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Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default.

Appears in 21 contracts

Samples: Contract Agreement, Contract Agreement, Contract Agreement

Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default.

Appears in 5 contracts

Samples: Contract Agreement, Engineering Procurement and Construction Agreement, Engineering Procurement and Construction Agreement

Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Contractor Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages damages for Contractor Default. For the avoidance of doubt, the Parties expressly agree that upon the Performance Security being appropriated, in whole or in part, it shall be deemed to be replenished to the extent of such Contractor’s Defaultappropriation.

Appears in 2 contracts

Samples: Operate, Maintain and Manage Contract Agreement, Operate, Maintain and Manage Contract Agreement

Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Contractor‟s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Contractor‟s Default.

Appears in 2 contracts

Samples: Engineering, Procurement and Construction Agreement, Epc Agreement