SAMPLE PERFORMANCE GUARANTEE/WARRANTY CLAUSE IN THE OIL & GAS CONTRACT

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6.0   PERFORMANCE GUARANTEE/WARRANTY

6.1        Upon the execution of this Contract, CONTRACTOR shall provide to ABC a bank guarantee or bond in the format contained in Exhibit "X" hereto and from a UAE bank acceptable to ABC or an amount or amounts up to xxxxxxxxxxxxxxxxxx (AED xxxxxxxxxxxx).

             The performance guarantee shall be valid throughout the term of the Contract and until three (3) years after  the completion of the Work.

 

6.2              CONTRACTOR warrants and guarantees that the Work shall be performed in a First Class and Workmanlike manner and in accordance with the requirements of this Contract.    CONTRACTOR shall promptly upon request re-perform at its own cost any portion of the Work which fails to meet such standards.

 

6.3          Except in the event of emergency situations ABC shall give CONTRACTOR prior notice of any required work of repair, rectification, replacement, making good of Defects, imperfections or other faults in the Work, and, if CONTRACTOR fails to do any work, or states, or by its actions indicates that it is unable or unwilling to proceed with corrective action in a reasonable time as aforesaid  required by ABC, ABC shall be entitled to have such work carried out by its own workmen or other contractors and if such work is work which CONTRACTOR should have carried out at CONTRACTOR's own cost ABC shall be entitled to recover from CONTRACTOR the total cost to ABC thereof or may deduct the same from any monies due or which may become due to CONTRACTOR.  If no sums or insufficient sums are available for full set off by ABC, then CONTRACTOR, upon receipt of ABC's written notice of CONTRACTOR's obligations hereunder, shall promptly remit to ABC all sums due and owing pursuant to the terms of this Article.  In the event that CONTRACTOR fails to pay for such corrective work or if sufficient funds are unavailable for offset, then ABC shall be entitled to draw on the Performance Guarantee as appropriate, an amount equal to such cost.

 The provisions of this Article X shall, where applicable, continue in force notwithstanding the earlier termination of this Contract in respect of Work completed up to the date of such earlier termination.

 

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