Common use of Payment Security Clause in Contracts

Payment Security. 13.1 Non- PSU Buyer shall give a security deposit in the form of bank guarantee from Nationalized/Scheduled Commercial Bank (as per format provided in SCHEDULE- E of the COSA) within 15 days from the Date of NOA with a validity of Date of NoA plus 90 days, so as to cover the security of payment against the crude oil supply. The value of this Bank guarantee would be for the value of 1 Lot as per quantity in the Notice of Award . This amount would be calculated considering the crude oil price construct as at Sl. 9 of Schedule G. The applicable Benchmark Crude Oil Price and Exchange Rate would be the average rate for the month preceding the month in which NOA is awarded. 13.2 For subsequent NoAs as and when a tradeable parcel is available will be awarded as per Article 6, ▇▇▇▇▇ has to give security deposit as per article 13.1 if applicable.

Payment Security. 13.1 Non- PSU Buyer shall give a security deposit in the form of bank guarantee from Nationalized/Scheduled Commercial Bank (as per format provided in SCHEDULE- E of the COSA) within 15 days from the Date of NOA with a validity of Date of NoA plus 90 days, so as to cover the security of payment against the crude oil supply. The value of this Bank guarantee would be for the value of 1 Lot as per quantity in the Notification Notice of Award . This amount would be calculated considering the crude oil price construct as at Sl. 9 of Schedule G. The applicable Benchmark Crude Oil Price and Exchange Rate would be the average rate for the month preceding the month in which NOA is awarded. 13.2 For subsequent NoAs as and when a tradeable parcel is available will be awarded as per Article 6, ▇▇▇▇▇ has to give security deposit as per article 13.1 if applicable.

Payment Security. 13.1 Non- PSU Buyer shall give a security deposit in the form of bank guarantee from Nationalized/Scheduled Commercial Bank (as per format provided in SCHEDULE- E of the COSA) within 15 days from the Date of NOA with a validity of Date of NoA plus 90 days, so as to cover the security of payment against the crude oil supply. The value of this Bank guarantee would be for the value of 1 Lot as per the quantity in the Notice of Award Award. This amount would be calculated considering the crude oil price construct as at Sl. 9 of Schedule G. The applicable Benchmark Crude Oil Price and Exchange Rate would be the average rate for the month preceding the month in which NOA is awarded. 13.2 For subsequent NoAs as and when a tradeable parcel is available will be awarded as per Article 6, ▇▇▇▇▇ has to give security deposit as per article 13.1 if applicable.