Common use of Financial Guarantee Clause in Contracts

Financial Guarantee. 19.1. Prior to the issuance of the first invoice, if required by ENEL, the SUPPLIER must submit one or more on first demand financial guarantees in favour of ENEL (according to the model included in the appendix of this Contract subject to local legislation and enforced in the country affected by this Annex, granted by a local high-level Bank or a branch of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20% of the total Contract value (or any other value expressly indicated therein) to ensure the fulfilment of all the obligations derived from the Contract, including the applicable compensations or penalties attributable to it. In case that another date is established in the Contract, the guarantee or guarantees submitted by the SUPPLIER shall be available up to thirty (30) calendar days after the expiry of the Warranty Period or, if applicable, of the Final Acceptance and, consequently, they shall be returned upon written request by the SUPPLIER and once ENEL has made the relevant discounts and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER shall extend their validity to meet the required period, renewals shall be carried out with at least forty-five (45) calendar days in advance, otherwise, it will be understood as a contract breach in accordance with clause 16.3.1 m) of the General Part of these General Terms and Conditions of Contract. In the cases in which the SUPPLIER does not submit the guarantees in the required deadlines, and notwithstanding any other legal action that may be instituted, ENEL may opt to terminate the Contract or suspend their effects until the presentation of a guarantee approved by ENEL, as well as accept other equivalent guarantees offered by the SUPPLIER. In any case, ENEL shall be entitled pursuant to law to allocate all payments due to the SUPPLIER until the 10% of the total Contract value is reached as soon as the SUPPLIER fulfils its obligation of submitting the required guarantees. 19.2. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior to the issuance of the first invoice, if required by ENEL, the SUPPLIER Contractor must submit one or more on first demand financial guarantees in favour of ENEL (according to the model included in the appendix of this Contract subject to local legislation and enforced in the country affected by this Annex, granted by a local high-level Bank or a branch of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20% of the total Contract value (or any other value expressly indicated therein) to ensure the fulfilment of all the obligations derived from the Contract, including the applicable compensations or penalties attributable to it. In case that another date is established in the Contract, the guarantee or guarantees submitted by the SUPPLIER Contractor shall be available up to thirty (30) calendar days after the expiry of the Warranty Period or, if applicable, of the Final Acceptance and, consequently, they shall be returned upon written request by the SUPPLIER Contractor and once ENEL has made the relevant discounts and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER Contractor shall extend their validity to meet the required period, renewals shall be carried out with at least forty-forty- five (45) calendar days in advance, otherwise, it will be understood as a contract breach in accordance with clause 16.3.1 m) of the General Part of these General Terms and Conditions of Contract. In the cases in which the SUPPLIER Contractor does not submit the guarantees in the required deadlines, and notwithstanding any other legal action that may be instituted, ENEL may opt to terminate the Contract or suspend their effects until the presentation of a guarantee approved by ENEL, as well as accept other equivalent guarantees offered by the SUPPLIERContractor. In any case, ENEL shall be entitled pursuant to law to allocate all payments due to the SUPPLIER Contractor until the 10% of the total Contract value is reached as soon as the SUPPLIER Contractor fulfils its obligation of submitting the required guarantees. 19.2. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior to 19.1 Upon request of ENEL, the Supplier shall establish, before the issuance of the first invoice, if required by ENEL, the SUPPLIER must submit one or more on first first-demand payment financial guarantees in favour favor of ENEL (according to the model included in form attached as an appendix to the appendix of this Contract Contract, subject to the local legislation and enforced enforceable in the country affected concerned by this Annex), granted issued by a local high-level Bank of recognized creditworthiness or a branch of by its local branch, if a foreign bank domiciled thereentity, which has been previously accepted by subject to ENEL, ’s preliminary acceptance for a minimum value equal 20amount of 20 % of the total amount of the Contract value (or any other value amount expressly indicated specified therein) to ensure fulfill the fulfilment performance of all the obligations derived arising from the Contract, including the applicable compensations indemnifications or penalties attributable to it. In case that another penalties. 