Project Security. On or before the date of Financial Close for the Project, Seller shall furnish a separate performance and payment bond (the “Bond”) in an amount equal to the total Contract Price and otherwise in form and substance substantially similar to the forms of bond set forth in Attachment 13 (“Form of Performance/Payment Bond”). The Bond shall secure performance by Seller (other than for the portion of the Work constituting design services and any warranty and Performance Guarantees) of all of its obligations under this Contract to cause Unit #2 to achieve Substantial Completion as provided in Article 10 herein and shall also secure payment by Seller of each Subcontractor performing work with respect to Unit #2. The Bond applicable to Unit #2 shall only secure performance with respect to Unit #2. The Contract Price includes * dollars ($*) in respect of this Bond. If Seller is unable to obtain or maintain the Bond, then Purchaser may terminate this Contract in whole or in part for such inability by Seller pursuant to this Article 3 and such termination shall be Purchaser’s sole remedy in such event. If Purchaser terminates this Contract pursuant to this Article 3, then Purchaser shall also be entitled to terminate all of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder. If Purchaser terminates any of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder, then Purchaser shall also be entitled to terminate this Contract pursuant to Article 3 hereunder. At any time following the Unit Installation Completion Date, Purchaser may direct or approve, by written notice to Seller, a reduction in amount or termination of the Bond for Unit #2 so as to
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Project Security. On or before the date of Financial Close for the Project, Seller shall furnish a separate performance and payment bond (the “Bond”) in an amount equal to the total Contract Price and otherwise in form and substance substantially similar to the forms of bond set forth in Attachment 13 (“Form of Performance/Payment Bond”). The Bond shall secure performance by Seller (other than for the portion of the Work constituting design services and any warranty and Performance Guarantees) of all of its obligations under this Contract to cause Unit #2 1 to achieve Substantial Completion as provided in Article 10 herein and shall also secure payment by Seller of each Subcontractor performing work with respect to Unit #21. The Bond applicable to Unit #2 1 shall only secure performance with respect to Unit #21. The Contract Price includes * dollars ($*) in respect of this Bond. If Seller is unable to obtain or maintain the Bond, then Purchaser may terminate this Contract in whole or in part for such inability by Seller pursuant to this Article 3 and such termination shall be Purchaser’s sole remedy in such event. If Purchaser terminates this Contract pursuant to this Article 3, then Purchaser shall also be entitled to terminate all of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder. If Purchaser terminates any of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder, then Purchaser shall also be entitled to terminate this Contract pursuant to Article 3 hereunder. At any time following the Unit Installation Completion Date, Purchaser may direct or approve, by written notice to Seller, a reduction in amount or termination of the Bond for Unit #2 1 so as to
Appears in 1 contract
Project Security. On or before the date of Financial Close for the Project, Seller shall furnish a separate performance and payment bond (the “Bond”) in an amount equal to the total Contract Price and otherwise in form and substance substantially similar to the forms of bond set forth in Attachment 13 (“Form of Performance/Payment Bond”). The Bond shall secure performance by Seller (other than for the portion of the Work constituting design services and any warranty and Performance Guarantees) of all of its obligations under this Contract to cause Unit #2 1 to achieve Substantial Completion as provided in Article 10 herein and shall also secure payment by Seller of each Subcontractor performing work with respect to Unit #21. The Bond applicable to Unit #2 1 shall only secure performance with respect to Unit #21. The Contract Price includes * dollars ($*) in respect of this Bond. If Seller is unable to obtain or maintain the Bond, then Purchaser may terminate this Contract in whole or in part for such inability by Seller pursuant to this Article 3 and such termination shall be Purchaser’s sole remedy in such event. If Purchaser terminates this Contract pursuant to this Article 3, then Purchaser shall also be entitled to terminate all of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder. If Purchaser terminates any of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder, then Purchaser shall also be entitled to terminate this Contract pursuant to Article 3 hereunder. At any time following the Unit Installation Completion Date, Purchaser may direct or approve, by written notice to Seller, a reduction in amount or termination of the Bond for Unit #2 1 so as toto facilitate the issuance or enhancement of performance security provided by or on behalf of Seller under the other Multi-Hearth Furnace Contracts. Any termination of this Contract by Purchaser under this Article 3 shall be effective upon receipt by Seller of written notice thereof. Upon receipt of such termination notice, Seller shall cease (and not merely suspend) performance of the Work. In the event of termination under this Article 3, Seller shall be entitled to the following payments:
Appears in 1 contract
Project Security. On or before the date of Financial Close for the Project, Seller shall furnish a separate performance and payment bond (the “Bond”) in an amount equal to the total Contract Price and otherwise in form and substance substantially similar to the forms of bond set forth in Attachment 13 (“Form of Performance/Payment Bond”). The Bond shall secure performance by Seller (other than for the portion of the Work constituting design services and any warranty and Performance Guarantees) of all of its obligations under this Contract to cause Unit #2 to achieve Substantial Completion as provided in Article 10 herein and shall also secure payment by Seller of each Subcontractor performing work with respect to Unit #2. The Bond applicable to Unit #2 shall only secure performance with respect to Unit #2. The Contract Price includes * dollars ($*) in respect of this Bond. If Seller is unable to obtain or maintain the Bond, then Purchaser may terminate this Contract in whole or in part for such inability by Seller pursuant to this Article 3 and such termination shall be Purchaser’s sole remedy in such event. If Purchaser terminates this Contract pursuant to this Article 3, then Purchaser shall also be entitled to terminate all of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder. If Purchaser terminates any of the other Multi-Hearth Furnace Contracts pursuant to Article 3 thereunder, then Purchaser shall also be entitled to terminate this Contract pursuant to Article 3 hereunder. At any time following the Unit Installation Completion Date, Purchaser may direct or approve, by written notice to Seller, a reduction in amount or termination of the Bond for Unit #2 so as toto facilitate the issuance or enhancement of performance security provided by or on behalf of Seller under the other Multi-Hearth Furnace Contracts. Any termination of this Contract by Purchaser under this Article 3 shall be effective upon receipt by Seller of written notice thereof. Upon receipt of such termination notice, Seller shall cease (and not merely suspend) performance of the Work. In the event of termination under this Article 3, Seller shall be entitled to the following payments:
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