PROJECT GUARANTEE Clause Samples

PROJECT GUARANTEE. A guarantee issued by the Contractor to the Department. See GUARANTEE.
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PROJECT GUARANTEE. (For construction contracts in the Canal area). 1. The guarantee period to correct any defects that might exist shall be for one (1) additional year, after completion of the project, if it pertains to equipment and materials that were supplied, and to respond to redhibitory defects, such as labor, material, or defective equipment, or any other deficiency or defect on the object of the contract. The guarantee period to cover any defects in the construction or reconstruction of the project or real estate property shall be three (3) years. 2. The Contractor shall correct, within the terms of the guarantee, all defects or deficiencies discovered within the guarantee period. The Contracting Officer shall notify the Contractor, in writing, immediately after the discovery of the defect or deficiency. 3. The Contractor shall begin corrective work within thirty (30) calendar days after notification of the defect or deficiency by the Authority and shall proceed diligently with such work until its completion. Such corrective work shall include the re-delivery of equipment and/or materials and, in no case, shall the corrective work last more than three (3) months after the notification date. The Contracting Officer may, however, postpone the start of the corrective work until such time the defective materials or equipment can be removed from service without harm to the Authority but, under no circumstance, shall the corrective work be postponed for more than three (3) months from the date of discovery of the defects or deficiencies requiring correction. 4. Replacement parts and repairs shall be subject to the Contracting Officer’s approval. The Contractor shall bear the costs of all corrective work, which should include the disassembly, transportation, re-assembly, and re-testing required, as well as the repair or replacement of defective materials and/or equipment and any disassembly or re-assembly of adjacent materials and/or equipment, as long as the Authority, at its own cost, performs the disassembly or re-assembly of adjacent materials and/or equipment, not supplied by the Contractor, wherever necessary to provide access to the defective materials and/or equipment. 5. Should the Contractor not perform the corrective work in the manner and within the specified time, the Authority may have such work performed at the Contractor’s expense, and the Contractor shall acknowledge and pay for such costs when demanded of him and his sureties shall be responsible for such ...
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PROJECT GUARANTEE. A. Finished area shall be free from bumps or depressions, evenly graded to levels shown, and shall be guaranteed against defects of materials and workmanship.
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PROJECT GUARANTEE. The Contractor guarantees that the work and services to be performed under the Contract and all workmanship, material, and equipment performed, furnished, used or installed in the construction of same shall be free of from defects and flaws and shall be performed and furnished in strict accordance with the drawings, specifications, and other Contract Documents; that the strength of all parts of all manufactured equipment shall be adequate and as specified; and that the performance test requirements of the Contract shall be fulfilled. This guarantee shall be for a period of one (1) year from and after the date of completion and acceptance of the Work. If the City accepts part of the Work, the guarantee for that part of the Work shall be for a period of one (1) year from the date fixed for such acceptance. If at any time within said period of guarantee any part of the Work requires repairing, correction, or replacement, the City may notify the Contractor in writing to make the required repairs, corrections or replacements. If the Contractor neglects to commence making such repairs, corrections, or replacements to the satisfaction of the City within three (3) business days from the date of receipt of such notice, or having commenced, fails to prosecute such work with diligence, the City may employ other persons to make same, and all direct and indirect costs of making said repairs, corrections, or replacements, including compensation for additional professional services, including any and all costs associated with collecting such debt to the City, shall be paid by the Contractor. The Contractor guarantees to furnish adequate protection from damage for all work and to repair damages of any kind for which he or his workmen are responsible, including damage to his own work and to the work of other contractors, and the Contractor shall repair any damage or marring to any goods occasioned by transit. The Contractor guarantees that it will make good, replace, and renew at its own cost and expense any loss, damage or other casualty occurring during the carrying out of this contract, including any such loss, damage or other casualty which occurs prior to the final delivery and acceptance of the goods by the City, by reason of accident, fire, water, theft, act of God, or for any other reason whatsoever not caused by the City, its employees or agents.
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PROJECT GUARANTEE. Performance security 40.1 At the same time when the Employer and the Contractor are signing this contract, the Contractor shall submit a performance bond to the Employer, which shall be issued by the guarantor (bank). Guarantee of payment 40.2 At the same time when the Employer and the Contractor are signing this contract, the Employer shall submit a guarantee of payment to the Contractor, which shall be issued by the guarantor (bank).
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Related to PROJECT GUARANTEE

  • Guarantee The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by the Issuer), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer may have or assert. The Guarantor's obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders.

