Common use of Guarantee of fulfilment of the obligations Clause in Contracts

Guarantee of fulfilment of the obligations. The REGISTRAR, in order to answer for any possible failure to fulfil the obligations that it assumes by virtue of this Contract, shall present a first-option banker's reference in the amount of €6,000 (SIX THOUSAND EURO), issued by a credit entity without the benefits of order, discussion or division, or provide the REGISTRY at all times with a bond in that amount and with similar execution conditions. The effectiveness of this contract shall depend up fulfilment of this obligation, which must be certified with the REGISTRY by the REGISTRAR. The guarantee amount may be reviewed annually. If the Accredited Registrar's average monthly invoicing during the previous year is equal to or exceeds SIX THOUSAND EURO (€6,000) VAT EXCLUDED, the guarantee amount will be TWELVE THOUSAND EURO (€12,000); if it is less, the guarantee amount will be SIX THOUSAND EURO (€6,000). Should any modification in the guarantee amount be required, the Accredited Registrar shall carry out said modification within a maximum of ONE MONTH as from the date on which Xxx.xx gives notice for renewal.

Guarantee of fulfilment of the obligations. The REGISTRAR, in order to answer for any possible failure to fulfil the obligations that it assumes by virtue of this Contract, shall present a first-option banker's reference in the amount of €6,000 (SIX THOUSAND EURO), issued by a credit entity without the benefits of order, discussion or division, or provide the REGISTRY at all times with a bond in that amount and with similar execution conditions. The effectiveness of this contract shall depend on up fulfilment of this obligation, which must be certified with the REGISTRY by the REGISTRAR. The guarantee amount may be reviewed annually. If the Accredited Registrar's average monthly invoicing during the previous year is equal to or exceeds SIX THOUSAND EURO (€6,000) VAT EXCLUDED, the guarantee amount will be TWELVE THOUSAND EURO (€12,000); if it is less, the guarantee amount will be SIX THOUSAND EURO (€6,000). Should any modification in the guarantee amount be required, the Accredited Registrar shall carry out said modification within a maximum of ONE MONTH as from the date on which Xxx.xx gives notice for renewal.