Common use of Payment Security Clause in Contracts

Payment Security. 1. The BUYER shall provide to the SELLER as security for its payment obligations under this Agreement an irrevocable, unconditional, on demand Bank Guarantee from a reputed bank of good standing, acceptable to the SELLER, in favour of SELLER, for an amount specified in Clause 10.4.2 below, in a mutually agreed format, to be in place five (5) days prior to the Start Date.

Payment Security. 1. The BUYER shall provide to the SELLER as security for its payment obligations under this Agreement an irrevocable, unconditional, on demand Bank Guarantee from a reputed bank of good standing, acceptable to the SELLER, in favour favor of SELLER, for an amount specified in Clause Article 10.4.2 below, in a mutually agreed format, to be in place five (5) days prior to the Start Date.