Security for System Removal Clause Samples

The 'Security for System Removal' clause establishes requirements for providing financial or other assurances to guarantee the proper removal of a system, such as equipment or installations, at the end of a contract or lease. Typically, this clause may require the party responsible for the system to post a bond, letter of credit, or other security to cover the costs of dismantling and restoring the site. Its core function is to protect the property owner or lessor by ensuring that funds or resources are available to address removal obligations, thereby preventing abandonment or incomplete removal that could result in additional costs or liabilities.
Security for System Removal. Twelve (12) months prior to the expiration of the Term, Licensee shall provide Trustees with an estimate of the cost to remove the System and restore the Site and Licensed Area in accordance with the Section 13.1. Licensee and Trustees shall then meet and confer within thirty (30) calendar days after such estimate is provided to resolve any concerns regarding such removal and the amount of the estimated cost, and a revised estimate taking those concerns into account shall then constitute the final restoration cost estimate. Licensee shall then either provide a performance bond covering such final restoration cost estimate or establish a cash escrow account with an acceptable financial institution subject to approval of Trustees of the escrow instructions for accessing the funds into which a portion of payments under the Agreement necessary to equal the estimate of the cost to remove the System and restore the Site and Licensed Area in accordance with the Section 13.1 during the remainder of the Term shall be deposited by Trustees for amounts otherwise due to Licensee for Electricity delivered to Trustees until the escrow reaches the final restoration cost estimate. The escrow account shall serve as the security for the restoration of the Site, and such funds shall be released to Licensee when the Site and Licensed Area restoration are accepted by Trustees. In event that Licensee fails to fulfill its obligations under Section 13.1, Trustees shall have the right to all the funds in the escrow account for purposes of removing the System and restoring the Licensed Area and Site. Interest on the escrow account shall be retained in the escrow account for the benefit of whichever Party is entitled to the funds in the escrow account
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Security for System Removal. No less than three (3) years prior to the expiration of the Term, LICENSEE shall provide the DGS with the estimated cost to remove the System and restore the Licensed Area in accordance with Section‌ 11.1. LICENSEE and the DGS and HOST shall then meet and confer within thirty
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Security for System Removal. Three (3) years prior to the expiration of this SLA, LICENSEE shall provide UNIVERSITY a “System Removal Work Letter”, including an estimate of the cost to remove the System and restore the Facility at the end of the Term. LICENSEE and UNIVERSITY shall then meet and confer within ten (10) days after such estimate is provided to resolve any concerns regarding such estimated cost, and a revised estimate taking those concerns into account shall then constitute the final restoration cost estimate. LICENSEE shall then provide either (i) a performance bond covering such final restoration cost estimate, or (ii) an account established with a financial institution reasonably satisfactory to UNIVERSITY, requiring the signatures of both LICENSEE and UNIVERSITY for all withdrawals, into which payments under the SPPA shall be deposited by UNIVERSITY until the balance in such account reaches the final restoration cost estimate. Such account shall serve as the security for the restoration of the Facility, and such funds shall be released to LICENSEE when the Facility restoration is accepted by UNIVERSITY. In event of a default by LICENSEE, UNIVERSITY shall have the right to use all the funds in the escrow account for purposes of restoring the Facility. Interest on the escrow account shall be retained in the account for the benefit of whichever party is entitled to the funds in the account.
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Related to Security for System Removal

  • Snow Removal Only the right of way will be plowed in the parking lots. Licensee is responsible for removing snow around his/her own vehicle (without causing damage or inconvenience to any other vehicles lawfully on the Premises).

  • Provision and Removal of Equipment B2.1 The Contractor shall provide all the Equipment necessary for the supply of the Services.

  • Conduct and Removal While performing the Project, Grantee Agents must comply with applicable Contract terms, State and federal rules, regulations, HHSC’s policies, and HHSC’s requests regarding personal and professional conduct; and otherwise conduct themselves in a businesslike and professional manner. If HHSC determines in good faith that a particular Grantee Agent is not conducting himself or herself in accordance with the terms of the Contract, HHSC may provide Grantee with notice and documentation regarding its concerns. Upon receipt of such notice, ▇▇▇▇▇▇▇ must promptly investigate the matter and, at HHSC’s election, take appropriate action that may include removing the Grantee Agent from performing the Project.

  • Responsibility for Subcustodians Except as provided in the last sentence of this Section 8.6, the Custodian shall be liable to the Fund for any loss or damage to the Fund caused by or resulting from the acts or omissions of any Subcustodian to the extent that such acts or omissions would be deemed to be negligence, gross negligence or willful misconduct in accordance with the terms of the relevant subcustodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred. The liability of the Custodian in respect of the countries and Subcustodians designated by the Custodian, from time to time on the Global Custody Network Listing shall be subject to the additional condition that the Custodian actually recovers such loss or damage from the Subcustodian.

  • Trash Removal The Licensee shall remove trash from the Cafeteria anytime that waste canisters are full or not less than once after every meal; whichever is greater. Any alteration to this provision must be directed in writing by the Licensing Officer.