Construction Performance Security Sample Clauses

Construction Performance Security. The Concessionaire shall have, for the performance of its obligations hereunder during the Construction Period, provided to the Authority on the date of signing of this Agreement, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to [Rs. [●] (Rupees [●])]14 in the form set forth in Schedule-F (the “Construction Performance Security”). Until such time the Construction Performance Security is provided by the Concessionaire pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authority shall release the Bid Security to the Concessionaire.

Construction Performance Security. The Concessionaire has to submit a construction performance security (in form of bank guarantee) within 30 days from the execution date to be released after 6 months of COD of Phase-II (Clause 9.1.1 + Clause 9.1.3)

Construction Performance Security. 8.1.1. The Concessionaire shall, for the performance of its obligations provide the Authority prior to signing of Agreement, an irrevocable and unconditional guarantee from a Bank acceptable to the Authority for an amount of Rs.1,90,00,000 (Rupees one crore ninety lakhs only) and in the form set forth in this concessionAgreement, Schedule D.

Construction Performance Security. Each Concessionaire hereby acknowledges and agrees to its obligations regarding the Hospital to be operated and constructed by the other Concessionaire as set out in Clause

Construction Performance Security. For securing the due and punctual performance of its obligations relating to the Project and the terms and conditions of this Agreement by the Developer from the date of execution of the Development Agreement, including under Article 3, and during Construction Period, the Selected Bidder/Developer shall, on or before the date of signing of Agreement, deliver to DMA an unconditional and irrevocable bank guarantee for a sum of Rs. Cr2 (Rupees only) in favour of DMA from a scheduled/ nationalised bank acceptable to DMA and payable and enforceable in Ranchi, in the form set forth in Schedule 10. (the ³Performance Security³

Construction Performance Security. 11.1.1 Prior to the Effective Date, the Concessionaire has provided and delivered to the Agency the Construction Performance Security. The Construction Performance Security: (a) has been issued and maintained without any recourse on the Concessionaire, its assets or properties; and (b) has not been secured through any Concession Assets and no Encumbrance of any nature has been created on the assets and properties of the Concessionaire in respect of the same. All costs, expenses, fees and other charges of any nature, in each case, associated with the issuance, maintenance and encashment of the Construction Performance Security are solely on account of the Sponsor. 11.1.2 The Construction Performance Security shall secure: (a) all of the Sponsor’s obligations, liabilities, payments, indemnities, representations, guarantees, warranties and responsibilities under the Agency Agreements to which it is a party; and (b) all of the Concessionaire’s obligations, liabilities, payments, liquidated damages, indemnities, representations, guarantees, warranties and responsibilities under the Agency Agreements, including the integrity and quality of the Concessionaire’s and its Contractors’ workmanship, the timely and continuous performance of the Project Works, the quality and quantity of any equipment, materials, items and components supplied, the performance of Project Works by the Concessionaire and compliance of the same with the Applicable Standards and all other works and services to be provided by the Concessionaire under the Agency Agreements. 11.1.3 The Construction Performance Security came into force and became effective upon issuance and delivery of the same to the Agency. 11.1.4 The Construction Performance Security shall be encashable in accordance with the terms thereof and shall be payable on the Agency’s first written demand without any prior notice, reference or recourse to the Concessionaire, the Sponsors or any other entity. 11.1.5 The Concessionaire shall be obligated to adjust the Construction Performance Security from time to time to reflect any amounts payable by the Agency pursuant to Article 16 (Change of Scope), such increase being an amount equal to two percent (2%) of the amounts payable to the Concessionaire from time to time in accordance with Article 16 (Change of Scope). In addition, the Construction Performance Security shall be adjusted, as condition precedent to issuance of the Construction Completion Certificate, prior to the Construc...

Construction Performance Security. 9.1.1 The Concessionaire shall, for the performance of its obligations hereunder during the Construction Period for constructing, furnishing of Project Facility and procuring and installing of LINAC and other required medical equipment at the Project Facility(s), submit to the Authority an irrevocable and unconditional guarantee from a bank within 15 (fifteen) days from the Execution Date for a sum equivalent to INR.5,00,00,000/- (Rupees Five Crores Only) in the form of a bank guarantee in favor of the Authority as per format set forth in Schedule-G of this Agreement (the “Construction Performance Security”), which shall be valid till achievement of Schedule Completion Date. Until such time the Construction Performance Security is provided by the Concessionaire pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authority shall release the Bid Security to the Concessionaire.

Construction Performance Security. The Preferred Bidder/ Concessionaire shall, for the performance of its obligations hereunder during the Construction Period, provide to the Authority, an irrevocable and unconditional guarantee from a Bank (selected Banks list placed at Appendix XX) for a sum equivalent to Rs. 10,00,00,000 (Rupees Ten Crores Only) which should be equivalent to 5% (five percent) of the Estimated Project Cost] in the form set forth in Appendix XI (the “Construction Performance Security”) as under:  On or before Signing of Agreement: Rs. 2,50,00,000 (Rupees Two Crores Fifty Lakhs Only) with Validity Period of 24 months  On or before 15th October 2019: Rs. 2,50,00,000 (Rupees Two Crores Fifty Lakhs Only) with Validity Period of 18 months  On or before 07th July 2020: Rs. 5,00,00,000 (Rupees Five Crores Only) with Validity Period of 8 months Each of the Construction Performance Security shall be valid until the expiry of 60 (sixty) days after the period as specified above. Until such time the Construction Performance Security of and amount Rs. 2,50,00,000 (Rupees Two Crores Fifty Lakhs Only) with Validity Period of 24 months is provided by the Concessionaire pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authority shall forthwith release the Bid Security to the Concessionaire. Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Preferred Bidde r/ Concessionaire as given above, the Authority may encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Construction Performance Security. The Construction Performance Security shall either be: a. A bank guarantee in the form attached hereto in Appendix D and in an amount equal to 10% of the total capital cost of the Plant contained in the Bid. or: b. A Performance Bond in the form set out in Appendix D in an amount equal to 25% of the total capital cost of the Plant contained in the Bid.