Fresh Performance Security Clause Samples

Fresh Performance Security. In the event of the encashment of the Performance Security by SMC/NGS as the case may be pursuant to Encashment Notice issued in accordance with the provisions of Article 16 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to NGS / SMC fresh Performance Security failing which NGS/SMC shall be entitled to terminate this Agreement in accordance with the provisions of Article 16. The provisions set forth in Article 3.1 above shall apply mutatis mutandis to such fresh Performance Security.
View SourceView Similar (2)
Fresh Performance Security. In the event of the encashment of the Performance Security by DTIDCL pursuant to Encashment Notice issued in accordance with the provisions of Article 15 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to DTIDCL fresh Performance Security failing which DTIDCL shall be entitled to terminate this Agreement in accordance with the provisions of Article 15. The provisions set forth in Clause 3.1 above shall apply mutatis mutandis to such fresh Performance Security.
View Source
Fresh Performance Security. In the event of the encashment of the Performance Security by ITEL pursuant to Encashment Notice issued in accordance with the provisions of Article 16 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to ITEL fresh Performance Security failing which ITEL shall be entitled to terminate this Agreement in accordance with the provisions of Article 16. The provisions set forth in Clause 3.1 above shall apply mutatis mutandis to such fresh Performance Security.
View Source
Fresh Performance Security. One month before the expiry of performanc e security, the Concessionaire shall furnish to ACTSL a fresh performance security in the form of Bank Guarantee, as above, for a like amount with a validity of 12 (twelve) months. The Concessionaire shall keep on furnishing fresh Performance Security one month before the expiry of validity of performance security in force every year till last Bank Guarantee has been furnished which should be valid till three months beyond the Concession Period. In case of failure of the Concessionaire to furnish a fresh pe rformance security, ACTSL shall have the right to invoke the bank guarantee which it has in its possession. In the event of the encashment of the Performance Security by ACTSL pursuant to Encashment Notice, the Concessionaire shall within 30 (thirty ) days of the Encashment Notice furnish to ACTSL fresh Performance Security failing which ACTSL shall be entitled to terminate this Agreement.
View Source
Fresh Performance Security. In the event of the encashment of the Performance Security by NMMT pursuant to Encashment Notice issued in accordance with the provisions of Article 16 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to NMMT fresh Performance Security failing which NMMT shall be entitled to terminate this Agreement in accordance with the provisions of Article 16. The provisions set forth in Article 3.1 above shall apply mutatis mutandis to such fresh Performance Security.
View Source
Fresh Performance Security. In the event of the encashment of the Performance Security by BRBN pursuant to Encashment Notice issued in accordance with the provisions of Article 16 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to BRBN fresh Performance Security failing which BRBN shall be entitled to terminate this Agreement in accordance with the provisions of Article 16. The provisions set forth in Article 7.1 above shall apply mutatis mutandis to such fresh Performance Security.
View Source
Fresh Performance Security. In the event of the encashment of the Performance Security by AUTHORITY pursuant to Encashment Notice issued in accordance with the provisions of Article 13 the Operator shall within 15 (fifteen) days of the Encashment Notice furnish to AUTHORITY fresh Performance Security failing which amounts to default of the Operator and AUTHORITY shall be entitled to terminate this Agreement in accordance with the provisions of Article 13. The provisions set forth in Article 3.1 above shall apply mutatis mutandis to such fresh Performance Security.
View Source

Related to Fresh Performance Security

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.

  • Appropriation of Performance Security (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default. (ii) Upon such encashment and appropriation from the Performance Security, the Contractor shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Contractor shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate the Agreement in accordance with Article 23. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Contractor shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Contractor’s Default, and in the event of the Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 23.

  • Ongoing Performance Measures The Department intends to use performance-reporting tools in order to measure the performance of Contractor(s). These tools will include the Contractor Performance Survey (Exhibit G), to be completed by Customers on a quarterly basis. Such measures will allow the Department to better track Vendor performance through the term of the Contract(s) and ensure that Contractor(s) consistently provide quality services to the State and its Customers. The Department reserves the right to modify the Contractor Performance Survey document and introduce additional performance-reporting tools as they are developed, including online tools (e.g. tools within MFMP or on the Department's website).

  • KEY PERFORMANCE INDICATORS 10.1 The Supplier shall at all times during the Framework Period comply with the Key Performance Indicators and achieve the KPI Targets set out in Part B of Framework Schedule 2 (Goods and/or Services and Key Performance Indicators).