Security for Performance of Development Work Sample Clauses

Security for Performance of Development Work. To guarantee compliance with the terms of this Development Agreement, all approved plans for the Development Work, and all applicable laws and regulations, Developer shall furnish the City a letter of credit (or other security acceptable to the City and approved by the Delano City Attorney) in an amount equal to 125% of actual costs for those portions of the Development Work identified on Exhibit E, F, G, H and I as certified to by a registered engineer, which certification is subject to the approval of the City Engineer (the "Security"). This reference to Exhibits E, F, G, H and I is solely to set the value of the Security and does not limit the uses for which the City may draw on the Security. The City may draw on the Security to cure any default under the Development Agreement and/or to reimburse the City for any costs incurred by the City related to the Development Agreement or Development Work. The Security shall be for a term ending upon the completion of and acceptance by the City in writing of the Development Work and any warranties. If the Security is in the form of a letter of credit, the letter of credit shall automatically renew annually unless the City is given notice 45 days prior to expiration that the letter of credit shall not be renewed. Said Security must meet the approval of the Delano City Attorney as to form, substance and issuing bank, and must be available in its entirety to fulfill the obligations of the Developer under this Development Agreement.
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Security for Performance of Development Work. To guaranty compliance with the terms of this Agreement, Developer shall furnish Delano an irrevocable letter of credit or other security deemed acceptable to Delano in an amount equal to 115% of projected costs for the Development Work as certified to by a registered engineer and approved by the City Engineer. This irrevocable letter of credit is hereafter referred to as the “Security.” The Security shall be for a term ending upon the completion of the Development Work by Developer and the acceptance thereof by Delano. In the event that Developer fails to comply with the terms of this Agreement, Delano may draw on the Security in whole or in part without notice by delivering or mailing by certified mail to the issuer as statement identifying the amount of the draw and an attested copy of the City Council resolution authorizing the draw. In addition, if the Development Work is not completed at least 30 days prior to the expiration of the Security, Delano may draw on the Security in the same manner. Delano shall not be under any obligation to cure any breach of the terms of this Agreement with the proceeds from the Security, but may, at Delano’s sole option, cure the breach or retain the proceeds from the Security until Developer cures the breach. In the event the breach is fully cured by Developer, Delano shall then release to Developer such retained draw proceeds, less any expenses incurred by Delano as a result of the breach (including but not limited to engineer’s attorney’s and other consultant fees and costs). If Delano makes a draw on the Security, Developer shall immediately replenish the Security to an amount then sufficient to cure any breach plus 115% of the cost of all Development Work then remaining. Delano may from time to time, and only if Developer is otherwise in compliance with the terms of this Agreement, approve a reduction in the amount of the Security based upon work completed and approved by the City Engineer and the City Council, except that Delano may, at all times, maintain the Security in an amount equal to 115 % of the actual projected costs for all remaining Development Work as determined by the City Engineer and City Council and 15% of the value of Development Work completed.

Related to Security for Performance of Development Work

  • Security for Performance In the event that Exhibit A Section 4 indicates the need for Consultant to provide additional security for performance of its duties under this Agreement, Consultant shall provide such additional security prior to commencement of its Required Services in the form and on the terms prescribed on Exhibit A, or as otherwise prescribed by the City Attorney.

  • Performance of Work by City If the Contractor fails to perform the Work in accordance with the schedule referred to in section 2 above, the City may, in its discretion, in order to bring the project closer to the schedule, perform or cause to be performed some or all of the Work, and doing so shall not waive any of the City’s rights and remedies. Before doing so, the City shall give the Contractor notice of its intention. The Contractor shall reimburse the City for additional costs incurred by the City in exercising its right to perform or cause to be performed some or all of the Work pursuant to this section.

  • Responsibility for Performance Participation in state Centralized Contracts by Authorized Users is permitted upon the following conditions: (i) the responsibility with regard to performance of any contractual obligation, covenant, condition or term thereunder by any Authorized User other than State Agencies shall be borne and is expressly assumed by such Authorized User and not by the State; (ii) a breach of the Contract by any particular Authorized User shall neither constitute nor be deemed a breach of the Contract as a whole which shall remain in full force and effect, and shall not affect the validity of the Contract nor the obligations of the Contractor thereunder respecting non-breaching Authorized Users, whether State or otherwise; (iii) for a breach by an Authorized User other than a State Agency, the State specifically and expressly disclaims any and all liability for such breach; and (iv) each non-state agency Authorized User and Contractor guarantees to save the State, its officers, agents and employees harmless from any liability that may be or is imposed by their failure to perform in accordance with its obligations under the Contract.

