Common use of The type of Security (CL 6 Clause in Contracts

The type of Security (CL 6. .1) The type of security required for the due performance of the Contract shall be restricted to one of the following: Cash deposit of 10 (ten) per centum of the Contract Sum or Performance Guarantee of 10 (ten) per centum of the Contract Sum, issued by a Commercial Bank registered in the Republic of South Africa, Or Performance Guarantee of 10 (ten) per centum of the Contract Sum, issued by an insurance Company registered in terms of the Short-term Insurance Act (Act 53 of 1998). Whenever a Joint Venture constitutes the contracting party (Contractor) to this Contract, the Performance Guarantee shall be issued on behalf of the Joint Venture. The wording of the Performance Guarantee shall be in the form appended in C1.2

The type of Security (CL 6. .1) The type of security required for the due performance of the Contract shall be restricted to one of the following: Cash deposit of 10 (ten) per centum of the Contract Sum or Performance Guarantee of 10 (ten) per centum of the Contract Sum, issued by a Commercial Bank registered in the Republic of South Africa, Or Performance Guarantee of 10 (ten) per centum of the Contract Sum, issued by an insurance Company registered in terms of the Short-term Insurance Act (Act 53 of 1998). Whenever a Joint Venture constitutes the contracting party (Contractor) to this Contract, the Performance Guarantee shall be issued on behalf of the Joint Venture. The wording of the Performance Guarantee shall be in the form appended in C1.2