PERFORMANCE and WARRANTY SECURITY Sample Clauses
PERFORMANCE and WARRANTY SECURITY. 5,1 The Performance Bond submitted by CONTRACTOR shall remain valid until the issuance of the final Certificate of Acceptance. It may be released after the issuance of the Final Certificate of Acceptance subject to conditions mandated by law. It shall be in the form and amount prescribed under the Contract Documents or applicable laws, rules and regulations,
5.2 The CONTRACTOR shall post an additional perfonnance security to cover any cumulative increase of more than ten percent (10%) over the original value of the contract as a result of amendments to order or change orders, extra work orders and supplemental agreements, as the case may be.
5.3 If the CONTRACTOR cannot complete the PROJECT within the period prescribed under Section 4.1, the CONTRACTOR shall cause the extension of the validity of the Performance Security to cover contract time extensions until final acceptance of the PROJECT.
5.4 Until and unless the CONTRACTOR shall have complied with Section 5.2 and/or 5.3 hereof; as the case may be, MIRDC shall withhold all payments due the CONTRACTOR.
5.5 The Performance Security posted in favor ofMIRDC shall be forfeited in the event it is established that CONTRACTOR is in default in any of its obligations under this Agreement,
5.6 The CONTRACTOR shall likewise put a Warranty Security in the form and amount prescribed by law effective for one year reckoned from the date of issuance of the Certificate of Final Acceptance and shall be returned after the lapse of said one-year period.
PERFORMANCE and WARRANTY SECURITY. See Section 1 of this Manual.
PERFORMANCE and WARRANTY SECURITY. Wabtec Passenger Transit division of Westinghouse Air Brake Technologies Corporation is an unincorporated division of Westinghouse Air Brake Technologies Corporation and is the same legal entity as Westinghouse Air Brake Technologies Corporation. In lieu of a parent company guarantee, Contractor represents and warrants that Westinghouse Air Brake Technologies Corporation, as the signatory to this Agreement, is responsible for the obligations, undertakings and liabilities in connection with the Agreement.
PERFORMANCE and WARRANTY SECURITY. 5.1 The Performance Bond submitted by CONTRACTOR shall remain valid until the issuance of the Certificate of Final Acceptance. It may be released after the issuance of the Certificate of Final Acceptance subject to conditions mandated by law. It shall be in the form and amount prescribed under the Contract Documents or applicable laws, rules and regulations. 4
5.2 The CONTRACTOR shall post an additional performance security to cover any cumulative increase of more than ten percent (10%) over the original value of the contract as a result of amendments to order or change orders, exira work orders and
5.3 If the CONTRACTOR cannot complete the PROJECT within the period prescribed under Section 4.1, the CONTRACTOR shall cause the exiension of the validity of the Performance Security to cover contract time extensions until final acceptance of the PROJECT.
5.4 Until and unless the CONTRACTOR shall have complied with Section 5.2 andlor 5.3 hereof: as the case may be, MlRDC shall withhold all payments due the CONTRACTOR.
5.5 The Performance Security posted in favor ofMlRDC shall be forfeited in the event it is established that CONTRACTOR is in default in any of its obligations under this Agreement.
5.6 The CONTRACTOR shall likewise put a Warranty Security in the form and amount prescribed by law effective for one year reckoned from the date of issuance of the Certificate of Final Acceptance and shall be returned after the lapse of said one-year period. ARTICLEVl PAYMENTS
6.1 MlRDC shall, upon a written request of the CONTRACTOR which shall be submitted as a contract document, make an advance payment to the CONTRACTOR in an amount not exceeding fifteen percent (15%) of the total contract price, to be made in lump sum or, at the most, two installments according to a schedule specified in the General Conditions of Contract and other relevant Tender Documents.
6.2 The advance payment shall be made only upon the submission to and acceptance by MlRDC of an irrevocable standby letter of credit of equivalent value from a commercial bank, a bank guarantee or a surety bond callable upon demand, issued by a surety or insurance company duly licensed by the Insurance Commission and confirmed by MlRDC.
6.3 The advance payment shall be repaid by the CONTRACTOR by deducting fifteen percent (15%) from his periodic progress payments or in an amount equal to the percentage of the total contract price used for the advance payment until the amount of advance payment is fully applied.
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PERFORMANCE and WARRANTY SECURITY. Wabtec Passenger Transit division of Westinghouse Air Brake Technologies Corporation is an unincorporated division of Westinghouse Air Brake Technologies Corporation and is the same legal entity as Westinghouse Air Brake Technologies Corporation. In lieu of a parent company guarantee, Contractor represents and warrants that Westinghouse Air Brake Technologies Corporation, as the signatory to this Agreement, is responsible for the obligations, undertakings and liabilities in connection with the Agreement.