Common use of Construction Performance Security Clause in Contracts

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. (a) The Concessionaire shall, for the performance of its obligations hereunder during the Construction Period and to the extent set out in Clauses 9.1.2(b) and 9.1.2(c), the performance of the obligations of the Other Concessionaire under the Other Concession Agreement during the Other Project 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 and the Other Concessionaire has submitted (in accordance with this Agreement and the Other Concession Agreement, as applicable) a valid Construction Performance SecuritySecurity and Other Project Construction Performance Security respectively. (b) Notwithstanding anything to the contrary contained in this Agreement, in the event that the Construction Performance Security and/or the Other Project Construction Performance Security is not provided by the Concessionaire or the Other Concessionaire, as the case may be, 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. (a) 9.1.1. The Concessionaire shall, for the performance of its obligations hereunder during the Construction Period, provide to the Authority within no later than 45 (fourty five) days from the time period specified in Clause 4.2.2(i) or such extended period as may be mutually agreed between the Authority and the Concessionairedate of issue of LoI, an irrevocable and unconditional guarantee from a froma Bank for such amount as is specified in Schedule 8 and substantially in the format set forth in Schedule 8 a sum of Rs 4.61 Crore (the Rupees Four crore Sixty-One lakhs only) “Construction Performance Security”, valid from the date of issue thereof and until Operations Date in favor of Imphal Smart City Limited fromBank (a nationalized/scheduled bank). The Concessionaire shall maintain , and keep payable and enforceable in force Imphal in the Construction Performance Security for the entire duration of the Construction Performance Security Period form set forth in accordance with this Clause 9.1. Until Schedule L .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 SecuritySecurity pursuant hereto, the Authority shall release the Bid Security to submitted by the Concessionaire after a period at the time of 10 (ten) days from submitting the date on which the Concessionaire has submitted (in accordance with this Agreement) a valid Construction Performance SecurityRFP. (b) 9.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event that the Construction Performance Security is not provided by the Concessionaire within a period of 30 ( thirty) days from the specified perioddate of this Concession Agreement, the Authority shall have the right to may encash the Bid Security submitted by the Concessionaire at the RFP Stage and appropriate the proceeds thereof as damagesDamages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall Concession Agreementshall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Concession Agreement shall be deemed to have been terminated by terminatedby mutual agreement of the Parties.

Construction Performance Security. (a) 9.1.1. The Concessionaire shall, for the performance of its obligations hereunder during the Construction Period, provide to the Authority within no later than 45 (forty five) days from the time period specified in Clause 4.2.2(i) or such extended period as may be mutually agreed between the Authority and the Concessionairedate of issue of LoI, an irrevocable and unconditional guarantee from a froma Bank for such amount as is specified in Schedule 8 and substantially in the format set forth in Schedule 8 a sum of Rs 7.15 Crore (the Rupees seven crore Fifteen lakhs only) “Construction Performance Security”). The Concessionaire shall maintain , valid from the date of issue thereof and keep until Operations Date in force favor of Imphal Smart City Limited from Bank (a nationalized/ scheduled bank),and payable and enforceable in Imphal in the Construction Performance Security for the entire duration of the Construction Performance Security Period form set forth in accordance with this Clause 9.1. Until Schedule L .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 SecuritySecurity pursuant hereto, the Authority shall release the Bid Security to submitted by the Concessionaire after a period at the time of 10 (ten) days from submitting the date on which the Concessionaire has submitted (in accordance with this Agreement) a valid Construction Performance SecurityRFP. (b) 9.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event that the Construction Performance Security is not provided by the Concessionaire within a period of 30 ( thirty) days from the specified perioddate of this Concession Agreement, the Authority shall have the right to may encash the Bid Security submitted by the Concessionaire at the RFP Stage and appropriate the proceeds thereof as damagesDamages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall Concession Agreementshall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Concession Agreement shall be deemed to have been terminated by terminatedby mutual agreement of the Parties.