Refundment Guarantee Sample Clauses
A Refundment Guarantee clause ensures that a buyer or client is entitled to receive a refund under specified circumstances, such as non-delivery of goods, unsatisfactory services, or breach of contract by the seller. Typically, this clause outlines the conditions under which a refund will be issued, the process for requesting a refund, and any time limits or documentation required. Its core practical function is to protect the interests of the buyer by providing a clear remedy in case the agreed-upon goods or services are not delivered as promised, thereby reducing financial risk and fostering trust in the transaction.
POPULAR SAMPLE Copied 14 times
Refundment Guarantee. As security for the refund of instalments paid by the BUYER to the SELLER prior to delivery of the VESSEL, including interest thereon as set out in ARTICLE X herein, the SELLER will provide the BUYER with an Irrevocable Letter of Refundment Guarantee (the “Refundment Guarantee”) in favour of the BUYER issued by the SELLER’S Bank (hereinafter called the “Refundment Guarantor”) for each instalment of the Contract Price. Each Refundment Guarantee will cover the amount of the relevant instalment, together with interest thereon as set out in ARTICLE X herein, and the receipt of the Refundment Guarantee by the BUYER is a pre-condition to payment by the BUYER of the relevant instalment. Alternatively, the SELLER may provide the BUYER with one Refundment Guarantee issued by the Refundment Guarantor that covers the aggregate amount of 1st, 2nd, 3rd, 4th and 5th instalments together with interest thereon as set out in ARTICLE X herein. This form of Refundment Guarantee would remain a pre-condition to the payment by the BUYER of the first instalment. The Refund Guarantee or Guarantees, as the case may be, will become effective upon receipt of the relevant instalment to which the Refund Guarantee relates by the SELLER and must remain in effect until the earlier of: (1) the VESSEL is delivered to and accepted by the BUYER; (2) a refund of the full amount covered by the Refund Guarantee has been made by the SELLER or the Refund Guarantor; and (3) 180 days after the Delivery Date. The BUYER will not be required to make any further instalment to the SELLER if at any time a Refund Guarantee or Guarantees which was in effect ceases to be in effect. The Refundment Guarantee or Guarantees, as the case may be, shall be substantially in the form of Exhibit “A” attached hereto. If the condition in Article XIX (b) is satisfied, the SELLER will have sixty (60) days from the condition satisfaction date to provide to the BUYER a Refundment Guarantee with respect to the first instalment substantially in the form attached as Exhibit “A” hereto and approved by the Refund Guarantor and the BUYER’S bank. Prior to delivery to the BUYER, the Refundment Guarantee or Guarantees, as the case may be, must be registered with or approved by (only if registration or approval is required) the relevant government agencies pursuant to any legislation in the People’s Republic of China applicable to the provision of such instruments, including The State Administration of Foreign Exchange. However, in ...
Refundment Guarantee. After signing this Contract and in accordance with Paragraph 7 of Article II, the BUILDER shall furnish the BUYER, for the first, second, third and fourth instalments, before the Builder’s receipt of the respective instalment, with a Refund Guarantee from a reputable bank in China or an international insurance company acceptable to the BUYER and the BUYER’s bank for the advance money, in favour of the BUYER, guaranteeing the BUILDER’s refundment to the BUYER, in the form Exhibit A attached hereto. Such Refund Guarantee shall cover the advance money as above referred to plus interest thereon as described in this Article and shall remain in full force and effect from the date of receipt by the BUILDER of the said advance money from the BUYER until (i) receipt by the BUYER of the sum of the advance money aggregated hereby together with interest thereon or (ii) upon acceptance by the BUYER of the delivery of the VESSEL at the BUILDER’s SHIPYARD in accordance with the terms of this Contract, whichever comes earlier and in any such case, the Refundment Guarantee shall be returned to the BUILDER.
Refundment Guarantee. As a condition precedent to the payment of the first instalment and as a security for refund of instalments paid prior to delivery of the VESSEL, the BUILDER shall provide the BUYER before the receipt by the BUILDER of the first instalment with a Refundment Guarantee issued in the form as per Annex A and furnished by the bank nominated by the BUILDER and accepted by the BUYER prior to signing this Contract, in favour of the BUYER. If the BUILDER is required to provide a substitute Refundment Guarantee as stipulated in Sub-clause (3) of Clause 5 of Article XI, the BUYER is entitled to withhold the instalment which become due during this period until the BUILDER provide the substitute Refundment Guarantee. All the expenses in issuing and maintaining the letter of guarantee described in this Paragraph shall be borne by the BUILDER.
Refundment Guarantee. As security for refund of installments including interest prior to delivery of the VESSEL, the BUILDER shall, as provided in Clause 5(a) of this Article, furnish the BUYER with an Irrevocable Letter of Refundment Guarantee in favour of the BUYER issued by Export-Import Bank of Korea, acceptable to the Buyer (hereinafter called the “Refundment Guarantee”) covering the amount of all of the first, second and third installments from the BUYER. The receipt of such Refundment Guarantee is a pre-condition to payment of the first, second and third installments. The Refundment Guarantee shall be in the form of Exhibit “A” attached hereto.