Performance Guarantee. 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire.
9.4.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee is not provided by the Concessionaire within a period of [90] days prior to expiry of the Performance Security, the Authority may invoke and encash the Performance Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.
Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated Costs.
a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP.
b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee.
c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs.
d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for herein; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed.
e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of thi...
Performance Guarantee. The successful bidder shall furnish performance security 05% of total estimated L.P budget in addition to bid security already deposited by the firm. The performance security shall be deposited in the shape of cash deposit receipt.
Performance Guarantee. (i) The contractor shall also be responsible for performance of work carried out by him for a period of 12 (Twelve) month beyond the completion of work for which performance security has to be furnished by him @ 5%(five percent)of amount of contract. For this purpose contractor has to submit to the department a Bank Guarantee of 5% amount of the value of work done on every running and final bill payable to him. If contractor fails to submit bank guarantee of 5% amount of the xxxxx xxxx, then 5% amount of bill shall be deducted from his running and final bill payment. However, the contractor can get refund of such performance cash security amount deducted if he submits appropriate bank guarantee valid for the period as stated above or 12 (Twelve) month after actual completion. If require, the Commissioner/ Chief Municipal Officer shall ask the contractor to extend the validity period of the Bank Guarantee(s) for such period which he considers it proper and the contractor shall extend the validity period of such Bank Guarantee accordingly. If the contractor fails to extend the period accordingly, the Commissioner/ Chief Municipal Officer shall encash the B.G. before the expiry of the validity period.
(ii) The contractor shall have to carry out all necessary "Rectification" of defects noticed, caused due to any reasons at his own cost within such reasonable period mentioned in such communication notice from the Commissioner/Chief Municipal Officer/ Engineer in Charge to him.
(iii) Failure of the contractor to rectify the defects properly in the given period, it shall be open for the Commissioner/Chief Municipal Officer/Engineer in Charge to get the defect(s) rectified either departmentally or through other agency (without calling any tender /quotation) and recover the actual cost plus 15 % (fifteen percent) of such cost from the contractor from any sum, in any form, and available with the department or can be recovered as "Arrears of Land Revenue"
(iv) After One years of completion of construction, Amount of available performance Bank guarantee shall be returned to the contractor subject to the satisfaction of the Executive Engineer.
Performance Guarantee. Unless otherwise specified in Chapter 2 of the Terms and Conditions of Lease, in entering into this agreement, the Lessee shall deposit cash or submit a Letter of Guarantee issued by a local bank for the amount equivalent to three (3) times of the rent plus the relevant service fees and monthly building and land taxes, to the Lessor as performance guarantee. The above performance guarantee shall be returned after the Lessee has been relieved from all obligations under this agreement. In case of an amendment of this agreement, resulting in an increase of the rent, the Lessee shall submit the performance guarantee to cover the increased amount accordingly.
Performance Guarantee. 6.1. The performance guarantee, delivered by the supplier to the Purchaser pursuant to Annexure “A” (General Conditions) shall be in an amount equal to ten percent (10%) of the “Basic Contract Value” (excluding flexibilities and/or VAT) for one year, (being the Basic Contract Value divided by the number of years in the Basic Frame Contract Period) and shall remain in effect until sixty (60) days after the expiration of the warranty period for the Goods and/or Services, supplied during the “Basic Frame Contract Period”.
6.2. In the event of an extension of the “Basic Frame Contract Period” in accordance with paragraph 2, above, the supplier shall deliver to the Purchaser, within the first fourteen days of the “Extension Period”, an extension of the performance guarantee for an additional period equal to the Extension Period.
6.3. After supply of the last draw order, at the supplier’s request, the Purchaser shall relinquish the performance guarantee, held by it, in exchange for a new performance guarantee, to its satisfaction, in an amount equal to 5% of the value of the actual Goods/Products/Equipment and/or Services supplied under the Order/Contract in the last year, that shall remain in effect until the period mentioned in article 6.1 above.
6.4. Where Purchaser has decided to exercise an option in accordance with Paragraph 2 above and its value exceeds US$ 500,000 or NIS1,700,000 (excluding flexibilities and/or VAT) or its equivalent in NIS (in accordance with the applicable exchange rate, as set forth by the Bank of Israel, on the first working day prior to the date of issuance of the option), the Supplier hereby undertakes to provide to the Purchaser, at Supplier's expense, immediately upon receipt of notice of Purchaser's exercise of the option, a performance guarantee for the due performance of the option, in the form of an unconditional standby letter of credit (the terms of which are set out in Annexure “E1” attached to the Order), to be given by a first class bank or a qualified insurance company approved by the Purchaser, in an amount equal to 10% (excluding flexibilities and/or VAT) of the "Option Value". The performance guarantee shall remain valid 60 days after the expiration of the "Option Period" or 60 days, after the expiration of the warranty period, the latter. Said guarantee shall be amended from time to time to reflect the adjusted option price, due to the issuance of change orders;
Performance Guarantee. The successful tender, here after referred to as the contractor shall pay in the form of “Performance Guarantee” at different rates for different slabs as stated below: For premium, at par and rebate 0 to 12% PG= 0.92% x contract sum applicable for rebate of 12% For rebate of 12.01% P.G. = {0.92% x contract sum applicable for rebate of 12%} + (X) x contract sum where X= percentage rebate quoted more than 12% The Performance Guarantee shall be paid in one of the following forms.
I) Cash (In case guarantee amount is less than Rs.10,000/-
II) Demand Draft (In case guarantee amount is less than Rs.1,00,000/)
III) Government securities
IV) Fixed Deposit Receipts (FDR) of a Schedule Bank.
V) An electronically issued irrevocable bank guarantee bond of any Schedule bank or in the prescribed form given in Appendix. Performance Guarantee is applicable over and above the clause of Security Deposit. Performance Guarantee will have to be paid & shall be valid till the defect liability period or finalization of final bill whichever is later. This deposit will be allowed in the form of I to V as mentioned above and shall be paid within 15 days after receipt of Letter of Acceptance. The Performance BG shall not be accepted in broken period else penalty amounting to Rs. 1000/- per day will be recovered for broken period.
Performance Guarantee. The Design-Builder guarantees that the Plant will meet the performance criteria listed in Exhibit A (the “Performance Guarantee Criteria”) during a performance test conducted and concluded pursuant to the terms hereof not later than ninety (90) Days after the date of Substantial Completion. If there is a performance shortfall, Design-Builder will pay all design and construction costs associated with making the necessary corrections. Design-Builder retains the right to use its sole discretion in determining the method (which shall be in accordance with generally accepted construction and design-build standards of the fuel ethanol industry in the Midwest United States) to remedy any performance related issues.
Performance Guarantee. The Performance Guarantee for the LNG Production Rate is as follows:
Performance Guarantee. To secure the construction, installation, improvement and completion of the Subdivision Improvements, Developer shall furnish to the Town a cash escrow deposited with the Town, a bond in the form approved by the Town or an irrevocable letter of credit in the form attached hereto as Exhibit D in which the Town is designated as the beneficiary (“Performance Guarantee”) in an amount equal to 110% of the cost of the improvements, which cost shall be certified by Developer’s professional engineer licensed in the State of Colorado and approved by the Town. The Performance Guarantee shall be released after the Notice of Construction Acceptance has been provided for the Public Improvements and notice of approval has been provided for the Private Improvements.
