Operations Period Bond. (a) The Concessionaire shall, simultaneously with the release of the Construction Performance Bond, submit to FBR the Operations Bond with a face value of five percent [5%] of the projected Gross Revenue for the forthcoming Year of the Operations Phase, as specified in the Base Financial Model. The Operations Bond shall remain in full force and effect for the Operations Period. (b) The Operations Bond may be in the form of bank guarantee issued by a scheduled commercial bank in accordance with the requirements of State Bank of Pakistan.
Appears in 3 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Operations Period Bond.
(a) The Concessionaire shall, simultaneously with the release of the Construction Performance Bond, submit to FBR the Operations Bond with a face value of five percent [5%] of the projected Gross Revenue for the forthcoming Year of the Operations Phase, as specified in the Base Financial Model. The Operations Bond shall remain in full force and effect for the Operations Period.
(b) The Operations Bond may be in the form of bank guarantee issued by a scheduled commercial bank in accordance with the requirements of State Bank of Pakistan.
Appears in 1 contract
Samples: Concession Agreement