19.2 If no other date is established specified in the Contract, the guarantee or guarantees submitted guarantee(s) established by the SUPPLIER Supplier shall be available up to valid for thirty (30) calendar days after the expiry of the Warranty Period or, if applicable, of the Final Acceptance and, consequentlysubsequently, they it shall be returned upon written request of the Supplier and subject to any applicable deduction and verification by ENEL. If a financial guarantee is issued expiring on earlier dates, the SUPPLIER and once ENEL has made Supplier shall extend its validity to comply with the relevant discounts deadline and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER shall extend their validity to meet the required period, renewals shall be carried out with made at least forty-five (45) calendar days in advance, otherwiseotherwise this shall constitute a material breach of the Contract, it will be understood as a contract breach in accordance with clause 16.3.1 m) of pursuant to the General Part of these General Terms and Conditions of Contract. In . 19.3 If the cases in which the SUPPLIER Supplier does not submit provide the guarantees in guarantee within the required specified deadlines, and notwithstanding without prejudice to any other legal action that may be institutedavailable remedy, ENEL may opt to terminate the Contract or suspend their effects its execution until the presentation of a guarantee approved accepted by ENELENEL has not been provided, as well as or ENEL may accept other equivalent guarantees offered by the SUPPLIERSupplier. In any case, ENEL shall be entitled pursuant to law to allocate all in accordance with law, for their delivery to the Supplier as soon as it fulfills its obligation to provide the required guarantees, the payments due to the SUPPLIER until Supplier up to the 1010 % of the total Contract value is reached as soon as amount of the SUPPLIER fulfils its obligation of submitting the required guarantees. 19.2. According Contract, without prejudice to the wording in right to terminate the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior to 19.1 Upon request of ENEL, the Supplier shall establish, before the issuance of the first invoice, if required by ENEL, the SUPPLIER must submit one or more on first first-demand payment financial guarantees in favour favor of ENEL (according to the model included in form attached as an appendix to the appendix of this Contract Contract, subject to the local legislation and enforced enforceable in the country affected concerned by this Annex), granted issued by a local high-level Bank of recognized creditworthiness or a branch of by its local branch, if a foreign bank domiciled thereentity, which has been previously accepted by subject to ENEL, ’s preliminary acceptance for a minimum value equal 20amount of 20 % of the total amount of the Contract value (or any other value amount expressly indicated specified therein) to ensure fulfill the fulfilment performance of all the obligations derived arising from the Contract, including the applicable compensations indemnifications or penalties attributable to it. In case that another penalties. 19.2 If no other date is established specified in the Contract, the guarantee or guarantees submitted guarantee(s) established by the SUPPLIER Supplier shall be available up to valid for thirty (30) calendar days after the expiry of the Warranty Guarantee Period or, if applicable, of the Final Acceptance and, consequentlysubsequently, they it shall be returned upon written request of the Supplier and subject to any applicable deduction and verification by ENEL. If a financial guarantee is issued expiring on earlier dates, the SUPPLIER and once ENEL has made Supplier shall extend its validity to comply with the relevant discounts deadline and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER shall extend their validity to meet the required period, renewals renewal shall be carried out with made at least forty-five (45) calendar days in advance, otherwiseotherwise this shall constitute a material breach subject to termination of the Contract due to the Supplier’s default, it will be understood as a contract breach in accordance with clause 16.3.1 m) of pursuant to the General Part of these General Terms and Conditions of Contract. In . 19.3 If the cases in which the SUPPLIER Supplier does not submit provide the guarantees in guarantee within the required specified deadlines, and notwithstanding without prejudice to any other legal action that may be institutedavailable remedy, ENEL may opt to terminate the Contract or suspend their effects its execution until the presentation of a guarantee approved accepted by ENELENEL has been provided, as well as or ENEL may accept other equivalent guarantees offered by the SUPPLIERSupplier. In any case, ENEL shall be entitled pursuant to law to allocate all in accordance with law, for their delivery to the Supplier as soon as it fulfills its obligation to provide the required guarantees, the payments due to the SUPPLIER until Supplier up to the 1010 % of the total Contract value is reached as soon as amount of the SUPPLIER fulfils its obligation of submitting the required guarantees. 