Subject to the provisions of Article 15 COMPANY shall have the right at any time to demand the payment of all or any part of the Bank Guarantee.
COMPANY agrees that, unless it believes in good faith that CONTRACTOR is in breach of one or more of his obligations under the provisions of Article 15, it shall not make any demand for payment under a Bank Guarantee. If COMPANY receives any payment from the bank under the terms of the Bank Guarantee, and if it is later established that CONTRACTOR was not in breach of any of its obligations as indicated by COMPANY in its notice to CONTRACTOR, then COMPANY shall reimburse such payment to CONTRACTOR, and, provided that CONTRACTOR can substantiate that he provided COMPANY sufficiently in advance of the date of issue of the demand for payment with information that should have prevented COMPANY from exercising its right to make such demand, shall moreover reimburse CONTRACTOR the additional bank charges or interest charges which CONTRACTOR may have paid as a direct result of COMPANY's demand on the Performance Bank Guarantee, but COMPANY shall have no other liability to CONTRACTOR in respect thereof.
Subject to the provisions of Article 15 COMPANY shall have the right at any time to demand the payment of all or any part of the Bank Guarantee.COMPANY agrees that, unless it believes in good faith that CONTRACTOR is in breach of one or more of his obligations under the provisions of Article 15, it shall not make any demand for payment under a Bank Guarantee. If COMPANY receives any payment from the bank under the terms of the Bank Guarantee, and if it is later established that CONTRACTOR was not in breach of any of its obligations as indicated by COMPANY in its notice to CONTRACTOR, then COMPANY shall reimburse such payment to CONTRACTOR, and, provided that CONTRACTOR can substantiate that he provided COMPANY sufficiently in advance of the date of issue of the demand for payment with information that should have prevented COMPANY from exercising its right to make such demand, shall moreover reimburse CONTRACTOR the additional bank charges or interest charges which CONTRACTOR may have paid as a direct result of COMPANY's demand on the Performance Bank Guarantee, but COMPANY shall have no other liability to CONTRACTOR in respect thereof.
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