Completion and Performance Security definition
Examples of Completion and Performance Security in a sentence
If the Supplier fails to pay to the Buyer the amount of the Delay Liquidated Damages within ten (10) Business Days after receipt of an invoice from the Buyer, the Buyer shall be entitled to draw and retain from the Completion and Performance Security the amount of such Delay Liquidated Damages.
If the amounts then due and owing are less than the amount drawn under such Letter of Credit, then such excess amount shall be held as Completion and Performance Security.
If the Supplier subsequently delivers a Letter of Credit or other security or other collateral permitted pursuant hereto, in each case satisfactory to the Buyer in its sole and absolute discretion as to form, substance and amount, then upon acceptance by the Buyer thereof, the Buyer shall remit to the Supplier all amounts held by the Buyer as Completion and Performance Security pursuant to this Section 6.2(b)(iii).
Upon any termination by the Buyer pursuant to this Section 2.14(f) the Supplier shall pay to the Buyer, as liquidated damages and not as a penalty, being a genuine pre-estimate of the damages suffered by the Buyer in the loss of the Facility’s value to the IESO- Controlled Grid, a sum equal to fifty percent (50%) of the Dollar amount of without any costs or payments of any kind to either Party and all Completion and Performance Security required to be provided by the Supplier.
If the Buyer elects to terminate this Agreement as a result of a Supplier Event of Default arising under this Section 2.12(b), this Agreement shall be terminated without any costs or payments of any kind to either Party and all Completion and Performance Security shall be returned to the Supplier within twenty (20) Business Days of the Buyer’s written notice of termination.
If the Buyer, in its sole and absolute discretion, rejects the proposed revised Fixed Price contained in the Tariff Adjustment Notice, as indicated in the TAE Confirmation Notice, this Agreement shall be automatically terminated without any costs or payments of any kind to either Party and all Completion and Performance Security shall be returned to the Supplier within twenty (20) Business Days of the Buyer’s written notice of termination in the TAE Confirmation Notice.
If the Buyer, in its sole and absolute discretion, rejects the proposed revised Fixed Capacity Payment contained in the Tariff Adjustment Notice, as indicated in the TAE Confirmation Notice, this Agreement shall be automatically terminated without any costs or payments of any kind to either Party and all Completion and Performance Security shall be returned to the Supplier within twenty (20) Business Days of the Buyer’s written notice of termination in the TAE Confirmation Notice.
The Buyer may draw upon the Completion and Performance Security in respect of such amount and shall thereafter return the remaining Completion and Performance Securityshall be returned to the Supplier within twenty (20) Business Days of the Supplier’s receipt of the Buyer TAE PriceBuyer’s written notice of termination in the TAE Confirmation Notice.