Form of Performance Security. The form of the Performance Security and Operating Security is set forth beginning on the following page. IRREVOCABLE STANDBY LETTER OF CREDIT [Letterhead of Issuer] [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.
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:
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 Xxxxxxxxx Township has any questions, uncertainly or doubt regarding proposed or provided performance security, the Township Contracted Hauler accepts and acknowledges that the Township in its discretion may request the provision of an alternative performance security.
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:
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.
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. THE CONDITION OF THIS OBLIGATION IS SUCH that whereas the Principal has accepted the Lessor's above said Letter of Acceptance for (Name of Contract) for the (Name of Project).
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. THE CONDITION OF THIS OBLIGATION IS SUCH that whereas the Principal has accepted the Lessor's above said Letter of Acceptance for (Name of Contract) for the (Name of Project).
