Common use of VARIABLE PERFORMANCE GUARANTEE Clause in Contracts

VARIABLE PERFORMANCE GUARANTEE. 1.1 Where a Variable Performance Guarantee has been selected, the Guarantor's liability shall be limited during the following periods to diminishing amounts of the Guaranteed Sum as follows: 1.1.1 From and including the date of signing the Performance Guarantee up to and including the date of the interim payment certificate certifying, for the first time, more than 50% of the Contract Sum: R………………………….. (Amount in words ) 1.1.2 From the day following the date of the said interim payment certificate up to and including the Expiry Date, or the date of issue by the Employer's Agent of the Certificate of Completion of the Works, whichever occurs first: R…………………………… (Amount in words ) 1.2 The Employer's Agent and/or the Employer shall advise the Guarantor in writing of the date on which the interim payment certificate certifying, for the first time, more than 50% of the Contract Sum, has been issued and the date on which the Certificate of Completion of the Works has been issued.

VARIABLE PERFORMANCE GUARANTEE. 1.1 1.1. Where a Variable Performance Guarantee has been selected, the Guarantor's ’s liability shall be limited during the following periods to diminishing amounts of the Guaranteed Sum as follows: 1.1.1 1.1.1. From and including the date of signing the Performance Guarantee up to and including the date of the interim payment certificate certifying, for the first time, more than 50% of the Contract Sum: R………………………….. …….………………………… (Amount in words Words ) 1.1.2 1.1.2. From the day following the date of the said interim payment certificate up to and including the Expiry Date, or the date of issue by the Employer's ’s Agent of the Certificate of Completion of the Works, whichever occurs first: R………………………………………………………………………………………………… (Amount in words Words ) 1.2 1.2. The Employer's ’s Agent and/or the Employer shall advise the Guarantor in writing of the date on which the interim payment certificate certifying, for the first time, more than 50% of the Contract Sum, has been issued and the date on which the Certificate of Completion of the Works has been issued.