19.2. According Contract, without prejudice to the wording in right to terminate the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior to 18.1 Upon request of ENEL, the Supplier shall establish, before the issuance of the first invoice, if required by ENEL, the SUPPLIER must submit one or more on first first-demand payment financial guarantees in favour favor of ENEL (according to the model included in form attached as appendix to the appendix of this Contract Contract, subject to the local legislation and enforced enforceable in the country affected concerned by this the Annex), granted issued by a local high-level Bank of recognized solvency or a branch by its local branch, if foreign, subject to ENEL acceptance for an amount of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20at least the 20 % of the total amount of the Contract value (or any other value amount expressly indicated specified therein) to ensure fulfill the fulfilment performance of all the obligations derived arising from the Contract, including the applicable compensations indemnifications or penalties attributable to it. In case that another penalties. 18.2 If no other date is established specified in the Contract, the guarantee or guarantees submitted guarantee(s) established by the SUPPLIER Supplier shall be available up to valid for thirty (30) calendar days after the expiry of the Warranty Period or, if applicable, of the Final Acceptance and, consequentlysubsequently, they it shall be returned upon written request of the Supplier and subject to any applicable deduction and verification by ENEL. If a financial guarantee expiring on earlier dates is issued, the SUPPLIER and once ENEL has made Supplier shall extend its validity to comply with the relevant discounts deadline and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER shall extend their validity to meet the required period, renewals renewal shall be carried out with made at least forty-five (45) calendar days in advance, otherwiseotherwise this shall represent a material breach of the Contract, it will be understood as a contract breach in accordance with clause 16.3.1 m) of pursuant to the General Part of these General Terms and Conditions of Contract. In . 18.3 If the cases in which the SUPPLIER Supplier does not submit provide the guarantees in guarantee within the required specified deadlines, and notwithstanding without prejudice to any other legal action that may be institutedavailable remedy, ENEL may opt to terminate the Contract or suspend their effects its execution until the presentation of a guarantee approved accepted by ENELENEL shall not be provided, as well as or ENEL may accept other equivalent guarantees offered by the SUPPLIERSupplier. In any case, ENEL ENEL, in accordance with law, shall be entitled pursuant to law record for their delivery to allocate all the Supplier as soon as it fulfills its obligation to establish the required guarantees, the payments due to the SUPPLIER until Supplier up to the 1010 % of the total Contract value is reached as soon as amount of the SUPPLIER fulfils its obligation of submitting the required guarantees. 19.2. According Contract, without prejudice to the wording in right to terminate the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior (a) To file with the Region to guarantee all the provisions of this Agreement a Letter of Credit or other financial guarantee satisfactory to the issuance Treasurer. (b) The principal sum required by the Region with respect to the cost of Noise Barrier shall be the total amount of the first invoice, if required estimated cost of the Noise Barrier as certified by ENEL, the SUPPLIER must submit one or more on first demand financial guarantees in favour of ENEL (according Owner's consulting engineer and to the model included satisfaction of the Planning and Development Approvals Commissioner. (c) The principal sum of the Letter of Credit for the work provided in the appendix of this Contract subject Paragraph (b) shall be in an amount equal to local legislation and enforced in the country affected by this Annex, granted by a local high-level Bank or a branch of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20% One Hundred (l00%) percent of the total Contract value (or any other value expressly indicated therein) to ensure estimated cost of construction of the fulfilment Noise Barrier. The form of all the obligations derived from the Contract, including the applicable compensations or penalties attributable to it. In case that another date is established in the Contract, the guarantee or guarantees submitted Letter of Credit must be approved by the SUPPLIER shall Regional Solicitor and must be available up to irrevocable for a period of not less than one (l) year. (d) At least thirty (30) calendar days after prior to the expiry or termination date set out in the Letter of Credit, the Owner shall deposit with the Region a replacement irrevocable Letter of Credit in the format approved by the Regional Solicitor. (e) If the replacement Letter of Credit contains an expiry or termination date which is earlier than the expiry of the Warranty Period orwarranty period, if applicablethen the Owner shall continue to deposit a replacement irrevocable Letter of Credit in the same manner as provided in Sub-Clause (d) hereof, until the expiration of the Final Acceptance andwarranty period. (f) If the Owner fails to deposit a replacement Letter of Credit as required by Sub-Clause (d) hereof, consequently, they such failure shall be returned upon written request deemed to be a breach of this Agreement by the SUPPLIER Owner, and once ENEL has made the relevant discounts and checks. In Region may without notice to the case that financial guarantees due to expire on an earlier date are submittedOwner, call upon the SUPPLIER shall extend their validity to meet the required period, renewals shall be carried out with at least forty-five (45) calendar