Construction Performance Security. (a) The Concessionaire shall, for the performance of its obligations hereunder during the Construction Period, provide to the Authority within the time period specified in Clause 4.2.2(i) or such extended period as may be mutually agreed between the Authority and the Concessionaire, an irrevocable and unconditional guarantee from a Bank for such amount as is specified in Schedule 8 and substantially in the format set forth in Schedule 8 (the “Construction Performance Security”). The Concessionaire shall maintain and keep in force the Construction Performance Security for the entire duration of the Construction Performance Security Period in accordance with this Clause 9.1. 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, the Authority shall release the Bid Security to the Concessionaire after a period of 10 (ten) days from the date on which the Concessionaire has submitted (in accordance with this Agreement) a valid Construction Performance Security.
(b) Notwithstanding anything to the contrary contained in this Agreement, in the event that the Construction Performance Security is not provided by the Concessionaire within the specified period, the Authority shall have the right to 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 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. 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. 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. 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 “Performance Security“).
Construction Performance Security. 11 3.2 RESPONSIBILITY FOR DAMAGE AND LOSSES.....................................12 3.3
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.
Construction Performance Security. On or before the Effective Date, the Project Company shall provide (or shall procure that the Construction Contractor provides) an irrevocable and unconditional bank guarantee as Construction Performance Security substantially in the format prescribed in Part 2 of Schedule 7 (Performance Security) (the Construction Performance Security) for the satisfaction of the Project Company’s obligations under this Agreement during the Construction Period for a sum equivalent to [•] percent ([•]%) of the Construction Period. The Contracting Authority shall confirm in writing the receipt of the Construction Performance Security. Until such time as the Construction Performance Security is, provided by the Project Company (and the same comes into effect) the Performance Security shall remain in full force and effect, and upon delivery of the Construction Performance Security to the Contracting Authority, the Contracting Authority shall release the Performance Security and return the original copy to the Project Company. In the event that the Annual Value of Works increases (including where there is an increase as a result of a Change) then the amount of the Construction Performance Security shall be increased to an amount equal to [•] per cent ([•]%) of the revised Annual Value of Works.
Construction Performance Security. To ensure the Developer completes construction of all Improvements required pursuant to and in accordance with this agreement, the Developer shall, prior to installing the Improvements for each phase of the Development, issue the City an irrevocable letter of credit or cash bond or other adequate security for the amount of 125% of the projected development costs as determined by the Developer and as approved by the City for all improvements shown in the Improvement Plans for that phase.
