Encashment and appropriation of Performance Security Sample Clauses

Encashment and appropriation of Performance Security. The Authority shall have the right to invoke and appropriate the proceeds of the Performance Security, in whole or in part, without notice to the Consultant in the event of breach of this Agreement or for recovery of liquidated damages specified in this Clause 7.2.
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Encashment and appropriation of Performance Security. The <<State Designated Agency>> shall have the right to invoke and appropriate the proceeds of the Performance Security, in whole or in part, without notice to the Consultant in the event of breach of this Agreement or for recovery of liquidated damages specified in this Clause 7.2.
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Encashment and appropriation of Performance Security. The KMRL shall have the right to invoke and appropriate the proceeds of the Performance Security, in whole or in part, without notice to the System Integrator in the event of breach of this Agreement or for recovery of liquidated damages specified in this Clause 7.2. The KMRL shall have the right to invoke and appropriate the proceeds of the Performance Security, in whole or in part, without notice to the System Integrator for an amount equal to the sums due to KMRL as per this agreement or for recovery of liquidated damages specified in this Clause 7.2, provided the System Integrator fails to pay such dues on demand by KMRL in 15 days of such demand and no running bills from which recoveries can be effected, is due to be paid to the System Integrator.
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Encashment and appropriation of Performance Security. The DIT shall have the right to invoke and appropriate the proceeds of the Performance Security, in whole or in part, without notice to the Consultant in the event of breach of this Agreement or for recovery of liquidated damages specified in this Clause 7.2.
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Encashment and appropriation of Performance Security. GMDC shall have the right to invoke and appropriate the proceeds of the Performance Security, in whole or in part, without notice to the Consultant in the event of breach of this Agreement or for recovery of liquidated damages specified in this Clause 7.2.
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Encashment and appropriation of Performance Security. 7.3 The Authority shall have the right to invoke and appropriate the proceeds of the Performance Security, in whole or in part, without notice to the Consultant in the event of breach of this Consultant Contract or for recovery of liquidated damages specified in this Clause 7.2.Penalty for deficiency in Services‌ In addition to the liquidated damages not amounting to penalty, as specified in Clause 7.2, warning may be issued to the Consultant for minor deficiencies on its part. In the case of significant deficiencies in Services causing adverse effect on the Project or on the reputation of the Authority, the Authority may initiate action against the Consultant including debarring for a specified period or any other remedies available under law 8 FAIRNESS AND GOOD FAITH
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Related to Encashment and appropriation of Performance Security

  • Appropriation of Performance Security Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default. Upon such invocation, encashment and appropriation from the Performance Security, the Concessionaire shall, within [30 (thirty)] days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of [90 (ninety)] days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 37.

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified.

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