Security for Completion Clause Samples
The 'Security for Completion' clause requires a party, typically a contractor, to provide a financial guarantee or security to ensure that a project or contractual obligation is completed as agreed. This security can take the form of a performance bond, bank guarantee, or retention of funds, and is usually held by the client or project owner until the work is satisfactorily finished. By implementing this clause, the contract protects the client from the risk of non-completion or substandard performance, ensuring that there are financial resources available to remedy any failures or defaults by the contractor.
Security for Completion. Before commencing any proposed alteration, Lessee, if requested by the City, shall furnish to the City security reasonably satisfactory to the City guaranteeing to the City the completion of the proposed alteration within a reasonable time, free and clear of all liens and, if available, all encumbrances, chattel mortgages, conditional bills of sale, security agreements and other claims and charges (other than those, if any, permitted hereunder) and in accordance with any plans and specifications theretofore approved by the City and, if required under any City encumbrance, by the City’s lender.
Security for Completion. After expiration of the withdrawal period provided in Paragraph (5), Developer shall be required to retain sufficient funds in escrow or to provide sufficient security to assure completion of all improvements labeled "must be built" in the Condominium Subdivision Plan.
Security for Completion. Ten percent (10%) of the amount approved under each application for Payment shall be withheld by Landlord until payment is made by Landlord under the final Application for Payment as provided below. Tenant acknowledges that this is not retainage under the mechanic's lien statute. Tenant is not acting as a contractor or an agent for Landlord.
Security for Completion. 1. At the time Permitee is prepared to begin construction of a phase of the Project, Permitee will
(a) place in trust money equal to the total amount of the construction contract for that phase of the Project; (b) submit the surety of individuals or entities to guarantee the availability of sufficient funds to complete that phase of the Project; or (c) provide a combination of moneys held in trust and sureties from individuals or entities, or some alternative form of security satisfactory to the District, that provides assurance of sufficient funds to complete that phase of the Project.
a. Moneys held in trust may be held by a financial institution in an interest bearing account. Moneys held in trust will be used only for payment for the design and construction of the Project.
Security for Completion. (a) The Developer will provide the Construction Receiver with cash collateral in the amount of $535,000 (“Craft Cash Collateral”) on the latest of the date of execution of this Development Contract and the Construction Contract and the date that the Settlement Approval Order is granted. The Construction Receiver shall hold such Craft Cash Collateral in a segregated, interest-bearing, account in the name of the Construction Receiver at Canadian Imperial Bank of Commerce (the “Account”), the same to stand as security for the Developer’s indebtedness, liabilities and obligations to the Owner and/or the Construction Receiver including without limitation the Developer’s performance obligations under the Craft C&D Contracts, and for all costs, expenses, and other damages suffered by the Construction Receiver and/or the estate of UC Leslieville if the Developer defaults thereunder and does not cure such default as required under the applicable Craft C&D Contract (collectively, the “Obligations”). In furtherance thereof, the Developer hereby creates a security interest in favour of the Construction Receiver in the Account, the Craft Cash Collateral and in any and all investments, income and proceeds thereof or derived therefrom, all as security for the Obligations. The Craft Cash Collateral and any interest earned thereon (less any amount properly applied by the Owner or the Construction Receiver in accordance with the terms of the Craft C&D Contracts) will be returned to the Developer as soon as practicable after the date upon which all the following conditions have been satisfied (the date of return of the Craft Cash Collateral being, the “Cash Collateral Release Date”):
(i) at the time of release of the Craft Cash Collateral, there is no default by the Developer under the Craft C&D Contracts (following expiry of all applicable cure periods thereunder);
(ii) the Project attained Total Performance of the Work in accordance with, and as certified under, the Construction Contract;
(iii) all of the Development Services have been completed except for the sale of any remaining Unsold Units, Extra Parking Spaces and/or Extra Storage Spaces at the time the other conditions set out in Sections 6.1(a)(i), 6.1(a)(ii), 6.1(a)(iv) and 6.1(a)(v) have been satisfied;
(iv) all applicable Lien periods have expired without any Liens in respect of the Construction Work having been filed or all Liens filed have been satisfied in full, discharged or vacated (other than any Liens ari...
Security for Completion. After expiration of the Withdrawal Period provided in Paragraph 5, Developer is required to retain sufficient funds in escrow or to provide sufficient security to assure completion of all improvements labeled "Must Be Built" in the Condominium Subdivision Plan. Purchaser hereby acknowledges that all improvements in the Condominium Subdivision Plan are labeled "Need Not Be Built" and no improvements are labeled "Must Be Built", and therefore Developer is not required to retain any monies in Escrow pursuant to this Paragraph. Notwithstanding anything to the contrary provided for herein, ▇▇▇▇▇▇▇▇▇ agrees that the Deposits shall be held by the Escrow Agent and used solely for the purposes related to the construction of the Unit and appurtenant general and limited common elements and shall be released by the Escrow Agent to the Developer or directly to its contractors and/or subcontractors as construction draws pursuant to sworn statements provided by the Developer to Escrow Agent and for no other purpose.
Security for Completion