Form of Performance Security Sample Clauses

Form of Performance Security. The form of the Performance Security and Operating Security is set forth beginning on the following page. [Agency] [Address] Place: [●] Standby Letter of Credit No. [●] Date: [●] Dear Sirs: KNOW ALL MEN BY THESE PRESENTS that we, the Agency, a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [●] (the “Letter of Credit”) in your favor and for the account of [insert name of Company] (“Company”) relating to the obligations of Company from the Signature Date until the Provisional Operations Start Date under the Concession Agreement dated [●] (the “Agreement”) between yourselves (the “Agency”) and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein.
Sample 1
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Form of Performance Security. The forms of the Performance Security and the Operating Security are set forth beginning on the following page. Name of LGU Address Standby Letter of Credit No. Date: Dear Sirs: KNOW ALL MEN BY THESE PRESENTS that we, [], a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [+ (the “Letter of Credit”) in your favor and for the account of *insert name of the Company] (the “Company”) relating to the obligations of the Company under the [name of LGU] Ecological Solid Waste Management Agreement dated [+ (the “Agreement”) between yourselves and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein. 1. The maximum aggregate amount available under this Letter of Credit is [●] Pesos (PHP [●+) (the “Stated Amount”). The Stated Amount shall be reduced from time to time by drawings made hereunder and by express notice in writing from the LGU to the Issuer, in each case as hereinafter provided. 2. Subject to the other provisions of this Letter pf Credit, the LGU is hereby irrevocably authorized to make one or more drawings under this Letter of Credit by presenting to the Issuer, at its address set forth above, a demand for payment from the LGU in substantially the form attached as Annex A, duly completed, and that is in the form of an original letter on the LGU’s letterhead signed by any of its authorized signatories. 3. Multiple drawings may be made hereunder, provided that each drawing honored by the Issuer hereunder shall reduce the amount available under this Letter of Credit. The Issuer shall be deemed to have honored a drawing hereunder if the Issuer deposits the amount of such drawing in the account (the “Designated Account”) designated by the LGU in accordance with Xxxxx X. Xxxxxxxxx upon any such drawing being honored, this Letter of Credit shall be deemed to be amended to effect a reduction in the Stated Amount hereunder equal to the amount of such drawing. Any such drawing made hereunder shall be free and clear of all interest and charges and any sums due to the Issuer. 4. We hereby agree to honor each drawing hereunder made in compliance with this Letter of Credit by transferring in immediately available funds to the Designated Account the amount specified in a demand for payment at the opening of business on the first or second Business ...
Sample 1
Form of Performance Security. ‌ (Letter by the Guarantor to the Lessor) Guarantee No. Executed on Name of Guarantor (Scheduled Bank in Pakistan) with address: Name of Principal (Contractor) with address: Penal Sum of Security (express in words and figures) Letter of Acceptance No. Dated KNOW ALL MEN BY THESE PRESENT, that in pursuance of the terms of the Bidding Documents and above said Letter of Acceptance (hereinafter called the Documents) and at the request of the said Principal we, the Guarantor above named, are held and firmly bound unto the (hereinafter called the Lessor) in the penal sum of the amount stated above, for the payment of which sum well and truly to be made to the said Xxxxxx, we bind ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents.
Sample 1
Form of Performance Security. It is the intention of Xxxxxxxxx Township to accept alternative forms of security to act as a performance bond to guarantee performance of the Agreement and any extension thereof, so long as the proffered form of performance security will protect the Township in the event of non-performance by the Township Contracted Hauler over the entire term of the Agreement and any extension thereof. While is it not the intention of Xxxxxxxxx Township to restrict the type of form of security that can be used, the Township Contracted Hauler accepts and acknowledges that the Township’s decision to accept or reject a proposed security will be entirely within the discretion of Xxxxxxxxx Township. In the event
Sample 1
Form of Performance Security. The performance security must be accept- able to CCC and may be an irrevocable standby letter of credit, a bond, or a certified or cashier’s check. If a stand- by letter of credit is furnished as per- formance security, the opening bank may be a U.S. bank or a foreign bank. If the standby letter of credit is opened by a foreign bank, it must be 100 per- cent confirmed by a U.S. bank. If a bond is furnished as performance secu- rity, the surety(ies) must be among those appearing on the list of approved sureties maintained by the U.S. De- partment of the Treasury. If a cashier’s or certified check is furnished as per- formance security, the bank issuing the cashier’s or certified check must be a U.S. bank.
Sample 1
Form of Performance Security. The Contractor must provide to the Principal, within 28 days after the Execution Date, an unconditional and irrevocable undertaking of 10% of the Annual Operating Budget for the first Operating Year which must be: (a) in the form of Annexure Part B; (b) in favour of the Principal and the Financier; and (c) given by a financial institution approved by the Principal, (PERFORMANCE SECURITY).
Sample 1
Form of Performance Security. To: SCHOOL EDUCATION DEPARTMENT, GOVERNMENT OF SINDH, GUARANTEE NO (hereinafter referred to as the “Guarantee”) Dated: ........................................ [Insert Name of Bank], being the Guarantee issuing bank (hereinafter referred to as the “Guarantor Bank”) understands that the following parties have entered into an agreement entitled the “Concession Agreement” dated [●], 2017 (hereinafter referred to as the “Agreement”) for the implementation of the Education Management Organizations Project in the Province of Sindh under the public private partnership mode:
Sample 1
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Related to Form of Performance Security

