Penal sum definition

Penal sum means a sum to be paid as a penalty especially under the terms of a bond.
Sample 1Sample 2Sample 3
Penal sum or “penal amount” means the amount of money specified in a bond (or a percentage of the bid price in a bid bond) as the maximum payment for which the surety is obligated or the amount of security required to be pledged to the Government in lieu of a corporate or individual surety for the bond.
Sample 1Sample 2Sample 3
Penal sum. The amount in which a bond is issued is called the “penal sum,” or the “penalty amount,” of the bond.
Sample 1Sample 2

Examples of Penal sum in a sentence

  • Signature and seal of the Guarantors [name of bank or financial institution] [address] [date] BID SECURITY (Bank Guarantee) Security Executed on (Date) Name of Surety (Bank) with Address: (Scheduled Bank in Pakistan) Name of Principal (Bidder) with Address Penal Sum of Security Rupees.

  • Security Executed on (Date) Name of Surety (Bank) with Address: (Scheduled Bank in Pakistan) Name of Principal (Bidder) with Address Penal Sum of Security Rupees.

  • All actions and decisions made pursuant to this Alcohol and Drug Policy shall further be subject to a "just cause" standard, and to the parties' grievance and arbitration procedure.

  • Penal Sum of Bond (express in words and figures): Click or tap here to enter text.

  • If this form is used to reinsure a bid bond, the "Penal Sum of Bond" and "Amount of this Reinsurance" may be expressed as percentage of the bid provided the actual amounts will not exceed the companies' respective underwriting limitations.

  • If a Component Change Order is authorized, the CMR shall furnish said bonds (or a corresponding increase in the Penal Sum of said bonds) concurrent with each Component Change Order.

  • If a Component Change Order is authorized, the CM/GC shall furnish said bonds (or a corresponding increase in the Penal Sum of said bonds) concurrent with each Component Change Order.

  • Contract Number: KNOW ALL MEN BY THESE PRESENTS, that we, the Principal named above and Surety named above, are held and firmly bound unto the Obligees named above in the Penal Sum of this Performance Bond stated above, for the payment of which Penal Sum we bind ourselves, our heirs, executors, administrators, personal representatives, successors, and assigns, jointly and severally, firmly by these presents.

  • Whereby, Xxxxxxx has agreed to make an advance payment (the “Advance Payment”) to Principal of future sums due to Principal under the Contract in the amount of the Penal Sum in exchange for this Advance Payment Bond (the “Bond”) and Principal’s promise to perform its obligations under the Contract.

  • Signature and seal of the Guarantors [name of bank or financial institution] [address] [date] BID SECURITY (Bank Guarantee) Security Executed on (Date) Name of Surety (Bank) with Address: (Scheduled Bank in Pakistan) Name of Principal (Bidder) with Address _ Penal Sum of Security Rupees.


More Definitions of Penal sum

Penal sum as used in this Agreement, shall mean the sum of the Fees plus the estimated cost to install and warrant the Improvements, as such Fees and costs are set forth under the "RECITALS" of this Agreement.
Sample 1
Penal sum means the Initial Bond Penal Sum or the INI Current Penal Sum, as applicable. Any proceeds received by TETRA in excess of the amount so utilized shall be maintained by TETRA in escrow and such funds shall be used exclusively to pay for the performance of the Abandonment Obligations, and shall be treated as replacement security for a portion of the Initial Bonds as provided in Section III.7.
Sample 1
Penal sum means the Original Stage 1 Permanent Bond Penal Sum or the Current Stage 1 Permanent Bond Penal Sum, as appropriate.
Sample 1

Related to Penal sum

  • Provisional Sum means a sum (if any) which is specified in the Contract as a provisional sum, for the execution of any part of the Works or for the supply of Plant, Materials or services under Sub-Clause 13.5 [Provisional Sums].

  • Principal Sum means the Maximum Benefit.

  • Late Charge shall have the meaning set forth in Section 13.09 hereof.

