Performance Security Requirements Sample Clauses

Performance Security Requirements. Such surety may be provided by one of the following forms and conditioned upon faithful performance and satisfactory completion of services by Contractor.
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Performance Security Requirements. 13.3.1 Contractor shall furnish to County within ten (10) days after Contractor’s execution of this Agreement, and in all events prior to the commencement of the Term of this Agreement, an irrevocable Letter of Credit (LOC) for the County of Los Angeles in the amount of $200,000 (United States currency), and shall be drawn on an institution licensed to transact business in the State of California. Such LOC shall be in the form and substance satisfactory to County’s Risk Manager, or County’s Treasurer and Tax Collector, as applicable. Such LOC shall be maintained by County in full force and effect until released by County’s Risk Manager upon the County Project Director’s written determination that Contractor shall have fully performed all of its obligations under this Agreement as evidenced by Contractor’s receipt of Acceptance from County as defined in the Agreement, Paragraph 5.7. Any modification, extension or termination of this Agreement shall in no way release Contractor or any of its sureties from any of their obligations under such LOC. Such LOC shall contain a waiver of notice of any Change Notices, Change Orders and Amendments to this Agreement. 13.3.2 The LOC shall be irrevocable. The LOC shall be drawn on an institution that meets or exceeds the rating standards established by the County’s Treasurer and Tax Collector. If the institution receives more than one rating, the rating considered in the analysis will be the lower rating, if applicable. Questions regarding the current rating standards may be submitted to: Xxxxxx Xxxxxxx Los Angeles County Sheriff Contracts Xxxx 0000 Xxxxxx Xxxxxxxxx, Room 214 Xxxxxxxx Xxxx, Xxxxxxxxxx 00000 Fax: 000-000-0000 The LOC shall be subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, and should be in accordance with the terms thereof. (Reference: xxxx://xxxxxxxxxxx.xxx and California Commercial Code Sections 5101-5118.) 13.3.3 At its sole option, County may accept certificates of deposit, cash deposits, or United States government securities payable to County on demand, in lieu of the LOC to meet this provision. County shall have no responsibility to Contractor to pay any such deposit, and any loss by reason of the failure of any institution issuing such collateral shall be solely the responsibility of Contractor. 13.3.4 Prior to County’s request for payment under the LOC, County shall provide written notice to Contractor of ...
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Performance Security Requirements. The Performance Security Requirements may be provided by one of the following and conditioned upon faithful performance and satisfactory completion of services by the Contractor. 8.25.5.1 Performance Bond: A faithful performance bond in the sum of not less than $500,000.00 payable to the County of Los Angeles and executed by a corporate surety licensed to transact business in the State of California; or 8.25.5.2 Certificate of Deposit (“CD”) or Letter of Credit (“LOC”): A CD or Irrevocable LOC payable to the County upon demand in an amount not less than $500,000.00. Such CD or LOC must comply with minimum criteria and standards established by the County and be maintained throughout the term of the Contract.
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Performance Security Requirements. 6.1 Project Co shall obtain or cause to be obtained and deliver or cause to be delivered to the City, original executed and sealed Bonds, as stipulated in Section 6.4
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Performance Security Requirements. Prior to initiation of this Agreement, the ARTIST agrees that the final payment will be in the amount of $ and will be held until County’s written Acceptance of the Artwork in lieu of providing the COUNTY a surety bond, in a form substantially similar to Attachment E (to this Agreement), which guarantees performance of the contractual obligation to restore the Premises in the event of incomplete performance, and to repair defective work as required in Section 7.19 herein, in the amount of $ . The parties agree that the $ amount shall be subject to reduction, and the difference may be paid to ARTIST before the COUNTY'S Acceptance, upon COUNTY'S determination, in the exercise of its sole discretion, that the work performed is not defective, and the reasonable cost of restoring the Premises as contemplated herein is less than the $ withheld. Should the ARTIST choose to obtain a surety bond, the bond must be duly executed by a solvent surety company which is authorized by the State of California and satisfactory to the COUNTY. The bond shall be in an amount of not less than 100% of the contract price, and shall be signed by both the ARTIST and the Surety. This bond shall be maintained by the ARTIST in full force and effect during this Agreement and for a period of one year from the date of the COUNTY’s Acceptance. If the amount set forth above is less than the amount the COUNTY will retain prior to Acceptance, then the COUNTY may waive the requirement for the surety bond. Should the surety become insufficient, the ARTIST xxxx xxxxx said bond with good and sufficient surety within ten (10) days after receiving notice from the COUNTY that the surety is insufficient. Should the surety be deemed unsatisfactory at any time by the COUNTY, notice will be given to the ARTIST to that effect, and the ARTIST will forthwith substitute a new surety satisfactory to the COUNTY. No further payment shall be deemed due or will be made under this Agreement until bond and new surety is accepted by the COUNTY.
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Performance Security Requirements. (a) Each Performance Security: (i) must be issued by a surety or an insurance company that is authorized to issue bonds in the State and is rated in the top 2 categories by 2 of the 3 Rating Agencies or at least A-: VIII or better according to A.M. Best’s Financial Strength Rating and Financial Size Category; and (ii) will name MDOT a permitted assignee or transferee beneficiary (as applicable), with rights to draw upon or exercise other remedies thereunder if MDOT succeeds to the position of Project Company. (b) Project Company agrees that it may not seek an injunction to restrain MDOT from calling upon any Performance Security. (c) Unless otherwise specified in this Agreement, a draw on the Performance Security or exercise of any rights thereunder will not be conditioned on prior resort to any other security of, or provided for the benefit of, Project Company. (d) If MDOT receives proceeds of a draw on the Performance Security in excess of the relevant obligation, MDOT will promptly refund the excess to Project Company (or to its designee) after all relevant obligations are satisfied in full. (e) Project Company will obtain and furnish, or cause to be obtained and furnished, all Performance Security (including replacements) at no additional cost to MDOT aside from any cost included in the Financial Model, and will pay all charges imposed in connection with MDOT’s presentment of sight drafts and drawing against any Performance Security or replacements thereof.
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Related to Performance Security Requirements

