Performance Security Deposit (PSD Sample Clauses

Performance Security Deposit (PSD. (a) The PSD has been delivered to BPDB and is required to be maintained in effect until the Commercial Operation Date (COD). If at any time prior to COD the PSD will expire within 30 (thirty) Days and the Company does not extend the period of effectiveness of the PSD for a period of not less than 3 (three) Months, BPDB shall be entitled immediately to encash the PSD in full. (b) The PSD, among other things secures the Company’s obligation to achieve Financial Closing in accordance with the terms of this Agreement. 14.1 Compensation Upon Termination
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Performance Security Deposit (PSD. (i) the Company shall deliver to BPDB the Performance Security Deposit before signing of PPA. (ii) If at any time prior to COD the PSD will expire within thirty (30) Days and the Company does not extend the period of effectiveness of the PSD for a period of not less than three (3) Months, BPDB shall be entitled immediately to encash the PSD in full. The PSD, among other things secures the Company’s obligation to achieve Financial Closing in accordance with the terms of this Agreement (iii) The Performance Security Deposit shall terminate upon the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c) and any undrawn portion of the Performance Security Deposit shall be released and returned to the Company by no later than five (5) Business Days following the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c). The Company shall maintain the Performance Security Deposit at the designated level at all times; provided that the Company may have fifteen (15) Days to replenish the Performance Security Deposit so as to return it to the required level, in the event that BPDB retains or collects funds from the Performance Security Deposit. (iv) The Performance Security Deposit will be encashed by BPDB to satisfy any obligation of the Company hereunder while the Performance Security Deposit is then in effect. The Performance Security shall be forfeited without any notice, demand, or other legal process if the Project Sponsor or the Company fails to achieve the Financial Closing on or before the Required Financial Closing Date or termination of the PPA and IA due to Company Event of Default.
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Performance Security Deposit (PSD. 23.1) The successful tenderer shall deposit required amount as security deposit within twenty days from award of contract / letter of intent or before start of the work for satisfactory completion of work and shall not commence work under the contract before remitting security deposit except as directed by BHEL. 23.2) The total amount of Security Deposit will be 5% of the contract value. 23.3) EMD of the successful bidder can be converted and adjusted against the security deposit. 23.4) The balance amount to make up the required Security Deposit of 5% of the contract value may be accepted in the following forms: i) Local cheques of Scheduled Banks (subject to realization)/ Pay Order/ Demand Draft/ Electronic Fund Transfer in favour of BHEL ii) Bank Guarantee from Scheduled Banks/ Public Financial Institutions as defined in the Companies Act. The Bank Guarantee should be as per format given by BHEL. iii) Fixed Deposit Receipt issued by Scheduled Banks/ Public Financial Institutions as defined in the Companies Act (FDR should be in the name of the Contractor, a/c BHEL) iv) Securities available from Indian Post offices such as National Savings Certificates, Kisan Xxxxx Xxxxxx etc. (held in the name of Contractor furnishing the security and duly endorsed/ hypothecated/ pledged, as applicable, in favour of BHEL) 23.5) Security Deposit shall be valid for the entire period of contract + further claim period of six months (From the date of expiry of contract for successful execution of contract). SD shall be refunded only after the expiry of claim period subject to successful execution of contract. 23.6) The security deposit shall not carry any interest. 23.7) Security deposit shall not be refunded to the contractor except in accordance with the terms of the contract. Security Deposit (SD) furnished by the bidder shall be forfeited/adjusted if: i) The bidder does not commence the work within the period as per LOI / Contract and in case of non- performance of the contract. ii) In case it comes to notice of BHEL at any stage during tendering process / contract period that any of the transporter, has given false / suppressed / forged / fake information. iii) For any deviation from and/or breach of the Tender conditions during execution of the contract. Note: BHEL reserve the right of forfeiture of security deposit in addition to other claims and penalties in the event of the contractor’s failure to fulfil any of the contractual obligations (including liquidation or b...
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Performance Security Deposit (PSD. The Successful tenderer will be required to furnish a Performance Security Deposit (PSD) @ 3% of the value of the Contract or for Rs.12, 000/- which will be valid for a period of 60 days beyond the date of completion of all contractual obligations including warranty obligation within 7 days on receipt of Award Letter to ensure due Performance of the Contract. PSD shall be in the form of (i) Demand Draft in favour of Drawing and Disbursing Officer, Lok Sabha payable at New Delhi (ii) Deposit receipt from a Scheduled/Nationalized Bank in favour of Drawing and Disbursing Officer, Lok Sabha; or
