Common use of Liquidated Damages Security Clause in Contracts

Liquidated Damages Security. The Board may require that a member that has two or more 40 NOAA fishing regulation violations, or which has breached this agreement or another sector’s 41 operations plan on two or more occasions, post a bond or obtain a letter of credit securing such 42 member’s payment and performance obligations under this agreement in such amounts as the 43 Board deems appropriate, or may require such member to personally guaranty, and/or have other 44 members or third parties personally guaranty, such member’s payment and performance 45 obligations under this agreement.

Liquidated Damages Security. The Board may require that a member that has two or more 40 43 NOAA fishing regulation violations, or which has breached this agreement or another sector’s 41 44 operations plan on two or more occasions, post a bond or obtain a letter of credit securing such 42 45 member’s payment and performance obligations under this agreement in such amounts as the 43 46 Board deems appropriate, or may require such member to personally guaranty, and/or have other 44 1 members or third parties personally guaranty, such member’s payment and performance 45 obligations under this agreement.performance

Liquidated Damages Security. The Board may require that a member that has two or more 40 NOAA fishing regulation violations, or which has breached this agreement or another sector’s 41 operations plan on two or more occasions, post a bond or obtain a letter of credit securing such 42 member’s payment and performance obligations under this agreement in such amounts as the 43 Board deems appropriate, or may require such member to personally guaranty, and/or have other 44 members or third parties personally guaranty, such member’s payment and performance 45 obligations under this agreement.

Liquidated Damages Security. The Board may require that a member that has two or more 40 20 NOAA fishing regulation violations, or which has breached this agreement or another sector’s 41 21 operations plan on two or more occasions, post a bond or obtain a letter of credit securing such 42 22 member’s payment and performance obligations under this agreement in such amounts as the 43 23 Board deems appropriate, or may require such member to personally guaranty, and/or have other 44 24 members or third parties personally guaranty, such member’s payment and performance 45 25 obligations under this agreement.