Common use of Extension of Performance Security and Additional PerformanceSecurity Clause in Contracts

Extension of Performance Security and Additional PerformanceSecurity. The Contractor may initially provide the Performance Security for a periodof 2 (two) years; provided that it shall procure the extension of the validity of the Performance Security, as necessary, at least 2 (two) months prior to the date of expiry thereof. Upon the Contractor providing an extended Performance Security, the previous Performance Security shall be deemed to be released and the Authority shall return the same to the Contractor within a period of 7 (seven) business days from the date of submission of the extended PerformanceSecurity.

Extension of Performance Security and Additional PerformanceSecurity. The Contractor may initially provide the Performance Security for a periodof period of 2 (two) years; provided that it shall procure the extension of the validity of the Performance Security, as necessary, at least 2 (two) months prior to the date of expiry thereof. Upon the Contractor providing an extended Performance Security, the previous Performance Security shall be deemed to be released and the Authority shall return the same to the Contractor within a period of 7 (seven) business days from the date of submission of the extended PerformanceSecurity.

Extension of Performance Security and Additional PerformanceSecurity. ‌ The Contractor may initially provide the Performance Security for a periodof 2 (two) years; provided that it shall procure the extension of the validity of the Performance Security, as necessary, at least 2 (two) months prior to the date of expiry thereof. Upon the Contractor providing an extended Performance Security, the previous Performance Security shall be deemed to be released and the Authority shall return the same to the Contractor within a period of 7 (seven) business days from the date of submission of the extended PerformanceSecurity.