Retention Bond Sample Clauses

Retention Bond. The Contractor shall deposit with the Purchaser, not later than the date of achievement of the Final Performance Acceptance and in any case prior to the expiry of the Performance Bond, the Retention Bond which shall be furnished by the Contractor, at its own cost, to guarantee the due, faithful and complete performance of its obligations under this Contract during the Defects Liability Period. Notwithstanding any extension of the Defects Liability Period as stated elsewhere in this Contract, the Retention Bond shall remain valid and effective for the full sum of 5% (five per cent) of the Contract Price from the date of the last Final Performance Acceptance until the issuance of the Defects Liability Certificate ("Expiry Date"), provided that in the event of any extension of the Defects Liability Period beyond 12 (twelve) months from the date of last Final Performance Acceptance, the value of the Retention Bond during such extended period shall be reduced to take into account the value of the defective Works which have been replaced or repaired by the Contractor in accordance with Clause 36. Where the validity period of the Retention Bond delivered to the Purchaser pursuant to this Clause shall expire prior to the Expiry Date, the Contractor shall renew and/or extend the validity period of the Retention Bond as and when necessary to ensure that the Retention Bond remains valid and enforceable until the Expiry Date. Should the Contractor fail to provide the Retention Bond in accordance with any provisions of this Clause 29 or the Retention Bond cease to be in force or effect at any time prior to the Expiry Date, then, without prejudice to any other rights the Purchaser may possess, the Purchaser may deduct sums from any monies due or to become due to the Contractor under this Contract up to a total sum equivalent to the amount required to be guaranteed by the Retention Bond. The Purchaser may retain or withhold such sums until such time that a Retention Bond for the remaining period or requisite amount is provided or the Retention Bond is no longer required under the provisions of the Contract.
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Retention Bond. We, understand that under the terms of your Contract (“the Contract”) with (hereinafter called “the ……………………………………………… entered into on ………………………………… you are retaining the sum of €……………………………. (say ) the Contract value by way of the second moiety of retention monies (“the Retention Monies”) and that you are prepared to release the said Retention Monies against a guarantee. In consideration of your releasing the sum of €………………………………….. to the Applicant, we ……………………………………… hereby guarantee the repayment to you on demand of up to €…………………(say ) in the event of the Applicant failing to fulfil the said Contract, provided that your claim hereunder is received in writing at this office accompanied by your signed statement that:-
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Retention Bond. 6.1 The Contractor has provided an on demand bond to the Authority (“Retention Bond”) for the Retention Amount. 6.2 The form of the Retention Bond is set out in schedule 7 of this Deed and shall form a new Schedule 35 to the Project Agreement. 6.3 There shall be added to the Project Agreement a new Clause 45.13 as follows
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Retention Bond. Contractor may reduce the amount of Retainage and/or Punch List Withholding required by this Agreement to the extent Contractor has delivered to Owner one or more irrevocable letters of credit or bank guarantees in a form reasonably acceptable to Owner, issued by a financial institution rated at least "A" by Standard & Poor's Corporation and at least "A2" by Xxxxx'x Investors Service (the "Retention Bond") in an amount equal to the proposed reduction, unless a Parent Guarantee is in place covering the proposed reduction. The Retention Bond may be drawn upon by Owner in U.S. Dollars in the United States of America from time to time for Contractor's failure to perform any of its material obligations under this Agreement or at any time there is less than fourteen (14) days remaining prior to the expiration of such Retention Bond.
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Retention Bond. (a) The Contractor shall, at the time when it submits its first invoice for payment, obtain (at its cost) and provide to t he Employer a Retention Bond, which shall b e in the form o f Annex-H and shall be in the form of an unconditional bank guarantee issued by a first class Pakistan scheduled bank acceptable to the Employer or first class foreign bank acceptable to the Employer. The Retention Bond amount shall be the sum equal to ten percent (10%) of the gross value of the Contractor’s f irst invoice as certified and approved by the Employer, and shall increase progressively to ten percent (10%) of the cumulative gross value of every subsequent invoice as certified and approved by the Employer. (b) Following t he r eceipt by t he C ontractor o f an authenticated copy of t he Taking-Over Certificate for the whole of the Works under Clause 10 of the Contract, the Retention Bond amount shall be reduced to five percent ( 5%) of the cumulative gross value of i nvoices certified and approved by the Employer. (c) The C ontractor s hall e nsure t hat the R etention B ond i s v alid and enforceable until the Contractor has executed and completed the Works (including all Works under Clause 11 (Defects Liability) or Clause 12 (Tests After Completion)), remedied any defects and the Defects Notification Period has expired. If the t erms of t he Retention Bond specify i ts expiry date, and the Contractor has not been entitled to receive the Performance Certificate by the date twenty-eight (28) days prior to the expiry date, the Contractor shall extend the validity of the Retention Bond until the Works as aforesaid have been completed and any defects have been remedied. (d) The Employer shall not make a claim under the Retention Bond, except for amounts to which the Employer is entitled under the Contract in the event of: (i) failure by the Contractor to extend the validity of the Retention Bond as described in paragraph (c) above by the date twenty-eight (28) days prior to the expiry date, in which event the Employer may claim the full amount of the Retention Bond; (ii) failure by the Contractor to pay the Employer an amount due, as either agreed by the Contractor or determined under Clause 2.4 (Employer’s Claims) or Clause 20 (Claims, Disputes a nd Arbitration), within xx xxxx-eight ( 28) da ys after t his agreement or determination; (iii) failure by the Contractor to remedy a default within twenty-eight (28) days after receiving the Employer’s notice requiring the d...
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Related to Retention Bond