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Performance Security Deposit (PSD a) Performance security deposit (PSD) shall be solicited from all selected bidders except the departments of the State Government and undertakings, corporations, autonomous bodies, registered societies, co-operative societies which are owned or controlled or managed by the State Government and undertakings of the Central Government. However, a performance security declaration shall be taken from them. The State Government may relax the provision of performance security in particular procurement or any class of procurement. b) The amount of performance security shall be 5%of the amount of supply order in case of procurement of goods and services. In case of Small Scale Industries (SSI) of Rajasthan, it shall be 1% of the amount of quantity ordered for supply of goods and in case of sick industries, other than SSI, whose cases are pending before the Board of Industrial and Financial Reconstruction (BIFR), it shall be 2% of the amount of supply order. c) Performance security shall be furnished in any one of the following forms: - a. Bank Draft or Banker‟s Cheque of a scheduled bank; b. National Savings Certificates and any other script/ instrument under National Savings Schemes for promotion of small savings issued by a Post Office in Rajasthan, if the same can be pledged under the relevant rules. They shall be accepted at their surrender value at the time of bid and formally transferred in the name of procuring entity with the approval of Head Post Master; c. Bank guarantee/s of a scheduled bank, in case the amount of PSD is more than 10 lakhs. It shall be got verified from the issuing bank. Other conditions regarding RISL Final Rate Contract for Establishing Smart Classroom (After Pre-bid) bank guarantee shall be same as mentioned in the bidding document for bid security;
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Performance Security Deposit (PSD. 5.1 The transporter shall submit “Performance Security Deposit (PSD) ” in favour of “Bharat Heavy Electricals Limited, Haridwar” within a period of thirty (30) days from award of contract / letter of intent or before start of work (whichever earlier). In case transporter fails to submit required security deposit with in specified time, BHEL may cancel the award of work and forfeit their EMD and get the work done through other source at the risk and cost of the defaulter transporter. 5.2 The rate of Performance Security Deposit will be as below w.r.t. business volume: 5.3 Performance Security Deposit shall be valid for the entire period of contract + further claim period of six (6) months (From the date of expiry of contract for successful execution of contract). PSD will be refunded only after the expiry of claim period subject to successful execution of contract. 5.4 The transporter shall submit the “Performance Security Deposit‟ in any of the following manner:- i. Bank guarantee from schedules bank/public financial institution as defined in companies Act. The bank guarantee should be in the format given at Annexure-N. ii. Pay Order, Demand Draft drawn in favour of M/s “Bharat Heavy Electricals Limited, Haridwar” should be valid for the period as aforesaid. iii. Local Cheque of scheduled banks, subject to realization. In case of bank guarantee, the same shall be caused to be submitted preferably through the issuing bank only and deposited with the Finance Deptt. of BHEL under receipt in duplicate with copy of receipt submitted to CDX. No interest will be payable on EMD and Performance Security Deposit.
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Related to Performance Security Deposit (PSD

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • Performance Deposit Within one Business Day of execution of this Agreement, Purchaser shall pay to Seller by wire transfer a deposit in the amount of Forty Million Dollars ($40,000,000.00) (“Performance Deposit”) to be held by Seller in accordance with this Agreement. In the event that the transactions contemplated by this Agreement are consummated, the Performance Deposit shall be applied to the Purchase Price as set forth in Section 2.5(b) below. In the event this Agreement is terminated, the Performance Deposit plus any interest earned thereon shall be applied in accordance with the provisions of Article X.

  • Security Deposit Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.

  • Security Deposits The Owner hereby grants the Agent power to collect security deposits from the tenants on the Property. Returning said security deposit shall be the responsibility of the: (check one)

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • Additional Security Deposit No additional security deposit shall be required in connection with this Amendment.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

  • Rent and Security Deposit i. Tenant agrees to pay to Landlord for the Leased Premises in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period. ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

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