Common use of Warranty/Guarantee Clause in Contracts

Warranty/Guarantee. Upon the issue of Acceptance Certificate, the Contractor shall (at his cost) provide Enel or Enel Affiliate with a bank guarantee letter for the amount specified in Part A securing the performance of all obligations of the Contractor during the 24 months warranty period. a) be issued by reputable bank of the relevant Country with a minimum rating of BBB- S&P or Baa3 Xxxxx'x; b) have an unconditional and irrevocable character; c) be issued for the benefit of Enel and Enel Affiliate, and d) be payable on first demand by Enel or Enel Affiliate submitting a written statement to the issuing bank stating that the Contractor has failed to fulfil its obligations under the Contract.

Warranty/Guarantee. Upon the issue of Acceptance Certificate, the Contractor shall (at his cost) provide Enel or Enel Affiliate with a bank guarantee letter for the amount specified in Part A of the relevant DDO securing the performance of all obligations of the Contractor during the 24 months warranty period. a) be issued by reputable bank of the relevant Country with a minimum rating of BBB- S&P or Baa3 Xxxxx'x; b) have an unconditional and irrevocable character; c) be issued for the benefit of Enel and Enel Affiliate, and d) be payable on first demand by Enel or Enel Affiliate submitting a written statement to the issuing bank stating that the Contractor has failed to fulfil its obligations under the Contract.