  • Payment Bond PURCHASER shall furnish an acceptable payment bond or blanket payment bond to STATE as guarantee for payment for timber. Payment bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. The bonds shall be in an amount at least equal to the value of timber estimated to be removed during a one-month plus 15-day billing period as determined by STATE. In any event, the amount shall not be less than one installment payment as specified in Section 42. Under a payment bond, PURCHASER may remove timber for a 30-day period, after which time, payment becomes due and owing. PURCHASER shall make cash payment within 15 days following the end of the monthly period. Upon payment for timber removed in the monthly period, the payment guarantee may be applied as a guarantee for a subsequent period. A blanket payment bond shall be in an amount at least equal to the value of the timber estimated to be removed from all contracts covered by the blanket payment bond during a one-month plus 15-day billing period as determined by STATE. PURCHASER shall obtain and furnish STATE with a written consent of surety on forms provided by STATE for coverage of any contracts to which the blanket payment bond may apply. In no event shall PURCHASER remove timber with a value greater than the amount of the payment guarantee.

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.

  • 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 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.

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD. 4.2.2 If the Power Producer fails to commission the project on or before Scheduled Commercial Operation Date, GUVNL shall have the right to encash the Performance Bank Guarantee without prejudice to the other rights of the Power Producer under this Agreement as per Article 3.3. 4.2.3 GUVNL shall release the Performance Bank Guarantee upon successful commissioning of full contracted capacity after adjusting Liquidated Damages (if any) as per Article 3.3.

  • Construction Bonds In accordance with 153.54, et. seq. of the Ohio Revised Code, the recipient shall require that each of its Contractors furnish a performance and payment bond in an amount at least equal to 100 percent (100%) of its contract price as security for the faithful performance of its contract;

  • Final Retention Subject to the provisions of this Work Letter, a check for the Final Retention payable jointly to Tenant and Contractor, or directly to Contractor at Landlord’s sole discretion, shall be delivered by Landlord to Tenant within thirty (30) days following the completion of construction of the Improvements, provided that (i) Tenant delivers to Landlord (a) paid invoices for all Improvements and related costs for which the Improvement Allowance is to be dispersed, (b) signed permits for all Improvements completed within the Premises, (c) properly executed unconditional mechanics lien releases in compliance with both California Civil Code Section 8134 and either Section 8136 or Section 8138 from Tenant’s contractor, subcontractors and material suppliers and any other party which has lien rights in connection with the construction of the Improvements, (ii) Landlord has determined that no substandard work exists which adversely affects the mechanical, electrical, plumbing, heating, ventilating and air conditioning, life-safety or other systems of the Building, the curtain wall of the Building, the structure or exterior appearance of the Building, or any other tenant’s use of such other tenant’s leased premises in the Building, (iii) Architect delivers to Landlord a “Certificate of Substantial Completion”, in a form reasonably acceptable to Landlord, certifying that the construction of the Improvements in the Premises has been substantially completed, (iv) Tenant delivers to Landlord a “close-out package” in both paper and electronic forms (including, as-built drawings, and final record CADD files for the associated plans, warranties and guarantees from all contractors, subcontractors and material suppliers, and an independent air balance report); and (v) a certificate of occupancy, a temporary certificate of occupancy or its equivalent is issued to Tenant for the Premises.

  • Replacement Bonds In the event that any Bond is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Bond being herein called a "Special Bond"), the Depositor may so certify to the Trustee and instruct the Trustee to purchase Replacement Bonds which have been selected by the Depositor having a cost and an aggregate principal amount not in excess of the cost and aggregate principal amount of the Special Bonds not so delivered. To be eligible for inclusion in the Trust, the Replacement Bonds which the Depositor selects must: (i) for Trusts containing municipal bonds, yield current interest which is exempt from taxation for federal income tax purposes and, if the Trust is a State Trust, exempt from taxation under the personal income tax law of the particular state involved; (ii) have a fixed maturity or disposition date comparable to the bonds replaced; (iii) be purchased at a price that results in a yield to maturity and in a current return, in each case as of the execution and delivery of the applicable Reference Trust Agreement, which is approximately equivalent to the yield maturity and current return of the Special Bonds which failed to be delivered and for which the Replacement Bonds are substituted; (iv) be purchased within twenty days after delivery of notice of the failed contract to the Trustee or to the Depositor, whichever occurs first and (v) be of comparable credit quality to the Special Bond which failed to be delivered. Any Replacement Bonds received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Bonds deposited hereunder. No such deposit of Replacement Bonds shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement. (25) Article III is hereby amended by adding the following Section 3.19:

  • Construction Bonds, Insurance and Supervision (i) The Recipient shall require that each of its Contractors furnish a performance and payment bond in an amount at least equal to 100 percent (100%) of its contract price as security for the faithful performance of its contract. (ii) The Recipient shall require that each of its construction contractors and each subcontractor maintain during the life of its contract or subcontract appropriate Workers Compensation Insurance, Public Liability, Property Damage and Vehicle Liability Insurance. (iii) The Recipient shall provide and maintain competent and adequate project management covering the supervision and inspection of the development and construction of the Project and bearing the responsibility of ensuring that construction conforms with the approved surveys, plans, profiles, cross sections and specifications and certifying to the OPWC and the Recipient at the completion of construction that construction is in accordance with the approved surveys, plans, profiles, cross sections and specifications or approved amendments thereto.

  • Document Retention The Firm shall maintain for review by Citizens any documentation, receipts, files, invoices and time-keeping records in support of all disbursements for at least three (3) years after the file is closed by the Firm. Additional document retention requirements may be specified in the Firm’s Contract for Legal Services with Citizens. Citizens will not honor fees or expenses associated with audit preparation, proceedings or resolution, unless the expenses are requested and pre-approved by Citizens (i.e. copying services, delivery services, etc.).

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