  • LATE CHARGES All invoices are due and payable upon receipt. Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent (1%) per month financing charge on any unpaid balance but only to the extent permitted by law.

  • Default Interest means interest chargeable in terms of this Agreement to unpaid amounts or outstanding obligations which interest shall be calculated, from the due date until date of payment, on a daily balance and compounded monthly in arrear at an annual rate of two percent (2%) above the prevailing, variable prime rate publicly quoted by ABSA Bank Limited from time to time.

  • Additional Sums has the meaning specified in Section 10.6 of the Indenture.

  • Penalty means the amount payable by the Transport Supplier in the event of breach of contract as stated in clause 1.14 of Annexure-A which shall be at a rate of the pro-rata fixed charge per day. Penalty shall be levied irrespective of whether such breach resulted in a shut down or otherwise.

  • Cancellation Costs means costs and liabilities incurred in connection with: (a) cancellation of supplier and contractor written orders and agreements entered into to design, construct and install Attachment Facilities, Direct Assignment Facilities and/or Customer-Funded Upgrades, and/or (b) completion of some or all of the required Attachment Facilities, Direct Assignment Facilities and/or Customer-Funded Upgrades, or specific unfinished portions and/or removal of any or all of such facilities which have been installed, to the extent required for the Transmission Provider and/or Transmission Owner(s) to perform their respective obligations under Tariff, Part IV and/or Part VI.

  • Overdue Payment shall have the meaning specified in Section 4.03(a).

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

  • Payments of Principal and Interest Payments of Principal and Interest. Promptly after each Regular Record Date, the Trustee will deliver to the Company and DTC a written notice specifying by CUSIP number the amount of interest, if any, to be paid on each Global Note on the following Interest Payment Date (other than an Interest Payment Date coinciding with a Maturity Date) and the total of such amounts. DTC will confirm the amount payable on each Global Note on such Interest Payment Date by reference to the daily bond reports published by Standard & Poor's. On such Interest Payment Date, the Company will pay to the Trustee, and the Trustee in turn will pay to DTC, such total amount of interest due (other than on the Maturity Date), at the times and in the manner set forth below under "Manner of Payment". If any Interest Payment Date for any Note is not a Business Day, the payment due on such day shall be made on the next succeeding Business Day and no interest shall accrue on such payment for the period from and after such Interest Payment Date.

  • Late Payment means any amount that is due and payable by law under a written procurement contract, without deferral, delay, or set-off under COMAR 21.02.07.03, and remains unpaid more than 45 days after an agency receives a Proper Invoice.

  • Deposit Premium means a provisional premium which is agreed upon in the event of it being impossible at the due date of the premium to determine the exact premium, and which represents a reasonable estimate of the premium;

  • Interest Subsidy Payments means payments, designated as such, consisting of interest subsidies by the Department in respect of the Trust Student Loans to the Eligible Lender Trustee on behalf of the Trust in accordance with the Higher Education Act.

  • Penalties means the amounts to be deducted from payments

  • Delay Liquidated Damages has the meaning set forth in Section 13.1.

  • Non-Cash Charges has the meaning specified in the definition of the term “Consolidated EBITDA”.

  • Cancellation Fee is an Individual Charge to an Attendee for a reservation cancellation or “no show” or for early and unauthorized check-out. The Contractor may not charge any Cancellation Fee to an Attendee scheduled to participate in that part of a Program terminated pursuant to the termination for cause provision set forth in Exhibit A.

  • Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

  • Default Fee means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 3.50% above the Alternate Base Rate.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.

  • Overdue Scheduled Payment means any Scheduled Payment which is not in fact received by the Subordination Agent within five days after the Scheduled Payment Date relating thereto.

  • Yield Maintenance Premium means the amount (if any) which, when added to the remaining principal amount of this Note, will be sufficient to purchase U.S. Obligations providing the required Scheduled Defeasance Payments; and

  • Default Interest Rate is two percent above the base lending rate of Barclays Bank PLC, as varied from time to time;