Guaranteed Performance definition
Examples of Guaranteed Performance in a sentence
The Supplier hereby warrants and represents that equipment is capable of achieving Minimum Guaranteed Performance as provided in the agreement as per the format attached in agreement for a period of 18 months from the date of shipment of materials or 12 months from the handing over date, whichever comes earlier.
Therefore, commencing upon the applicable Revenue Service Date for each Bridge , TSP shall pay to the Joint Board an amount determined as follows (the “Performance Stipulated Damages”) as deemed compensation to the Joint Board for lost toll revenues from failure to meet the Guaranteed Performance Requirements.
During the Term, O&M Contractor shall perform all maintenance, diagnostics, repair and replacement services, Scheduled Maintenance, and Unscheduled Maintenance necessary to operate and maintain the Project in accordance with the performance standards set forth in Section 4.1(b) and to achieve the Guaranteed Performance, including providing all work, materials, Consumables, items, labor and services specifically identified in, or reasonably inferred from this Agreement, including Exhibit A-1.
TSP acknowledges and agrees that such Performance Stipulated Damages are intended to compensate the Joint Board solely for its damages caused by the failure to meet the Guaranteed Performance Requirements specified in Section 4.10.7.2, and shall not excuse TSP from liability to correct any defects in the TCS or from any other breach of requirements of the Contract Documents.
If the Measured Availability for the PV Plant is equal to or greater than ninety-eight percent (98%) (the “Guaranteed Performance”) for any annual reporting period (or, if shorter, the initial reporting period), then the Guaranteed Performance for the PV Plant shall be deemed satisfied for such period and O&M Contractor shall have no liability to Owner in relation to the Guaranteed Performance for the PV Plant.