Common use of U S E S Clause in Contracts

U S E S. FIRST: SUBJECT OF THE AGREEMENT To state the terms and conditions through which the bonding scheme will operate in relation with obligations of advance payment, performance, good quality and/or hidden vices and conventional penalties raised from Contracts, Purchase Orders that the Beneficiary executes with his Suppliers, Contractors or Services Providers. The Contractors and Suppliers Master Bond is constituted by the following obligations that may be included, all or some, as the Beneficiary and Principal requires, upon the corresponding Inclusion Endorsements: Bid Offer The offer intending submitted by the Contractor or Supplier will be guaranteed upon each Inclusion Endorsement. Advance Payment The duly investment, partial or total, of all those amounts delivered to the Principal at any time within the effectiveness period executed by said Principal, that as an advance payment by the Beneficiary, will be guaranteed for the amounts of each Inclusion Endorsement, as well as the reimbursement of the amount of money neither invested nor amortized. Performance The delivery of goods, the work performance and/or the fulfillment of the obligations arisen upon the guaranteed contracts, under the conditions and specifications stated in said Contracts or Purchase Orders, as may be the case, executed by and between the Principal and the Beneficiary, referred at the Inclusion Endorsement will be guaranteed and it will be effective according to the non-fulfilled proportion, unless written acceptance by the Bonding Company, specifically at the corresponding Inclusion Endorsement, so that the proportionality means should not operate at those cases where the nature of the guaranteed obligation is clearly non divisible.