Common use of Development Security Clause in Contracts

Development Security. 6.1.1. Seller shall, for the performance of its obligations hereunder during the Development Period and Construction Period, provide to CEB no later than 30 (thirty) days from the date of this Agreement, an irrevocable and unconditional guarantee from an Acceptable Financial Institution operating in Mauritius for a sum equivalent to […….] MUR [Please insert amount in words] (Amount to be 3 million MUR/ Maximum capacity, MW) million in the form set forth in Schedule B (“Development Security”). Until such time the Development Security is provided by Seller pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect up to 45 (forty-five) days after the date of the Agreement, and upon such provision of the Development Security pursuant hereto, CEB shall release the Bid Security without any interest to Seller. 6.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event that the Development Security is not provided by Seller within a period of 30 (thirty) days from the date of this Agreement, CEB may encash the Bid Security and appropriate the proceeds thereof, and thereupon all rights, privileges, claims and entitlements of Seller under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of Seller, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Development Security. 6.1.1. Seller shall, for the performance of its obligations hereunder during the Development Period and Construction Period, provide to CEB no later than 30 (thirty) days from the date of this Agreement, an irrevocable and unconditional guarantee from an Acceptable Financial Institution operating in Mauritius for a sum equivalent to […….] MUR [Please insert amount in words] (Amount to be 3 million MUR/ Maximum installed MWp capacity, MW) million in the form set forth in Schedule B (“Development Security”). Until such time the Development Security is provided by Seller pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect up to 45 (forty-five) days after the date of the Agreement, and upon such provision of the Development Security pursuant hereto, CEB shall release the Bid Security without any interest to Seller. 6.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event that the Development Security is not provided by Seller within a period of 30 (thirty) days from the date of this Agreement, CEB may encash the Bid Security and appropriate the proceeds thereof, and thereupon all rights, privileges, claims and entitlements of Seller under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of Seller, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Development Security. 6.1.1. Seller shall, for the performance of its obligations hereunder during the Development Period and Construction Period, provide to CEB no later than 30 (thirty) days from the date of this Agreement, an irrevocable and unconditional guarantee from an Acceptable Financial Institution operating in Mauritius for a sum equivalent to […….] MUR [Please insert amount in words] (Amount to be 3 million MUR/ Maximum installed MWac capacity, MW) million in the form set forth in Schedule B (“Development Security”). Until such time the Development Security is provided by Seller pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect up to 45 (forty-five) days after the date of the Agreement, and upon such provision of the Development Security pursuant hereto, CEB shall release the Bid Security without any interest to Seller. 6.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event that the Development Security is not provided by Seller within a period of 30 (thirty) days from the date of this Agreement, CEB may encash the Bid Security and appropriate the proceeds thereof, and thereupon all rights, privileges, claims and entitlements of Seller under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of Seller, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Development Security. 6.1.1. Development Security Seller shall, for the performance of its obligations hereunder during the Development Period and Construction Period, provide to CEB no later than 30 (thirty) days from the date of this Agreement, an irrevocable and unconditional guarantee from an Acceptable Financial Institution operating in Mauritius for a sum equivalent to […….] MUR [Please insert amount in words] (Amount to be 3 million MUR/ Maximum installed MWp capacity, MW) million in the form set forth in Schedule B (“Development Security”). Until such time the Development Security is provided by Seller pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect up to 45 (forty-five) days after the date of the Agreement, and upon such provision of the Development Security pursuant hereto, CEB shall release the Bid Security without any interest to Seller. 6.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event that the Development Security is not provided by Seller within a period of 30 (thirty) days from the date of this Agreement, CEB may encash the Bid Security and appropriate the proceeds thereof, and thereupon all rights, privileges, claims and entitlements of Seller under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of Seller, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.