Performance Security definition

Performance Security means monetary guarantee to be furnished by the successful Tenderer for due performance of the contract placed on it. Performance Security is also known as Security Deposit or Performance Bank Guarantee.

Performance Security means the security (or securities, if any) under Sub-Clause 4.2 [Performance Security].

Performance Security means monetary amount or financial guarantee to be furnished by the successful bidder for due performance of the contract placed on it. Performance Security is also known as Security Deposit.

Examples of Performance Security in a sentence

• The letter of award shall request the successful tenderer to furnish the Performance Security within 21 days of the date of the letter.

• We further undertake to indemnify you for any cost, loss or liability incurred by you as a result of our failure to comply with the terms of this Performance Security.

• This Performance Security shall be valid until [insert the date by which the vendor should complete all the services as indicated in the contract].

• Any claims hereunder must be submitted to us not later than the said expiry date, after which date this Performance Security automatically becomes null and void.

• Nothing in or relating to this Performance Security shall be deemed a waiver, express or implied, of any of the privileges and immunities of the International Organization for Migration as an intergovernmental organization.

More Definitions of Performance Security

Performance Security means monetary or financial guarantee to be furnished by the successful bidder for due performance of the contract placed on it.

Performance Security and “Additional Performance Security” shall have the meaning set forth in Clause 7.1;

Performance Security means the irrevocable and unconditional bank guarantee provided by the Consultant from a scheduled Indian bank as guarantee for the performance of its obligations in respect of the Contract;

Performance Security means the Bank Guarantee to be submitted by Successful Bidder in accordance with Clause 8.3 of this RFP Document

Performance Security shall have the meaning set forth in Clause 4.4;

Performance Security means the Demand Draft submitted to the Authority by the Developer for due performance of its obligations under this Agreement, in accordance with Clause 5.1.

Performance Security means (i) cash or (ii) a Letter of Credit in the amount set forth on the Cover Sheet.