Examples of Payment Security in a sentence
Such Payment Security will be in a form and with a company acceptable to Authority and licensed to do business in the State.
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.
If such renewal or replacement Payment Security is not provided within thirty (30) days prior to cancellation, Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder.
Unless Company has maintained an agreement similar to this Agreement with Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, Company will provide Authority on or before the Effective Date with acceptable Payment Security.
The forms for Performance Security and Advance Payment Security, when required, shall only be completed by the successful tenderer after contract award.