Operational Performance Security Sample Clauses

Operational Performance Security. The Parties expressly agree that upon release of Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for a like amount shall be deemed to be created under this clause 9.4, as if it is a Performance Security under clause 9.1 for and in respect of the entire Contract Period (the “Operational Performance Security”). The operational Performance Security shall be unconditional and irrevocable, and shall be equal to 2.5% of half yearly Total Payment due and payable by MCGM to the Concessionaire, and shall renewed annually or based on Lenders request and MCGM shall be entitled to enforce the Operational Performance Security by making a deduction from the amounts due and payable by it to the Concessionaire in accordance with the provisions of Clause 9.5.
Sample 1
AutoNDA by SimpleDocs
Operational Performance Security. The Parties expressly agree that upon release of Performance Security in accordance with the provisions of Article 9.3, the Concessionaire shall submit to NMMC an irrevocable and unconditional guarantee from a scheduled bank located in Navi Mumbai or endorsed by a branch of Bank located in Navi Mumbai and having a validity period until the expiry of the Contract Period in order to secure the Concessionaire’s obligations with respect to operation and maintenance of the Project (the “Operational Performance Security”). The Operational Performance Security shall be unconditional and irrevocable and shall be equal to 2.5% (two point five per cent) of the sum of Total Monthly Charge multiplied by 6 (six). NMMC shall be entitled to enforce the Operational Performance Security in accordance with Article 9.5 below.
Sample 1

Related to Operational Performance Security

  • Performance Security If our Tender is accepted, we commit to obtain a performance security in accordance with the Tendering document;

  • Ongoing Performance Measures The Department intends to use performance-reporting tools in order to measure the performance of Contractor(s). These tools will include the Contractor Performance Survey (Exhibit H), to be completed by Customers on a quarterly basis. Such measures will allow the Department to better track Vendor performance through the term of the Contract(s) and ensure that Contractor(s) consistently provide quality services to the State and its Customers. The Department reserves the right to modify the Contractor Performance Survey document and introduce additional performance-reporting tools as they are developed, including online tools (e.g. tools within MFMP or on the Department's website).

  • Annual Performance Review The Employee’s performance of his duties under this Agreement shall be reviewed by the Board of Directors or a committee of the Board of Directors at least annually and finalized within thirty (30) days of the receipt of the annual audited financial statements. The Board of Directors or a committee of the Board of Directors shall additionally review the base salary, bonus and benefits provided to the Employee under this Agreement and may, in their discretion, adjust the same, as outlined in Addendum B of this Agreement, provided, however, that Employee’s annual base salary shall not be less than the base salary set forth in Section 4(A) hereof.

  • Quarterly Contractor Performance Reporting Customers shall complete a Contractor Performance Survey (Exhibit I) for each Contractor on a Quarterly basis. Customers will electronically submit the completed Contractor Performance Survey(s) to the Department Contract Manager no later than the due date indicated in Contract Exhibit D, Section 17, Additional Special Contract Conditions. The completed Contractor Performance Survey(s) will be used by the Department as a performance-reporting tool to measure the performance of Contractors. The Department reserves the right to modify the Contractor Performance Survey document and introduce additional performance-reporting tools as they are developed, including online tools (e.g. tools within MyFloridaMarketPlace or on the Department's website).

  • Performance Management 17.1 The Contractor will appoint a suitable Account Manager to liaise with the Authority’s Strategic Contract Manager. Any/all changes to the terms and conditions of the Agreement will be agreed in writing between the Authority’s Strategic Contract Manager and the Contractor’s appointed representative.

  • Performance Monitoring A. Performance Monitoring of Subrecipient by County, State of California and/or HUD shall consist of requested and/or required written reporting, as well as onsite monitoring by County, State of California or HUD representatives.

  • Acceptance/Performance Test 4.7.1 Prior to synchronization of the Power Project, the SPD shall be required to get the Project certified for the requisite acceptance/performance test as may be laid down by Central Electricity Authority or an agency identified by the central government to carry out testing and certification for the solar power projects.

  • PERFORMANCE OUTCOMES 8 A. CONTRACTOR shall achieve performance objectives, tracking and reporting Performance 9 Outcome Objective statistics in monthly programmatic reports, as appropriate. ADMINISTRATOR 10 recognizes that alterations may be necessary to the following services to meet the objectives, and,

  • 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.

  • Performance Standards The Contractor agrees to perform all tasks and provide deliverables as set forth in the Contract. The Department and the Customer will be entitled at all times, upon request, to be advised as to the status of work being done by the Contractor and of the details thereof.

Time is Money Join Law Insider Premium to draft better contracts faster.