VALIDITY OF PERFORMANCE SECURITY Sample Clauses

VALIDITY OF PERFORMANCE SECURITY. The Performance Security shall be valid until a date 28 days after the date of issue of the Defects Liability Certificate. The security shall be returned to the Contractor within 14 days of expiration. Add The Resident Engineer shall provide a 28days Notice to the Contractor informing him of the early expiry of his Performance Security. Upon receipt of such a Notice the Contractor shall before lapse of 14days extend the Performance security and provide evidence of such an extension to the Resident Engineer. Failure by the contractor to renew his performance Security 7days to its expiry the resident Engineer will Request the Engineer to redeem it. Such a request shall be handled immediately and the performance security recovered. SUB CLAUSE 10. 3 - CLAIMS UNDER PERFORMANCE SECURITY Delete the entire sub-clause 10.3. The Employer shall be at liberty to claim part or the entire performance Security without informing or notifying the Contractor provided that the conditions neccesitating the claim are contractual. ADD NEW SUBCLAUSE; ‘SUBCLAUSE 10. 4 - COST OF PERFORMANCE SECURITY The cost of complying with the requirements of this clause shall be borne by the Contractor.’ SUB CLAUSE 11. 1 - INSPECTION OF SITE In line 17 after “affect his Tender” add “and the Contractor shall be deemed to have based his BID on all the aforementioned” Delete the last paragraph completely and replace with the following: “The Employer in no way guarantees completeness nor accuracy of the soil, materials, subsurface and hydrological information made available to the Contractor at the time of bidding or at any other time during the period of the Contract, and the Contractor shall be responsible for ascertaining for himself all information as aforesaid for the execution of works and his BID shall be deemed to have been priced accordingly. ADD A NEW SUBCLAUSE; ‘SUBCLAUSE 11.2 - ACCESS TO DATA Data made available by the Employer in accordance with Clause 11.1 shall be deemed to include data listed elsewhere in the Contract as open for inspection at the address stipulated in the Appendix to Bid.’
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VALIDITY OF PERFORMANCE SECURITY. The Performance Security shall be valid until a date 28 days after the date of issue of the Defects Liability Certificate. The security shall be returned to the Contractor within 14 days of expiration. SUBCLAUSE 10. 3 - CLAIMS UNDER PERFORMANCE SECURITY Delete the entire sub-clause 10.3.
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VALIDITY OF PERFORMANCE SECURITY. 7.2.2.1 The Performance Security shall remain in full force and effect from the date of its issuance until the expiration of sixty (60) Business Days following the End Date 7.2.2.2 If the Performance Security is scheduled to expire prior to the period specified in Clause 7.2.2.1, then, no less than sixty (60) Business Days prior to the scheduled expiry of the Performance Security, the ISA shall arrange for an extension or replacement of the Performance Security meeting the requirements of this Contract. If the ISA fails to extend or replace the Performance Security within the specified time period, the NHA shall be entitled to encash and appropriate the full value of the Performance Security as Damages and to terminate this Contract
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VALIDITY OF PERFORMANCE SECURITY. The Operator shall provide the Performance Security initially for a period of 5 (five) years; provided that it shall procure a new Performance Security or extend the validity of the Existing Performance Security, in accordance with 9.1.2 and 9.1.3 of this Agreement, at least 2 (two) months prior to the date of expiry thereof. Upon the Operator providing the New Performance Security or an extension to the existing Performance Security, the previous Performance Security shall be released and the Authority shall return the same to the Operator within a period of 7 (seven) business days from the date of submission of the New Performance Security.
Sample 1
VALIDITY OF PERFORMANCE SECURITY. The Performance Security shall be valid until a date 28 days after the date of issue of the Defects Liability Certificate. The security shall be returned to the Contractor within 14 days of expiration. Add The Resident Engineer shall provide a 28days Notice to the Contractor informing him of the early expiry of his Performance Security. Upon receipt of such a Notice the Contractor shall before lapse of 14days extend the Performance security and provide evidence of such an extension to the Resident Engineer. Failure by the contractor to renew his performance Security 7days to its expiry the resident Engineer will Request the Engineer to redeem it. Such a request shall be handled immediately and the performance security recovered.
Sample 1

Related to VALIDITY OF PERFORMANCE SECURITY

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.

  • Appropriation of Performance Security (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default. (ii) Upon such encashment and appropriation from the Performance Security, the Contractor shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Contractor shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate the Agreement in accordance with Article 23. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Contractor shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Contractor’s Default, and in the event of the Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 23.

  • Guaranty of Performance Each Guarantor also guarantees the full, prompt and unconditional performance of all obligations and agreements of every kind owed or hereafter to be owed by the Companies and the Guarantors to Purchasers and Agent under the Purchase Agreement, the Notes, and the other Transaction Documents. Every provision for the benefit of Purchasers and Agent contained in this Guaranty shall apply to the guaranty of performance given in this paragraph.

  • Availability of Performance Order If, and to the extent that, a breach of this contract has been caused by a Relevant Force Majeure Event, the Non-affected Party shall not be entitled to a Performance Order except to secure performance by the Affected Party of its obligations under this Clause 17.

  • Grant of Performance Shares Pursuant to the provisions of (i) the Plan, (ii) the individual Award Agreement governing the grant, and (iii) these Terms and Conditions, the Employee may be entitled to receive Performance Shares. Each Performance Share that becomes payable shall entitle the Employee to receive from the Company one share of the Company's common stock (“Common Stock”) upon the expiration of the Incentive Period, as defined in Section 2, except as provided in Section 13. The actual number of Performance Shares an Employee will receive will be calculated in the manner described in these Terms and Conditions, including Exhibit A, and may be different than the Target Number of Performance Shares set forth in the Award Agreement.

  • Impossibility of Performance The credit union will not be liable for failure to comply with the terms of a wire transfer agreement caused by legal constraint interruption or failure of transmission and/or communications facilities, war, emergency, labor dispute, act of nature, or other circumstances beyond the control of the credit union.

  • Suspension of Performance Notwithstanding any other provision hereof, if an Event of Default or a Potential Event of Default has occurred and is continuing, the Non-Defaulting Party, upon written notice to the Defaulting Party, has the right (i) to suspend performance under any or all Transactions and (ii) to the extent an Event of Default has occurred and is continuing, to exercise any remedy available at law or in equity, except as limited be Section 5.7.

  • Grant of Performance Units Capital One hereby grants to you an award of Units with a Target Award, as indicated on the Grant Notice. The maximum payout for this award is 150% of the Target Award plus accrued dividends pursuant to Section 6. The Units shall vest and the underlying shares of common stock of Capital One, $.01 par value per share (such underlying shares, the “Shares”), shall be issuable only in accordance with the provisions of this Agreement and the Plan.

  • Continuity of Performance In the event of a dispute between the Party and the State, each party will continue to perform its obligations under this Agreement during the resolution of the dispute until this Agreement is terminated in accordance with its terms.

  • Guarantee of Performance Parent hereby guarantees the performance by Acquisition and, after the Effective Time, the Surviving Corporation of its obligations under this Agreement, including but not limited to the Surviving Corporation's obligations under Section 5.13.