ARTICLE 11. PERFORMANCE BOND
11.1 Within fourteen (14) days of the date of signing of the Agreement, CONTRACTOR shall furnish to COMPANY an irrevocable and unconditional Performance Bond in the form and content set out in the Agreement, issued by a first class international bank which is legally operating in Vietnam such as Vietcombank, Citibank, HSBC, Maritime Bank or any other bank acceptable to the COMPANY,by way of guarantee for the due performance by CONTRACTOR of its obligations under this the Agreement.The validity of the Performance Bond shall cover the period up to the date of signing Completion Service plus 90 (ninety) days.
11.2 Should the COMPANY not receive the valid, satisfactory Performance Bond as stated in Section 11.1 above, the COMPANY has the right to cancel the Agreement.
11.3 Should the validity of the Performance Bond be required to be extended due to delay or extensionof the Agreement, CONTRACTOR shall immediately instruct the Issuing Bank to make an amendment to the Performance Bond. Such amendment shall be advised by the Issuing Bank to the COMPANY.
11.4 Subject to the provision of the SERVICES, COMPANY shall have the right at any time to demand the payment of all or any part of the Performance Bond under the form set forth in the Agreement.
11.5 Should the COMPANY make use of the Performance Bond, the COMPANY will inform the
CONTRACTOR immediately(but for information purposes only).
11.6 All cost, fees relating to the Performance Bond shall be the CONTRACTOR's account, (except advising fees at the issuing Bank which will be the COMPANY'S account).
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