Performance Bank Guarantee/ Payment on Order Clause Samples

Performance Bank Guarantee/ Payment on Order. Instrument 3.2.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until (insert validity period as per RfS conditions), submitted for a value of Rs. (in words) under this Agreement, shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. 3.2.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the SPD. 3.2.3 If the SPD fails to commence supply of power from SCSD specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per penalties applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ POI, upon the default of the SPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.
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Performance Bank Guarantee/ Payment on Order. Instrument 3.2.1 The Performance Bank Guarantee (PBG) / Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until (insert validity period as per RfS conditions), submitted for a value of Rs. (in words) under this Agreement, shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. Since the PBG is linked to the Installed Capacity of the Project, and the same is allowed to be modified subsequent to issuance of LoA, in case of revision in the Installed Capacity until the date as per Article 3.1 of this Agreement, for which modified connectivity is applied by RPD for the Project, the RPD will be required to submit the revised PBG corresponding to the revised Installed Capacity prior to issuance of SECI’s consent for this revision. 3.2.2 The failure on the part of the RPD to furnish and maintain the Performance Bank Guarantee / Payment on Order Instrument shall be a material breach of the term of this Agreement on the part of the RPD. 3.2.3 If the RPD fails to commence supply of power from the SCSD specified in this Agreement or any further extension thereof duly granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee / Payment on Order Instrument equivalent to the amount calculated as per liquidated damages applicable under Article 4.6 without prejudice to the other rights of SECI under this Agreement. The damages/dues recovered by SECI by encashing the PBG/POI under the PPA, shall be credited to the payment security fund maintained by SECI.
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Performance Bank Guarantee/ Payment on Order. Instrument 3.2.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI)/ Insurance Surety Bond (Surety Bond) having validity from the date of submission of PBG/POI/Surety Bond until …………(insert validity period as per RfS conditions), submitted for a value of Rs. (in words) under this Agreement, shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/ Schedule 2/ Schedule 3. 3.2.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the SPD. 3.2.3 If the SPD fails to commence supply of power from SCSD specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per penalties applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ POI, upon the default of the SPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.
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Performance Bank Guarantee/ Payment on Order. Instrument 3.3.1 The Performance Bank Guarantee (PBG)/Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until 27 months from the Effective Date of this Agreement, for a value of INR …….to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1 and 2. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee/POI shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by MSPDCL, subject to conditions mentioned in Article 4.5, MSPDCL shall encash the Performance Bank Guarantee/POI equivalent to the penalty leviable as on the date of encashment without prejudice to the other rights of MSPDCL under this Agreement.
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Performance Bank Guarantee/ Payment on Order. Instrument 3.3.1 The Performance Bank Guarantee (PBG)/Payment on Order Instrument(POI)/Insurance Surety Bond (ISB)having validity from the date of submission of PBG/ POI/ ISB until 9 months after the SCD submitted for a value of 8.525 Lakh/MWh (being a genuine pre-estimate as agreed by the Parties) to be furnished under this Agreement shall be for guaranteeing the commencement of the supply (injection / drawl) of power / energy up to the Project Capacity within the time specified in this Agreement as per Schedule 1. 3.3.2 The failure on the part of the BESSD to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the BESSD. 3.3.3 If the BESSD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per liquidated damages applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ POI, upon the default of the BESSD under the BESPA, shall be credited to the payment security fund maintained by SECI.
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Performance Bank Guarantee/ Payment on Order. Instrument 3.2.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI)/ Insurance Surety Bond having validity from the date of submission of PBG/POI/ Insurance Surety Bond until (insert validity period as per RfS conditions), submitted for a value of Rs. (in words) under this Agreement, shall be for guaranteeing the commissioning of the project as per the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 2/Schedule 3/ Schedule-4. 3.2.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee/ POI/ Insurance Surety Bond shall be a material breach of the term of this Agreement on the part of the SPD. 3.2.3 If the SPD fails to commission the project till SCD specified in this Agreement or any further extension thereof granted by SECI/LEDA/LED, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI/ Insurance Surety Bond equivalent to the amount calculated as per penalties applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI/LEDA/LED under this Agreement.
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Performance Bank Guarantee/ Payment on Order. Instrument 3.2.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until (insert validity period as per RfS conditions), submitted for a value of Rs. (in words) under this Agreement, shall be for guaranteeing the commencement of the supply of Green Ammonia up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. 3.2.2 The failure on the part of the GAP to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the GAP. 3.2.3 If the GAP fails to commence supply of Green Ammonia from SCSD specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per liquidated damages applicable under Article
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Related to Performance Bank Guarantee/ Payment on Order

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD. 4.2.2 If the Power Producer fails to commission the project on or before Scheduled Commercial Operation Date, GUVNL shall have the right to encash the Performance Bank Guarantee without prejudice to the other rights of the Power Producer under this Agreement as per Article 3.3. 4.2.3 GUVNL shall release the Performance Bank Guarantee upon successful commissioning of full contracted capacity after adjusting Liquidated Damages (if any) as per Article 3.3.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.