Common use of SECURITY DEPOSIT / BANKER’S GUARANTEE Clause in Contracts

SECURITY DEPOSIT / BANKER’S GUARANTEE. 11.1 The Institution shall have the option to require the Contractor, for the due and faithful performance of the Contract and the fulfilment of the Contractor’s obligations hereunder, to lodge with the Institution a Security Deposit in the form of an on demand Banker’s Guarantee or such other forms of security (in such form as prescribed by the Institution), equivalent to ten percent (10%) of the Contract Price. 11.2 The Institution shall be entitled to utilise and make payments out of or deductions from the Security Deposit in accordance with the Contract. 11.3 In the event that the Security Deposit provided for in Clause 11.1 is inadequate to fully indemnify or compensate the Institution for any loss, liability, cost, expenses or damage incurred or suffered by the Institution as aforesaid, the Contractor shall, forthwith on demand by or on behalf of the Institution, pay to the Institution all losses, liabilities, costs, expenses (including without limitation, legal fees on a solicitor and own client basis) and/or damages as may be incurred or suffered by the Institution to the extent to which the Security Deposit proves inadequate. 11.4 If, at any time, by virtue of the deduction by the Institution in accordance with Clause 11.2, the Security Deposit falls below the amount stipulated in Clause 11.1, the Contractor shall, forthwith on demand by or on behalf of the Institution, top up the Security Deposit by paying the amount of the shortfall or furnishing an on demand Banker’s Guarantee on terms acceptable to the Institution for the same. 11.5 The Security Deposit shall be refunded without interest to the Contractor with the remaining value after any payments and/or deductions as provided in Clause 11.2, and after the Contract has expired or has been terminated PROVIDED ALWAYS that the Contractor has performed the Contract to the satisfaction of the Institution.

SECURITY DEPOSIT / BANKER’S GUARANTEE. 11.1 The Institution and/or NUHS shall have the option to require the Contractor, for the due and faithful performance of the Contract and the Institution Contract(s) and the fulfilment of the Contractor’s obligations hereunder, to lodge with the Institution and/or NUHS a Security Deposit in the form of an on demand Banker’s Guarantee or such other forms of security (in such form as prescribed by the InstitutionInstitution and/or NUHS), equivalent to ten percent (10%) of the Contract Price. 11.2 The Institution and/or NUHS shall be entitled to utilise and make payments out of or deductions from the Security Deposit in accordance with the ContractContract and the Institution Contract(s). 11.3 In the event that the Security Deposit provided for in Clause 11.1 is inadequate to fully indemnify or compensate the Institution and/or NUHS for any loss, liability, cost, expenses or damage incurred or suffered by the Institution and/or NUHS as aforesaid, the Contractor shall, forthwith on demand by or on behalf of the InstitutionInstitution and/or NUHS, pay to the Institution and/or NUHS all losses, liabilities, costs, expenses (including without limitation, legal fees on a solicitor and own client basis) and/or damages as may be incurred or suffered by the Institution and/or NUHS to the extent to which the Security Deposit proves inadequate. 11.4 If, at any time, by virtue of the deduction by the Institution and/or NUHS in accordance with Clause 11.2, the Security Deposit falls below the amount stipulated in Clause 11.1, the Contractor shall, forthwith on demand by or on behalf of the InstitutionInstitution and/or NUHS, top up the Security Deposit by paying the amount of the shortfall or furnishing an on demand Banker’s Guarantee on terms acceptable to the Institution and/or NUHS for the same. 11.5 The Security Deposit shall be refunded without interest to the Contractor with the remaining value after any payments and/or deductions as provided in Clause 11.2, and after the Institution Contract has expired or has been terminated PROVIDED ALWAYS that the Contractor has performed the Contract and the Institution Contract(s) to the satisfaction of the InstitutionInstitution and NUHS.

SECURITY DEPOSIT / BANKER’S GUARANTEE. 11.1 10.1. The Institution and/or NUHS shall have the option to require the Contractor, for the due and faithful performance of the Contract and the fulfilment of the Contractor’s obligations hereunder, to lodge with the Institution and/or NUHS a Security Deposit in the form of an on on-demand Banker’s Guarantee or such other forms of security (in such form as prescribed by the Institution), Institution and/or NUHS) equivalent to ten percent (10%) of the Contract Price. 11.2 10.2. The Institution and/or NUHS shall be entitled to utilise and make payments out of or deductions from the Security Deposit in accordance with the Contract. 11.3 10.3. In the event that the Security Deposit provided for in Clause 11.1 10.1 is inadequate to fully indemnify or compensate the Institution and/or NUHS for any loss, liability, cost, expenses or damage incurred or suffered by the Institution and/or NUHS as aforesaid, the Contractor shall, forthwith on demand by or on behalf of the InstitutionInstitution and/or NUHS, pay to the Institution and/or NUHS all losses, liabilities, costs, expenses (including without limitation, legal fees on a solicitor and own client basis) and/or damages as may be incurred or suffered by the Institution and/or NUHS to the extent to which the Security Deposit proves inadequate. 11.4 10.4. If, at any time, by virtue of the deduction by the Institution and/or NUHS in accordance with Clause 11.210.2, the Security Deposit falls below the amount stipulated in Clause 11.110.1, the Contractor shall, forthwith on demand by or on behalf of the InstitutionInstitution and/or NUHS, top up the Security Deposit by paying the amount of the shortfall or furnishing an on demand Banker’s Guarantee on terms acceptable to and determined by the Institution and/or NUHS for the same. 11.5 10.5. The Security Deposit shall be refunded without interest to the Contractor with the remaining value after any payments and/or deductions as provided in Clause 11.210.2, and after the Master Contract has expired or has been terminated PROVIDED ALWAYS that the Contractor has performed the Contract to the satisfaction of the InstitutionInstitution and/or NUHS.

