Common use of Guarantee of Performance by Clause in Contracts

Guarantee of Performance by. (If Applicable) [corporate name of parent corporation] hereby guarantees absolutely the full, prompt and complete performance by " [subsidiary/the Contractor]" of all the terms, conditions and obligations contained in this Contract, as it may be amended from time to time, including any and all exhibits that are now or may become incorporated hereunto, and other obligations of every nature and kind that now or may in the future arise out of or in connection with this Contract, including any and all financial commitments, obligations and liabilities. " [corporate name of parent]" may not transfer this absolute guaranty to any other person or entity without the prior express written approval of the State. " [corporate name of parent]" further agrees that if the State brings any claim, action, suit or proceeding against "[subsidiary]","[corporate name of parent]" may be named as a party, in its capacity as Absolute Guarantor.