VALIDITY OF PERFORMANCE SECURITY Sample Clauses

The Validity of Performance Security clause defines the required duration and conditions under which a performance security, such as a bank guarantee or bond, must remain effective during a contract. Typically, this clause specifies that the security must be valid from the contract’s commencement date until a certain period after completion, ensuring coverage for any defects or outstanding obligations. Its core function is to protect the beneficiary by ensuring that the security remains enforceable for the necessary period, thereby mitigating the risk of non-performance or default by the contractor.
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VALIDITY OF PERFORMANCE SECURITY. The Performance Security shall be valid until a date 28 days after the date of issue of the Defects Liability Certificate. The security shall be returned to the Contractor within 14 days of expiration. Add The Resident Engineer shall provide a 28days Notice to the Contractor informing him of the early expiry of his Performance Security. Upon receipt of such a Notice the Contractor shall before lapse of 14days extend the Performance security and provide evidence of such an extension to the Resident Engineer. Failure by the contractor to renew his performance Security 7days to its expiry the resident Engineer will Request the Engineer to redeem it. Such a request shall be handled immediately and the performance security recovered. SUB CLAUSE 10. 3 - CLAIMS UNDER PERFORMANCE SECURITY Delete the entire sub-clause 10.3. The Employer shall be at liberty to claim part or the entire performance Security without informing or notifying the Contractor provided that the conditions neccesitating the claim are contractual. ADD NEW SUBCLAUSE; ‘SUBCLAUSE 10. 4 - COST OF PERFORMANCE SECURITY The cost of complying with the requirements of this clause shall be borne by the Contractor.’ SUB CLAUSE 11. 1 - INSPECTION OF SITE In line 17 after “affect his Tender” add “and the Contractor shall be deemed to have based his BID on all the aforementioned” Delete the last paragraph completely and replace with the following: “The Employer in no way guarantees completeness nor accuracy of the soil, materials, subsurface and hydrological information made available to the Contractor at the time of bidding or at any other time during the period of the Contract, and the Contractor shall be responsible for ascertaining for himself all information as aforesaid for the execution of works and his BID shall be deemed to have been priced accordingly. ADD A NEW SUBCLAUSE; ‘SUBCLAUSE 11.2 - ACCESS TO DATA Data made available by the Employer in accordance with Clause 11.1 shall be deemed to include data listed elsewhere in the Contract as open for inspection at the address stipulated in the Appendix to Bid.’
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VALIDITY OF PERFORMANCE SECURITY. The Performance Security shall be valid until a date 28 days after the date of issue of the Defects Liability Certificate. The security shall be returned to the Contractor within 14 days of expiration. SUBCLAUSE 10. 3 - CLAIMS UNDER PERFORMANCE SECURITY Delete the entire sub-clause 10.3.
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VALIDITY OF PERFORMANCE SECURITY. 7.2.2.1 The Performance Security shall remain in full force and effect from the date of its issuance until the expiration of Ninety (90) Business Days following the End Date 7.2.2.2 If the Performance Security is scheduled to expire prior to the period specified in Clause 7.2.2.1, then, no less than ninety (90) Business Days prior to the scheduled expiry of the Performance Security, the ISA shall arrange for an extension or replacement of the Performance Security meeting the requirements of this Contract. If the ISA fails to extend or replace the Performance Security within the specified time period, the NHA shall be entitled to encash and appropriate the full value of the Performance Security as Damages and to terminate this Contract
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VALIDITY OF PERFORMANCE SECURITY. The Operator shall provide the Performance Security initially for a period of 5 (five) years; provided that it shall procure a new Performance Security or extend the validity of the Existing Performance Security, in accordance with 9.1.2 and 9.1.3 of this Agreement, at least 2 (two) months prior to the date of expiry thereof. Upon the Operator providing the New Performance Security or an extension to the existing Performance Security, the previous Performance Security shall be released and the Authority shall return the same to the Operator within a period of 7 (seven) business days from the date of submission of the New Performance Security or an extension to the existing Performance Security.
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VALIDITY OF PERFORMANCE SECURITY. The Performance Security shall be valid until a date 28 days after the date of issue of the Defects Liability Certificate. The security shall be returned to the Contractor within 14 days of expiration. Add The Resident Engineer shall provide a 28days Notice to the Contractor informing him of the early expiry of his Performance Security. Upon receipt of such a Notice the Contractor shall before lapse of 14days extend the Performance security and provide evidence of such an extension to the Resident Engineer. Failure by the contractor to renew his performance Security 7days to its expiry the resident Engineer will Request the Engineer to redeem it. Such a request shall be handled immediately and the performance security recovered.
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Related to VALIDITY OF PERFORMANCE SECURITY

  • Appropriation of Performance Security (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default. (ii) Upon such encashment and appropriation from the Performance Security, the Contractor shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Contractor shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate the Agreement in accordance with Article 23. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Contractor shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Contractor’s Default, and in the event of the Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 23.