Defects Liability Security definition

Defects Liability Security means an on-demand performance bond for the Warranty Periods in the form substantially the same as the form of the Performance Security set out in Attachment A to the Particular Conditions.

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Defects Liability Security means a bank guarantee or insurance guarantee that the Contract Engineer is obliged to provide to the Client in accordance with Clause 15.2.

Defects Liability Security means a Bank Guarantee in the amount specified in Item 16 of Schedule 1.

Examples of Defects Liability Security in a sentence

• Failure to deliver the Defects Liability Security on time shall authorise the Employer to call the entire amount of the Performance Security and keep it as cash deposit in lieu of the Defects Liability Security.

• The Contractor shall deliver the Defects Liability Security within 7 days after the issue of the final Taking Over Certificate for the whole of the Works, in which case the Employer shall return the Performance Security to the Contractor within 7 days of the date of receipt of the Defects Liability Security.

• The Defects Liability Security shall be for the amount of five per cent (5%) of the Contract Price.

• The Defects Liability Security shall be for the amount of 5% (five percent) of the Contract Price.

• The Defects Liability Security will come into force on the first day after the date the Performance Bond expires.

• The Client may use the Defects Liability Security in order to secure or recover any costs or losses in respect of damage it suffers due to an infringement of the contractual obligations by the Contract Engineer.

• The Defects Liability Security will secure, among other things, the proper performance of the obligations of the Contract Engineer in the Warranty Period, payment of contractual penalties, and any claims of the Client against the Contract Engineer in connection with the Agreement.

• Insert period] of the end of the Defects Liability Period if, at that time, the Defects Liability Security or remaining part has not been accessed by the Council in accordance with this Deed and the Developer is not in breach of this Deed.

• If the Contract Engineer does not exercise the right referred to in the preceding sentence, it will be obliged to deliver to the Client an Defects Liability Security on the terms and conditions set out in Clause 15.2. If the Contract Engineer exercises the right referred to above, Clauses 15.3.2 – 15.3.4 will apply.

• The Contractor’s Defects Liability Security will secure, among other things, the proper performance of the obligations of the Contract Engineer in the Contractor’s warranty period, payment of contractual penalties, and any claims of the Client against the Contract Engineer in connection with the Agreement.

More Definitions of Defects Liability Security

Defects Liability Security means Security in the amount of $139,056.40, which is equal to 2.5% of the Agreed Contributions Value of the Works in Kind, indexed quarterly in accordance with the Consumer Price Index (All Groups Sydney) published by the Australian Bureau of Statistics on and from the date of this Agreement.

Defects Liability Security means a Bank Guarantee in the amount specified in Item 5 of the Reference Schedule that relates to the Developer Works (Council).

Defects Liability Security means a Bank Guarantee or other form of security on terms reasonably satisfactory to the Council in the amount of $29,083 indexed in accordance with the ‘Consumer Price Index – Sydney All Groups’ published by the Australian Bureau of Statistics;