  • Performance of Work a. Contractor shall perform all Work in a good and workmanlike manner. Contractor shall maintain sufficient staff and crews to perform all Work in an expeditious manner consistent with the interests of the Park District. Contractor shall promptly notify the Park District immediately in writing: (i) of any information required from the Park District and necessary for Contractor to complete its Work in a timely manner; and (ii) of any Work requested by the Park District or required for the project that is not included in the scope of Work reflected in the Contract Documents. Contractor shall be solely responsible for means and methods selected in performing the Work. Contractor shall supervise all Work so that it is performed in a safe and expeditious manner. Contractor shall be solely responsible for the Work of its employees and its subcontractors’ and suppliers’ employees. Contractor shall keep all documents and information related to the project confidential and, except as required by law, shall not disclose such documents or information to any person or other party except the employees of Contractor and its subcontractors who need such documents or information to perform the Work and complete the project. b. Contractor shall confine all equipment, the storage of materials and the operations of its workers, to limits indicated by law, ordinances, permits, or directions of the Park District and shall not unreasonably encumber the project site with such materials. The project site shall not be utilized for the storage of vehicles, materials, equipment, or fixtures not intended for the Work to be performed. c. Contractor shall notify all utility companies, public and private, as necessary in advance of commencing performance of the Work. The responsibility for moving water lines, gas lines, wire lines, service connections, water and gas meter boxes, water and gas valve boxes, light standards, cable ways, signals and all other utility appurtenances which are within the limits of the proposed construction will be assumed by the Contractor, at no additional compensation. The Contractor shall verify the location of all utilities prior to the start of construction and shall be responsible for the preservation of existing utility installation and the cost of providing precautionary supports, braces, or other equipment to insure against damage to said utility installation. The cost to repair and replace any new or existing utilities damaged will be paid for by the Contractor. d. If Contractor uncovers or discovers any concealed condition differing materially from conditions depicted in the Contract Documents or differing from conditions reasonably anticipated or inherent in the Work, Contractor shall immediately stop the Work and notify the Park District of the condition in writing. The Park District shall then issue written directions. Contractor shall not proceed with the Work until the Park District has issued written directions. The contract time and Contract Sum shall be equitably adjusted if necessitated by such directions of the Park District.

  • Performance of the Work The Contractor shall perform all of the Work required for the complete and prompt execution of everything described or shown in, or reasonably implied from the Contract Documents for the above referenced Project.

  • Performance of Agreement Seller and its Affiliates shall have performed in all material respects all of their covenants, agreements and obligations required by this Agreement to be performed or complied with by them prior to or upon the Closing.

  • PERFORMANCE OF THE CONTRACT II.1.1. The Contractor shall perform the Contract to the highest professional standards. The Contractor shall have sole responsibility for complying with any legal obligations incumbent on him, notably those resulting from employment, tax and social legislation. II.1.2. The Contractor shall have sole responsibility for taking the necessary steps to obtain any permit or licence required for performance of the Contract under the laws and regulations in force at the place where the tasks assigned to him are to be executed. II.1.3. Without prejudice to Article II.3 any reference made to the Contractor’s staff in the Contract shall relate exclusively to individuals involved in the performance of the Contract. II.1.4. The Contractor must ensure that any staff performing the Contract have the professional qualifications and experience required for the execution of the tasks assigned to them. II.1.5. The Contractor shall neither represent the Agency nor behave in any way that would give such an impression. The Contractor shall inform third parties that he does not belong to the European public service. II.1.6. The Contractor shall have sole responsibility for the staff who execute the tasks assigned to him. II.1.7. In the event of disruption resulting from the action of a member of the Contractor's staff working on Agency premises or in the event of the expertise of a member of the Contractor's staff failing to correspond to the profile required by the Contract, the Contractor shall replace him without delay. The Agency shall have the right to request the replacement of any such member of staff, stating its reasons for so doing. Replacement staff must have the necessary qualifications and be capable of performing the Contract under the same contractual conditions. The Contractor shall be responsible for any delay in the execution of the tasks assigned to him resulting from the replacement of staff in accordance with this Article. II.1.8. Should any unforeseen event, action or omission directly or indirectly hamper execution of the tasks, either partially or totally, the Contractor shall immediately and on his own initiative record it and report it to the Agency. The report shall include a description of the problem and an indication of the date on which it started and of the remedial action taken by the Contractor to ensure full compliance with his obligations under the Contract. In such event the Contractor shall give priority to solving the problem rather than determining liability. II.1.9. Should the Contractor fail to perform his obligations under the Contract in accordance with the provisions laid down therein, the Agency may - without prejudice to its right to terminate the Contract - reduce or recover payments in proportion to the scale of the failure. In addition, the Agency may impose penalties or liquidated damages provided for in Article II.16.

  • Performance of the Services In addition to the Common Articles, it is specified that:

  • The Performance Improvement Process (a) The Performance Improvement Process will focus on the risks of non- performance and problem-solving. It may include one or more of the following actions: (1) a requirement that the HSP develop and implement an improvement plan that is acceptable to the LHIN; (2) the conduct of a Review; (3) a revision and amendment of the HSP’s obligations; and (4) an in-year, or year end, adjustment to the Funding, among other possible means of responding to the Performance Factor or improving performance. (b) Any performance improvement process begun under a prior service accountability agreement that was not completed under the prior agreement will continue under this Agreement. Any performance improvement required by a LHIN under a prior service accountability agreement will be deemed to be a requirement of this Agreement until fulfilled or waived by the LHIN.

  • Performance of Agreements Buyer shall have performed in all material respects all of its covenants, agreements and obligations required by this Agreement and each of the other Documents to be performed or complied with by it prior to or upon the Closing Date.

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