  • Security Requirements 7.1 The Authority will review the Contractor’s Security Plan when submitted by the Contractor in accordance with the Schedule (Security Requirements and Plan) and at least annually thereafter.

  • Data Security Requirements Without limiting Contractor’s obligation of confidentiality as further described in this Contract, Contractor must establish, maintain, and enforce a data privacy program and an information and cyber security program, including safety, physical, and technical security and resiliency policies and procedures, that comply with the requirements set forth in this Contract and, to the extent such programs are consistent with and not less protective than the requirements set forth in this Contract and are at least equal to applicable best industry practices and standards (NIST 800-53).

  • Accessibility Requirements Under Tex. Gov’t Code Chapter 2054, Subchapter M, and implementing rules of the Texas Department of Information Resources, the System Agency must procure Products and services that comply with the Accessibility Standards when those Products are available in the commercial marketplace or when those Products are developed in response to a procurement solicitation. Accordingly, Grantee must provide electronic and information resources and associated Product documentation and technical support that comply with the Accessibility Standards.

  • Eligibility Requirements The Trustee hereunder shall at all times (i) be a corporation or association having its principal office in a state and city acceptable to the Seller, organized and doing business under the laws of such state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, or shall be a member of a bank holding system, the aggregate combined capital and surplus of which is at least $50,000,000, provided that its separate capital and surplus shall at all times be at least the amount specified in Section 310(a)(2) of the Trust Indenture Act of 1939, (ii) be subject to supervision or examination by federal or state authority and (iii) have a credit rating or be otherwise acceptable to the Rating Agencies such that neither of the Rating Agencies would reduce their respective then current ratings of the Certificates (or have provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.08.

  • Facility Requirements 1. Maintain wheelchair accessibility to program activities according to governing law, including the Americans With Disabilities Act (ADA), as applicable. 2. Provide service site(s) that will promote attainment of Contractor’s program objectives. Arrange the physical environment to support those activities. 3. Decrease program costs when possible by procuring items at no cost from County surplus stores and by accepting delivery of such items by County.

  • Federal Medicaid System Security Requirements Compliance Party shall provide a security plan, risk assessment, and security controls review document within three months of the start date of this Agreement (and update it annually thereafter) in order to support audit compliance with 45 CFR 95.621 subpart F, ADP System Security Requirements and Review Process.

  • Capital and Liquidity Requirements If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Swingline Loans and Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity requirements), by an amount deemed to be material by such Lender or such Issuing Bank, then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered.

  • Child Abuse Reporting Requirements A. Grantees shall comply with child abuse and neglect reporting requirements in Texas Family Code Chapter 261. This section is in addition to and does not supersede any other legal obligation of the Grantee to report child abuse. B. Grantee shall use the Texas Abuse Hotline Website located at xxxxx://xxx.xxxxxxxxxxxxxx.xxx/Login/Default.aspx as required by the System Agency. Grantee shall retain reporting documentation on site and make it available for inspection by the System Agency.

  • Child Abuse Reporting Requirement Grantee will: a. comply with child abuse and neglect reporting requirements in Texas Family Code Chapter 261. This section is in addition to and does not supersede any other legal obligation of the Grantee to report child abuse. b. develop, implement and enforce a written policy that includes at a minimum the System Agency’s Child Abuse Screening, Documenting, and Reporting Policy for Grantees/Providers and train all staff on reporting requirements. c. use the System Agency Child Abuse Reporting Form located at xxxxx://xxx.xxxx.xxxxx.xx.xx/Contact Us/report abuse.asp as required by the System Agency. d. retain reporting documentation on site and make it available for inspection by the System Agency.

  • Quality Requirements Performance Indicator Heading Indicator (specific) Threshold Method of Measurement Frequency of monitoring Consequence of Breach

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