Common use of Payment Security Clause in Contracts

Payment Security. a) The Buyer shall at all times from the Start Date till the expiry or termination of this Contract, open and maintain an unconditional, irrevocable bank guarantee in favour of the Sellers, with a bank acceptable to the Sellers, to secure any payments as may be due and payable by the Buyer to the Sellers from time to time under this Contract and in a form acceptable to the Sellers (hereinafter referred to as the "Bank Guarantee” or “BG" or “Payment Security”) and provided at Appendix 3.

Payment Security. (a) The Buyer shall at all times from the Start Date till the expiry or termination of this Contract, open and maintain an unconditional, irrevocable bank Bank guarantee in favour of the Sellers, with a bank acceptable to the Sellers, to secure any payments as may be due and payable by the Buyer to the Sellers from time to time under this Contract and in a form as shown in Exhibit 3 herein and as acceptable to the Sellers (hereinafter referred to as the "Bank Guarantee” or “BG" or “Payment Security”) and provided at Appendix 3).