Common use of ADDITIONAL PERFORMANCE SECURITY Clause in Contracts

ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall along with the Performance Security provide to the Authority an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)1 in the form set forth in Schedule-F (the "Additional Performance Security"), to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the selected Bidder/ Consortium is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.

Appears in 3 contracts

Samples: Concession Agreement, Concession Agreement, Concession Agreement

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ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall along with the Performance Security provide to the Authority an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)1 crore)6 in the form set forth in Schedule-F (the "Additional Performance Security"), to Security”),to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the selected Bidder/ Consortium Selected Bidder is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.

Appears in 2 contracts

Samples: Concession Agreement, Concession Agreement

ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall along with the Performance Security provide to the Authority an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)1 crore)6 in the form set forth in Schedule-F (the "Additional Performance Security"), to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the selected Bidder/ Consortium Selected Bidder is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.

Appears in 1 contract

Samples: Concession Agreement

ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall along with alongwith the Performance Security provide to the Authority an irrevocable and unconditional andunconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)1 crore)6 in the form set forth in Schedule-F (the "Additional Performance Security"), to Security”),to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the selected Bidder/ Consortium Selected Bidder is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.

Appears in 1 contract

Samples: Concession Agreement

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ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall along with alongwith the Performance Security provide to the Authority an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)1 crore)2 in the form set forth in Schedule-F (the "Additional Performance Security"), to Security”),to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the selected Bidder/ Consortium Selected Bidder is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.

Appears in 1 contract

Samples: Concession Agreement

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