days in advance, otherwise, it will be understood as a contract breach in accordance with clause 16.3.1 m) whole or any part of the General Part existing Letter of these General Terms and Conditions of Contract. In the cases in which the SUPPLIER does not submit the guarantees in the required deadlines, and Credit notwithstanding any other legal action that may be instituted, ENEL may opt to terminate the Contract or suspend their effects until the presentation of a guarantee approved by ENEL, as well as accept other equivalent guarantees offered provision herein contained. Any amount received by the SUPPLIER. In any case, ENEL Region shall be entitled pursuant held by the Region in the same manner as if it had originally been cash deposited under the provision of this clause. All costs and expenses incurred by the Region in the performance of any outstanding work or having such work performed by others in excess of the amount recovered from the Letter of Credit may, at the option of the Region, be added to law the Tax Collector's Roll for the land as a lien thereon which shall be deemed to allocate all payments stand in the same order as to priority and to be recovered in the same manner as municipal taxes. (g) After having notified the Owner, the Region may at any time authorize the use of the whole or part of the amount of the Letter of Credit to pay the cost of any work which the Environment and Transportation Commissioner deems necessary to rectify any default by the Owner or its assigns, or to pay the cost of any matter or obligation for which the Owner is liable under this Agreement, whether such cost is in relation to construction or installation of any works or the correction of any defects or of any required maintenance or warranty work or in relation to any default of the Owner in making any payment due to the SUPPLIER until the 10% of the total Contract value is reached Region as soon as the SUPPLIER fulfils its obligation of submitting the required guaranteesprovided herein. 19.2. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior to the issuance of the first invoice, if required by ENEL, the SUPPLIER Contractor must submit one or more on first demand financial guarantees in favour of ENEL (according to the model included in the appendix of this Contract subject to local legislation and enforced in the country affected by this Annex, granted by a local high-level Bank or a branch of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20% of the total Contract value (or any other value expressly indicated therein) to ensure the fulfilment of all the obligations derived from the Contract, including the applicable compensations or penalties attributable to it. In case that another date is established in the Contract, the guarantee or guarantees submitted by the SUPPLIER Contractor shall be available up to thirty (30) calendar days after the expiry of the Warranty Period or, if applicable, of the Final Acceptance and, consequently, they shall be returned upon written request by the SUPPLIER Contractor and once ENEL has made the relevant discounts and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER Contractor shall extend their validity to meet the required period, renewals shall be carried out with at least forty-forty- five (45) calendar days in advance, otherwise, it will be understood as a contract breach in accordance with clause 16.3.1 m) of the General Part of these General Terms and Conditions of Contract. In the cases in which the SUPPLIER does not submit the guarantees in the required deadlines, and notwithstanding any other legal action that may be instituted, ENEL may opt to terminate the Contract or suspend their effects until the presentation of a guarantee approved by ENEL, as well as accept other equivalent guarantees offered by the SUPPLIERContractor. In any case, ENEL shall be entitled pursuant to law to allocate all payments due to the SUPPLIER Contractor until the 10% of the total Contract value is reached as soon as the SUPPLIER Contractor fulfils its obligation of submitting the required guarantees. 19.2. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior The Subdivider agrees to furnish the City with a financial guarantee in the form of a cash escrow; an irrevocable letter of credit provided by a Minnesota financial institution or other financial institution reasonably acceptable to the issuance City; or in the form of other financial instruments which provide equivalent assurance to the City and which are approved by the City Director of Finance. The Subdivider shall furnish the City with a financial guarantee in the amount of The financial guarantee shall be conditioned upon the full and faithful performance of all elements of this Agreement, and upon compliance with applicable statutes, codes, and ordinances of the first invoiceCity, if required by ENELand shall further be subject to the following provisions, which shall be deemed to be incorporated in such financial guarantee and made part thereof. When any instrument such as an irrevocable letter of credit, submitted as a financial guarantee for the Work, contains provision for an expiration date, after which the instrument may not be drawn upon, notwithstanding the status of the Work, it is hereby agreed that the following special conditions shall apply: The expiration date of all such instruments shall be no earlier than December 31st, of the year in which it is issued or the closest