Common use of NOW THE CONDITION Clause in Contracts

NOW THE CONDITION. of the above written bond is such that if the Developer shall well and truly perform and fulfil the S.278 Covenants according to the true purpose intent and meaning of the S.278 Agreement or if on failure by the Developer so to do the Surety shall pay to the Authority the said sum of THOUSAND HUNDRED AND POUNDS (£) then the above written Bond will be null and void but otherwise it shall be and remain in full force and the giving by the Authority of any extension of time for the performing of the S.278 Covenants or any covenant contained in the S.278 Agreement and on behalf of the Developer to be performed or fulfilled or any forbearance or forgiveness on the part of the Authority to the Developer in respect of any matter referred to in or concerning the S.278 Agreement shall not in any way release the Surety from the Surety’s liability under the above written ▇▇▇▇ PROVIDED THAT upon the issue of the Provisional Certificate under Clause 2 of the S.278 Agreement the liability of the Developer and the Surety under this Bond shall be reduced to a sum equivalent to ten per cent of the cost of the Highway Works [together with the value of the Commuted Sum as calculated in accordance with the Schedule hereto] upon the issue of the Provisional Certificate or a minimum sum of one thousand pounds (£1,000) whichever is the greater and upon the issue of the