract.