Operationalization of Payment security mechanism Sample Clauses
The "Operationalization of Payment security mechanism" clause defines how payment security measures are implemented and maintained within a contractual relationship. It typically outlines the specific procedures, instruments (such as letters of credit, escrow accounts, or bank guarantees), and timelines required to ensure that payments are secure and protected against default. By detailing the steps and responsibilities for both parties, this clause ensures that financial transactions are safeguarded, thereby reducing the risk of non-payment and fostering trust between the parties involved.
Operationalization of Payment security mechanism. In case of non-maintenance of adequate payment security mechanism provisions of applicable rules issued by the Ministry of Power, as amended from time to time shall apply.
Operationalization of Payment security mechanism. In case of non-maintenance of adequate payment security mechanism provisions of applicable rules issued by the Ministry of Power, as amended from time to time shall apply. *All deviations in this document will be subject to approval of Hon’ble OERC.
Operationalization of Payment security mechanism. In case of non-maintenance of adequate payment security mechanism provisions of applicable rules issued by the Ministry of Power, as amended from time to time shall apply. *Hon’ble OERC has been intimated regarding this Tender on “The procurement of power on Medium Term Basis through Tariff Based Competitive Bidding with deviations in the document”. The bid finalisation and award of contract shall be subject to approval of Hon’ble OERC, after completion of the Tendering process .