SECURITY DEPOSIT / BANKER’S GUARANTEE. 11.1 10.1. The Institution and/or NUHS shall have the option to require the Contractor, for the due and faithful performance of the Contract and Institution Contract and the fulfilment of the Contractor’s obligations hereunder, to lodge with the Institution and/or NUHS a Security Deposit in the form of an on on-demand Banker’s Guarantee or such other forms of security (in such form as prescribed by the Institution), Institution and/or NUHS) equivalent to ten percent (10%) of the Contract Price. 11.2 10.2. The Institution and/or NUHS shall be entitled to utilise and make payments out of or deductions from the Security Deposit in accordance with the Contract and Institution Contract. 11.3 10.3. In the event that the Security Deposit provided for in Clause 11.1 10.1 is inadequate to fully indemnify or compensate the Institution and/or NUHS for any loss, liability, cost, expenses or damage incurred or suffered by the Institution and/or NUHS as aforesaid, the Contractor shall, forthwith on demand by or on behalf of the InstitutionInstitution and/or NUHS, pay to the Institution and/or NUHS all losses, liabilities, costs, expenses (including without limitation, legal fees on a solicitor and own client basis) and/or damages as may be incurred or suffered by the Institution and/or NUHS to the extent to which the Security Deposit proves inadequate. 11.4 10.4. If, at any time, by virtue of the deduction by the Institution and/or NUHS in accordance with Clause 11.210.2, the Security Deposit falls below the amount stipulated in Clause 11.110.1, the Contractor shall, forthwith on demand by or on behalf of the InstitutionInstitution and/or NUHS, top up the Security Deposit by paying the amount of the shortfall or furnishing an on demand Banker’s Guarantee on terms acceptable to and determined by the Institution and/or NUHS for the same. 11.5 10.5. The Security Deposit shall be refunded without interest to the Contractor with the remaining value after any payments and/or deductions as provided in Clause 11.210.2, and after the Institution Contract has expired or has been terminated PROVIDED ALWAYS that the Contractor has performed the Contract and Institution Contract to the satisfaction of the InstitutionInstitution and/or NUHS.

SECURITY DEPOSIT / BANKER’S GUARANTEE. 11.1 The 9.2.1 Nuhs and/ or the Institution shall have the option to require the Contractor, for the due and faithful performance of the Contract and the fulfilment of the Contractor’s obligations hereunder, to lodge with the Institution a Security Deposit security deposit in the form of an on demand Banker’s Guarantee or such other forms of security (in such form as prescribed by NUHS and/or the Institution), ) equivalent to ten percent (10%) of the Contract PricePrice (“Security Deposit”). 11.2 The 9.2.2 the Institution shall be entitled to utilise and make payments out of or deductions from the Security Deposit in accordance with the Contract. 11.3 9.2.3 In the event that the Security Deposit provided for in Clause 11.1 9.2.1 is inadequate to fully indemnify or compensate NUHS and/or the Institution for any loss, liability, cost, expenses or damage incurred or suffered by NUHS and/or the Institution as aforesaid, the Contractor shall, forthwith on demand by or on behalf of NUHS and /or the Institution, pay to NUHS and/ or the Institution all losses, liabilities, costs, expenses (including without limitation, legal fees on a solicitor and own client basis) and/or damages as may be incurred or suffered by NUHS and/or the Institution to the extent to which the Security Deposit proves inadequate. 11.4 9.2.4 If, at any time, by virtue of the deduction by NUHS and/or the Institution in accordance with Clause 11.29.2.2, the Security Deposit falls below the amount stipulated in Clause 11.19.2.1, the Contractor shall, forthwith on demand by or on behalf of NUHS and/or the Institution, top up the Security Deposit by paying the amount of the shortfall or furnishing an on demand Banker’s Guarantee on terms acceptable to NUHS and/or the Institution for the same. 11.5 9.2.5 The Security Deposit shall be refunded without interest to the Contractor with the remaining value after any payments and/or deductions as provided in Clause 11.29.2.1, and after the Contract has Transaction Schedules /Orders have expired or has been terminated PROVIDED ALWAYS that the Contractor has performed the Contract to the satisfaction of NUHS and/or the Institution.