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.

  • Appropriation of Performance Security (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default. (ii) Upon such encashment and appropriation from the Performance Security, the Contractor shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Contractor shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate the Agreement in accordance with Article 23. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Contractor shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Contractor’s Default, and in the event of the Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 23.

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • Grant of Performance Shares Pursuant to the provisions of (i) the Plan, (ii) the individual Award Agreement governing the grant, and (iii) these Terms and Conditions, the Employee may be entitled to receive Performance Shares. Each Performance Share that becomes payable shall entitle the Employee to receive from the Company one share of the Company's common stock (“Common Stock”) upon the expiration of the Incentive Period, as defined in Section 2, except as provided in Section 13. The actual number of Performance Shares an Employee will receive will be calculated in the manner described in these Terms and Conditions, including Exhibit A, and may be different than the Target Number of Performance Shares set forth in the Award Agreement.

  • Suspension of Performance Notwithstanding any other provision hereof, if an Event of Default or a Potential Event of Default has occurred and is continuing, the Non-Defaulting Party, upon written notice to the Defaulting Party, has the right (i) to suspend performance under any or all Transactions and (ii) to the extent an Event of Default has occurred and is continuing, to exercise any remedy available at law or in equity, except as limited be Section 5.7.

  • Timing of Payment of Performance When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

  • Monitoring of Performance Vendor shall continuously monitor and record its performance to ensure that all of Vendor's responsibilities and obligations hereunder are being met and fulfilled. Citizens may conduct programmatic and other administrative contract monitoring during the term of this Agreement. The purpose of this monitoring is to ensure that all of Vendor's responsibilities and obligations are being met and fulfilled. Such monitoring may include on-site visits, report reviews, invoice reviews, compliance reviews, and a review of any other areas reasonably necessary. Vendor acknowledges and agrees that Citizens may also monitor and record Vendor Staff communications to the extent they occur within or are connected to any Citizens’ resource, such as electronic or telecommunications systems.

  • Prohibition of Performance Requirements 1. The provisions of the Agreement on Trade-Related Investment Measures in Annex 1A to the WTO Agreement (TRIMs), which are not specifically mentioned in or modified by this Agreement, shall apply, mutatis mutandis, to this Agreement. 2. Member States shall undertake joint assessment on performance requirements no later than 2 years from the date of entry into force of this Agreement. The aim of such assessment shall include reviewing existing performance requirements and considering the need for additional commitments under this Article.

  • Grant of Performance Stock Units Subject to the terms of this Agreement, and the Incentive Plan, effective as of the Grant Date the Participant is hereby granted [Number] Performance Stock Units (the “Target Performance Units”). This Award contains the right to dividend equivalents (“Dividend Equivalents”) with respect to Earned Performance Units (as defined in Section 3(a)) as described in Section 4. Each Performance Stock Unit awarded hereunder shall become earned and vested as described in Section 3 and each Earned Performance Unit (and associated Earned Dividend Equivalents thereon as described in Section 4) shall be settled in accordance with Section 5.

  • Manner of Performance Subject to the provisions of Article XII hereof, the Contractor shall perform all of the Work described in the Statement of Work, or cause such Work to be performed in an efficient and expeditious manner and in accordance with all of the terms and provisions of this Agreement. The Contractor shall perform the Work in accordance with the current professional standards and with the diligence and skill expected for the performance of work of the type described in the Statement of Work. The Contractor shall furnish such personnel and shall procure such materials, machinery, supplies, tools, equipment and other items as may reasonably be necessary or appropriate to perform the Work in accordance with this Agreement.

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