| 5. Performance Security
5.1 The Supplier shall furnish IOM with a performance security (the “Performance Security”) in an amount equivalent to 10 (ten) per cent of the Price, to be issued by a reputable bank or company, and in the format acceptable to IOM.
5.2 The Performance Security shall serve as the guarantee for the Supplier’s faithful performance and compliance with the terms and conditions of this Agreement. The amount of the Performance Security shall not be construed as the limit of the Supplier’s liability to IOM, in the event of breach of this Agreement by the Supplier. The Performance Security shall be effective until _following which it will be discharged by IOM.
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