Retention Bond definition

Retention Bond means an "on demand" bond issued by a Qualifying Issuer in favour of the Project Company in a form acceptable to the Project Company as security for performance of the Supplier's obligations under this Agreement.

Retention Bond means the unconditional, irrevocable and on-demand bond to be furnished by the Contractor in favour of the Purchaser for an amount equal to 5% (five percent) of the Contract Price, valid from the date of Final Performance Acceptance until the issuance of the Defects Liability Certificate) and in the form set forth in Appendix 22 hereof, issued by an internationally recognised first class bank acceptable to the Purchaser immediately on Final Performance Acceptance and simultaneous to the release of the Performance Bond.;

Retention Bond shall have the meaning set forth in Section 21.1.

Examples of Retention Bond in a sentence

• In case Seller fails to make proposals for settling the claims according to any and/or all the ways mentioned above within 14 days after notification of the claim raised by Buyer, Buyer shall have the right to recover the claimed amount from Retention Bond (maximum up to 5% of the total contract price).

• The Installation Contractor must deliver the extended or replacement Retention Bond to the Project Company not later than: in the event of expiry or cessation, the tenth (10th) Business Day prior to the date of expiry or cessation of the original Retention Bond; and in the event of the issuer ceasing to be a Qualifying Issuer, the tenth (10th) Business Day after Project Company's written request for a replacement Retention Bond.

• The Beneficiary has not waived the requirement of the Developer to provide such Retention Bond under the Take Out Agreement.

• In the event of a drawing under Clause 4.3(e)(i) (Retention Amount and Retention Bond), the Project Company shall retain the drawings by way of security until such time as the Project Company receives the extended or replacement Retention Bond.

• On the Commercial Operation Date: if the Supplier has provided the Project Company with a Retention Bond: the Retention Bond may automatically reduce in value to the Retention Limit applicable at that time; the Supplier may provide a replacement Retention Bond to the Project Company for the value of the Retention Limit applicable at that time.

More Definitions of Retention Bond

Retention Bond means for each Phase a validly executed bond by a bank or insurance company acceptable to and previously approved in writing by SFT and the Local Authority in the same or substantially similar form to that set out in Part 11 of the Schedule; Schedule means the Schedule (comprising 11 Parts) attached to this Agreement; Settlement Date means in respect of a Phase, the date upon which the Developer provides the last of the Settlement Items to the Development Vehicle; Settlement Items means in respect of a Phase which is Practically Complete, the items listed at Paragraph 2 of Part 6 of the Schedule; Site means the site(s) specified in Part 2 of the Schedule; Snagging means minor defects, deficiencies or omissions of a snagging nature which do not prevent a Phase from being Practically Complete;

Retention Bond means any retention bond executed and delivered to ProjectCo in accordance with paragraph 2.5 of part 1 of the schedule to the Construction Contract or pursuant to clause 33.6.5 of the Construction Contract (as the case may be);

Retention Bond means a retention bond provided from time to time by the Infraco to tie pursuant to Clause 74 (Bonds Parent Company Guarantees and Collateral Warranties), and which shall be substantially in the form set out in Part B of Schedule Part 8 (Bonds, Parent Company Guarantees and Collateral Warranties) issued by a surety approved by tie in advance in writing, such approval not to be unreasonably withheld or delayed;

Retention Bond shall have the meaning set forth in Section 21.1. “Retainage” shall have the meaning set forth in Section 7.2.4.

Retention Bond has the meaning given to it in the Xxxxxx Construction Contract;

Retention Bond has the meaning given to it in the Ecodeco Construction Contracts;

Retention Bond means t he r etention bond w hich t he C ontractor i s r equired t o i ssue t o the Employer pursuant to Section 14.9 below.