Common use of Election to Change Form of Performance Assurance Clause in Contracts

Election to Change Form of Performance Assurance. A Performance Assurance Party shall have the right to, at any time and from time to time, request replacement of any or all of the Performance Assurance provided by it (the “Outstanding Performance Assurance”) with one or more alternative forms of Performance Assurance, whereupon the Guaranteed Party shall cooperate with the Performance Assurance Party in obtaining the concurrent release, termination, or return (as many as may be applicable) of the Outstanding Performance Assurance in favor of or held by the Guaranteed Party.