Performance Bond Amounts Clause Samples

Performance Bond Amounts. The Performance Bond provided for in the Agreement shall be $3,000.00 and shall be deducted from the Compensation at the rate of $300.00 per pay period. The deduction set forth in the above paragraph will commence with the first full week of work and shall apply for the entire pay period during which the Agreement is terminated for any reason. Should this Agreement terminate before the Performance Bond Amount is fully paid up, the Company is entitled to deduct the full Performance Bond Amount from earnings otherwise owing to the Owner/Operator. Interest shall be calculated and credited to the Owner/Operator at a rate equal to the rate of interest that would have been paid by the Canadian Imperial Bank of Commerce had such monies been deposited in an ordinary savings account at the Branch for the relevant period of time.
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Related to Performance Bond Amounts

  • 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 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.

  • Performance Deposit Upon execution of this Agreement, Purchaser shall pay to Seller by wire transfer a deposit in the amount of sixteen million two hundred fifty thousand Dollars ($16,250,000.00) (“Performance Deposit”) to be held by Seller in accordance with this Agreement. In the event that the transactions contemplated by this Agreement are consummated, the Performance Deposit shall be applied to the Preliminary Purchase Price as set forth in Section 2.5(b) below. In the event this Agreement is terminated, the Performance Deposit plus any interest earned thereon shall be applied in accordance with the provisions of Article X.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).