  • Subsidiary Guarantee For value received, each of the Subsidiary Guarantors named (or deemed herein to be named) below hereby jointly and severally fully and unconditionally guarantees to the Holder of the Security upon which this Subsidiary Guarantee is endorsed, and to the Trustee on behalf of such Holder, the due and punctual payment of the principal of (and premium, if any) and interest on such Security when and as the same shall become due and payable, whether at the Stated Maturity, by acceleration, call for redemption, offer to purchase or otherwise, according to the terms thereof and of the Indenture referred to therein and to cover all the rights of the Trustee under Section 607. In case of the failure of the Company punctually to make any such payment, each of the Subsidiary Guarantors hereby jointly and severally agrees to cause such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by acceleration, call for redemption, offer to purchase or otherwise, and as if such payment were made by the Company. Each of the Subsidiary Guarantors hereby jointly and severally agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of such Security or the Indenture, the absence of any action to enforce the same or any release, amendment, waiver or indulgence granted to the Company or any other guarantor, or any consent to departure from any requirement of any other guarantee of all or of any of the Securities of this series, or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such release, amendment, waiver or indulgence shall, without the consent of such Subsidiary Guarantor, increase the principal amount of such Security, or increase the interest rate thereon, or alter the Stated Maturity thereof. Each of the Subsidiary Guarantors hereby waives the benefits of diligence, presentment, demand of payment, any requirement that the Trustee or any of the Holders protect, secure, perfect or insure any security interest in or other lien on any property subject thereto or exhaust any right or take any action against the Company or any other Person or any collateral, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in such Security and in this Subsidiary Guarantee. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default with respect to Securities of this series, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Securities of this series, to collect interest on the Securities of this series, or to enforce or exercise any other right or remedy with respect to the Securities of this series, such Subsidiary Guarantor agrees to pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. No reference herein to the Indenture and no provision of this Subsidiary Guarantee or of the Indenture shall alter or impair the Subsidiary Guarantee of any Subsidiary Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal (and premium, if any) and interest on the Security upon which this Subsidiary Guarantee is endorsed. Each Subsidiary Guarantor shall be subrogated to all rights of the Holder of this Security against the Company in respect of any amounts paid by such Subsidiary Guarantor on account of this Security pursuant to the provisions of its Subsidiary Guarantee or the Indenture; provided, however, that such Subsidiary Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until the principal of (and premium, if any) and interest on this Security and all other Securities of this series issued under the Indenture shall have been paid in full. This Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Securities of this series is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any Holder of the Securities of this series, whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Securities of this series shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. The Subsidiary Guarantors or any particular Subsidiary Guarantor shall be released from this Subsidiary Guarantee upon the terms and subject to certain conditions provided in the Indenture. By delivery to the Trustee of a supplement to the Indenture referred to in the Security upon which this Subsidiary Guarantee is endorsed in accordance with the terms of the Indenture, each Person that becomes a Subsidiary Guarantor after the date of first issuance of the Securities of this series will be deemed to have executed and delivered this Subsidiary Guarantee for the benefit of the Holder of the Security upon which this Subsidiary Guarantee is endorsed with the same effect as if such Subsidiary Guarantor were named below and had executed and delivered this Subsidiary Guarantee. All terms used in this Subsidiary Guarantee which are defined in the Indenture shall have the meanings assigned to them in such Indenture. This Subsidiary Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Security upon which this Subsidiary Guarantee is endorsed shall have been executed by the Trustee under the Indenture by manual signature. Reference is made to the Indenture for further provisions with respect to this Subsidiary Guarantee. This Subsidiary Guarantee shall be governed by and construed in accordance with the laws of the State of New York.