business day in the case of weekends and legal holidays. The Subdivider (or in the case of a Letter of Credit, the SUPPLIER must submit one bank or more on first demand financial guarantees other issuer of the Letter of Credit) shall notify the City in favour of ENEL writing, by certified mail, at least sixty (according 60) days prior to the model included in the appendix of this Contract subject to local legislation and enforced in the country affected by this Annex, granted by a local high-level Bank or a branch of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20% expiration date of the total Contract value instrument, that (1) the instrument will not be renewed upon expiration; or any other value expressly indicated therein(2) to ensure the fulfilment of all instrument will be renewed and extended for at least six months beyond the obligations derived from the Contract, including the applicable compensations or penalties attributable to itinitial expiration date. In the case that another date is established in of the Contractintention not to renew an instrument upon expiration, the guarantee or guarantees submitted by the SUPPLIER Subdivider hereby agrees that an appropriate new instrument shall be available up to submitted at least thirty (30) calendar days after the expiry prior to expiration of the Warranty Period orinitial instrument, if applicableto guarantee the completion of remaining work unless, of prior to the Final Acceptance andexpiration date, consequentlythe City Council has found that all work has been completed and has, they therefore, released the Subdivider from the obligation to provide a guarantee. If a new financial instrument is not timely submitted, and the City Council has not so released the Subdivider, the Subdivider shall be returned upon written request by the SUPPLIER and once ENEL has made the relevant discounts and checksin a breach of this Agreement. In the case that financial guarantees due of an intention to expire on an earlier date are submittedrenew the instrument, the SUPPLIER shall extend their validity to meet Subdivider hereby agrees that a written notice of extension from the required period, renewals financial institution providing the instrument shall be carried out with submitted to the City at least forty-five thirty (4530) calendar days in advance, otherwise, it will be understood as a contract breach in accordance with clause 16.3.1 m) of prior to the General Part of these General Terms and Conditions of Contract. In the cases in which the SUPPLIER does not submit the guarantees expiration date in the required deadlines, and notwithstanding initial instrument. The term of any other legal action that may extension shall be instituted, ENEL may opt to terminate the Contract or suspend their effects until the presentation of a guarantee approved by ENEL, as well as accept other equivalent guarantees offered by the SUPPLIER. In any case, ENEL shall be entitled pursuant to law to allocate all payments due to the SUPPLIER until the 10% of the total Contract value is reached as soon as the SUPPLIER fulfils its obligation of submitting the required guaranteesCity. 19.2. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.

Financial Guarantee. 19.1. Prior to the issuance of the first invoice, if required by ENEL, the SUPPLIER Contractor must submit one or more on first demand financial guarantees in favour of ENEL (according to the model included in the appendix of this Contract subject to local legislation and enforced in the country affected by this Annex, granted by a local high-level Bank or a branch of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20% of the total Contract value (or any other value expressly indicated therein) to ensure the fulfilment of all the obligations derived from the Contract, including the applicable compensations or penalties attributable to it. 19.2. In case that another date is established in the Contract, the guarantee or guarantees submitted by the SUPPLIER Contractor shall be available up to thirty (30) calendar days after the expiry of the Warranty Period or, if applicable, of the Final Acceptance and, consequently, they shall be returned upon written request by the SUPPLIER Contractor and once ENEL has made the relevant discounts and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER Contractor shall extend their validity to meet the required period, renewals shall be carried out with at least forty-forty- five (45) calendar days in advance, otherwise, it will be understood as a contract breach in accordance with clause 16.3.1 m) of the General Part of these General Terms and Conditions of Contract. 19.3. In the cases in which the SUPPLIER Contractor does not submit the guarantees in the required deadlines, and notwithstanding any other legal action that may be instituted, ENEL may opt to terminate the Contract or suspend their effects until the presentation of a guarantee approved by ENEL, as well as accept other equivalent guarantees offered by the SUPPLIERContractor. In any case, ENEL shall be entitled pursuant to law to allocate all payments due to the SUPPLIER Contractor until the 10% of the total Contract value is reached as soon as the SUPPLIER Contractor fulfils its obligation of submitting the required guarantees. 19.2. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.5. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract. 19.6. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.