Payment Security definition

Payment Security means an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three (3) months’ Rents, tax assessments, and charges, payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement and the payment of all Rents, tax assessments and charges due under this Agreement, the Resolution, or Company’s Basic Agreement, as applicable.

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Payment Security shall have the meaning set forth in Section 4.4.

Payment Security means support for Buyer’s payment obligation as described in Section

Examples of Payment Security in a sentence

• The forms for Performance Security and Advance Payment Security, when required, shall only be completed by the successful tenderer after contract award.

• Subject to the provisions of the Payment Security Requirements Section above, the Payment Security will be returned within ninety (90) days following the expiration of the Term of this Agreement, subject to the satisfactory performance by Company of all terms, conditions, and covenants contained herein.

• Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation.

• If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement.

• If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder.

More Definitions of Payment Security

Payment Security shall have the meaning ascribed thereto in Article 10.4 of this Mechanism” Agreement;

Payment Security means security to guarantee payment to the 9 utility contractor, subcontractors, and suppliers that provide labor, materials, or

Payment Security means the prepayment, Parent Company Guarantee, a guarantee from a guarantor acceptable to the Seller, a bank guarantee or any other financial instrument agreed between the Parties.

Payment Security means security in the form of a bank guarantee as per the format mentioned under Schedule VI, which the Concessionaire shall provide to CoC for the payment of Concession Fee in accordance with Article 6.1.

Payment Security has the meaning ascribed to it in Clause 6.8.

Payment Security means security to guarantee payment for labor and materials under a construction contract. “Performance security” is defined as security to guarantee the performance of a construction contract. Security is usually provided by a contractor in the form of a surety bond.

Payment Security means the form of security required by the terms and conditions of Bid Solicitation documentation to guarantee the payment of labour and materials to be supplied in connection with a Contract, which may include a labour and materials bond;