8.2 Party A shall have the right to deduct from the Performance Guarantee any amounts, expenses, lump sum damages, indemnities or late fees payable or due by Party B under this Agreement. If such a performance guarantee cannot cover losses suffered by Party A, Party A may assert other claims against Party B. Under no circumstances may Party B offset the performance guarantee with rent or other expenses payable and payable. b) The Owner has the right to apply the payment guarantee to fulfill any payment obligation of the Contractor in connection with this Agreement that will not be paid by the due date under this Agreement. The Owner has the right to apply the Performance Guarantee to fulfill all performance obligations of the Contractor in connection with this Contract that are not fulfilled at maturity under this Agreement. The Owner shall, together with the claim submitted to the respective guarantor, issue to the Contractor a copy of all claims made under the Payment Guarantee and the Performance Guarantee; provided, however, that the non-provision of such a claim does not give rise to a right of opposition to a payment to be made under the payment guarantee or the performance guarantee. Claims under the Payment Guarantee and performance guarantee include identifying the provision of this Agreement that entitles the Owner to request under this Agreement. 3.2.1. In the event that all conditions precedent for delivery in accordance with Article 3.1.5 are met (or otherwise with the written waiver of the assignee) and the assignee does not make the first payment within 10 working days of the conclusion of this Agreement in accordance with Article 3.1.1, another performance guarantee of RMB 50,000 will be paid by Cango to the Onshore Bank Account of Part D within 10 working days. following the conclusion of this Agreement. For the avoidance of doubt, Part D designates an onshore consignee to the assignor for the purpose of obtaining the alternative performance guarantee.
Within 1 business day of receipt of the above amount, Party D will send the confirmation letter to Cango. 14.10.1 With respect to claim accounts won by the Party as determined by negotiation, arbitration or tribunal, the Party may deduct such Claim Accounts from the payment made to the Contractor in accordance with the monthly project progress accounts or the payment schedule of the outstanding payment. If the project progress accounts of all payments made to the Contractor are not sufficient for the deduction of the Contractor`s accounts receivable and the Contract provides that the Contractor must provide a performance guarantee, the insufficiency of the accounts receivable may be deducted from the Performance Guarantee. If the performance guarantee is not sufficient for the deduction or if no performance guarantee has been agreed, the contractor must settle these claim accounts elsewhere. 11.6 Party B shall pay any difference in the performance guarantee within two business days of receipt of notice from Party A of the performance guarantee deduction. If it fails to do so, Party A may deduct an amount equal to that difference from the amount of the trade settlement to which Party B is entitled. (2) If Party B is unable to cooperate with local pre-film advertising after Party A has sent Party B notice of a recent increase in pre-film exclusive advertising in five cities for more than seven days, Party A has the right to terminate this Agreement prematurely and assumes no liability in the event of a breach of contract. At the same time, Party A`s cooperation costs (including, but not limited to, advertising agency fees and copy production costs) shall not be returned to Party B and are entitled to deduct the performance guarantee of all Parties B. Party B will compensate for all losses (including, but not limited to, direct or indirect losses) inflicted on Party A.5. In the performance of this Contract, Party B shall pay Party A the performance guarantee. If the rental period expires and Party B has not breached the contract, Party A Part B must return the performance guarantee in its entirety.
In the event of a breach of contract by Party B (including unilateral early termination of the Agreement), Party A will not refund the Performance Guarantee to Party B. If Party A unilaterally requires the premature termination of the contract during the rental period, Contracting Party A must return the performance guarantee in full without interest to Part B. 14.2.1 Performance guarantee. If the contractor submits a performance guarantee to the contractual partner in accordance with the contract, the form, amount and delivery time of the performance guarantee shall be specified in the special provisions. 5.1.4 Party B warrants that the goods or services it sells comply with all laws, regulations, rules and guidelines of the country in which China and the rental apartments are located. Party B assumes full responsibility for the goods sold (including the services provided, listed below) or disputes with third parties, and the quality of the goods or services is the responsibility of Party B. If Party B is involved or is lost as a result of Party B`s violation of applicable laws, Party B will indemnify Party A for all losses suffered by Party A. If Party B violates the provisions of this Article, Party A shall be threatened with administrative penalties, civil compensation or any other form of damage. Party B shall bear and compensate Party A for all losses; Party B has the right to comply with Party A`s liability for overdue compensation.
Party B bears the corresponding liabilities for the calculation of lump sum damages and liability for breach of contract (the duration of the lump sum indemnity and breach of contract is the time elapsed between the occurrence of the breach of contract and the completion of the rectification). In the event of termination of this Agreement, if Party B does not have or fully assumes its liability, Party A shall have the right to deduct the amount corresponding to the loss or damage of the uncompensated party from Part A`s performance guarantee. If the performance guarantee is not sufficient to pay the aforementioned amount, Party A has the right to continue to recover the insufficient amount from Party B. + Details Name: namespace hmx_BankServiceFeeExpense Prefix: hmx_ Data type: xbrli:monetaryItemType Balance type: Debit period Type: Duration X – DefinitionChange (increase/decrease) in the value of a guarantee or performance guarantee. A guarantee is defined as a tripartite agreement that legally holds together an investor who needs the obligation, a creditor who needs the obligation, and a guarantee company that sells the bond. The Bond guarantees that the Client/Company will act in accordance with certain laws. If the customer/company does not comply with this method, the bond will cover the resulting damage or loss. The customer/company loses its financial rights to the bond.
(3) If the project is delayed, the contractor shall continue to provide the performance guarantee. If the delay is caused by the owner, the cost of providing the performance guarantee will be paid by the owner; if the delay is caused by the Contractor, the costs will be borne by the Contractor. Part B shall provide Party A with a bank guarantee of 2% of the total amount of the contract as a performance guarantee within 20 working days of signing the contract. Party A will return the original bank guarantee to Part A within 10 business days of successful acceptance of the project. When you hire a contractor, you take a risk. When you receive a performance bond, you can rest assured. Even if a contractor has glowing credentials, there is no guarantee that everything will go according to plan. What happens if the contractor falls behind? Does inferiority work? Is it going bankrupt? Who will pay for your loss of income? With a performance guarantee, a guarantee company will pay you a certain amount if the work goes wrong. If you are an entrepreneur, a performance bond indicates that you are supporting your work with a financial guarantee. References and promises only go so far. A performance bond shows an owner that you believe in your work. Whether you are the project owner or the contractor, a performance bond can help fulfill an agreement.
Other designations for this document: Performance Bond Form, Performance Payment and Bond, Construction Performance Bond 14.5.2.2 If the Contractor fails to perform the Contractor`s responsibilities and obligations under this Contract during the period of validity of the Performance Guarantee, the Contractor has the right to seek recourse to the Performance Guarantee. The contractual partner has the right to continue to use the insufficient part of the contractor. “I found it very easy to use. It allows me to work fast, get something out of my head and go out in public. 17.6 If this Agreement is held to be invalid/revocable for reasons for which Party B is responsible, Party A shall forfeit the performance guarantee paid by Party B and, if the performance guarantee is not sufficient to cover Party A`s losses, also the difference between the damage caused and the performance guarantee. If this Contract is found to be invalid/revocable for reasons for which Party A is responsible, Party A shall return the performance guarantee received to Party B and pay Party B damages without penalty in the amount of three months` rent for the leased/pre-leased premises; If the compensation is not sufficient to cover the losses of Contracting Party B, Contracting Party A shall also compensate for the difference between the damage caused and the compensation. . If you`re investing in a complex project, a performance bond ensures your contractor does the job properly – or you get paid. You never know what`s going to happen during a construction. Read more..
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