Common use of PERFORMANCE and WARRANTY SECURITY Clause in Contracts

PERFORMANCE and WARRANTY SECURITY. 5.1 The Performance Bond submitted by CONTRACTOR shall remain valid until the issuance of the Certificate of Final Acceptance. It may be released after the issuance of the Certificate of Final Acceptance subject to conditions mandated by law. It shall be in the form and amount prescribed under the Contract Documents or applicable laws, rules and regulations. 5.2 The CONTRACTOR shall post an additional performance security to cover any cumulative increase of more than ten percent (10%) over the original value of the contract as a result of amendments to order or change orders, extra work orders and supplemental agreements, as the case may be. 5.3 If the CONTRACTOR cannot complete the PROJECT within the period prescribed under Section 4.1, the CONTRACTOR shall cause the extension of the validity of the Performance Security to cover contract time extensions until final acceptance of the 5.4 Until and unless the CONTRACTOR shall have complied with Section 5.2 and/or 5.3 hereof, as the case may be, MIRDC shall withhold all payments due the 5.5 The Performance Security posted in favor of MlRDC shall be forfeited in the event it is established that CONTRt\..CTOR is in default in any of its obligations under this . 5.6 The CONTRACTOR shall likewise put a Warranty Security in the form and amount prescribed by law effective for one year reckoned from the date of issuance of the Certificate afFinal Acceptance and shall be returned after the lapse of said one-year period.

PERFORMANCE and WARRANTY SECURITY. 5.1 The Performance Pel:formance Bond submitted by CONTRACTOR shall remain valid until the issuance of the Certificate of Final Acceptance. It may be released after the issuance of the Certificate of Final final Acceptance subject to conditions mandated by law. It shall be in the form and amount prescribed under the Contract Documents or applicable laws, rules and regulations. 5.2 The CONTRACTOR shall post an additional performance security to cover any cumulative increase of more than ten percent (10%) over the original value of the contract as a result of amendments to order or change orders, extra work orders and supplemental agreements, as the case may be. 5.3 If the CONTRACTOR cannot complete the PROJECT within the period prescribed under Section Sectioh 4.1, the CONTRACTOR shall cause the extension of the validity of the Performance Security S~curity to cover contract time extensions until final acceptance of thethe PROJECT.'" 5.4 Until and unless the CONTRACTOR shall have complied with Section 5.2 and/or 5.3 hereof, as .as the case may be, MIRDC shall withhold all payments due thethe CONTRACTOR. 5.5 The Performance .Rerformance Security posted in favor of MlRDC MIRDC shall be forfeited in the event it is established that CONTRt\..CTOR CONTRACTOR is in default in any of its obligations under this .Agreement. .. 5.6 The CONTRACTOR shall likewise put a Warranty Wan"anty Security in the form and amount prescribed by law effective for one year reckoned from the date of issuance of the Certificate afFinal Acceptance of Final Acpeptance and shall be returned after the lapse of said one-year period.

PERFORMANCE and WARRANTY SECURITY. 5.1 The Performance Bond submitted by CONTRACTOR shall remain valid until the issuance of the Certificate of Final Acceptance. It may be released after the issuance of the Certificate of Final Acceptance subject to conditions mandated by law. It shall be in the form and amount prescribed amountprescribed under the Contract Documents or applicable laws, rules and regulations.. 4 5.2 The CONTRACTOR shall post an additional performance security to cover any cumulative increase of more than ten percent (10%) over the original value of the contract as a result of amendments to order or change orders, extra work orders and supplemental agreements, as the case may be.and 5.3 If the CONTRACTOR cannot complete the PROJECT within the period prescribed under Section 4.1, the CONTRACTOR shall cause the extension of the validity of the Performance Security to Securityto cover contract time extensions until final acceptance of thethe PROJECT. 5.4 Until and unless the CONTRACTOR shall have complied with Section 5.2 and/or 5.3 hereof, as the case may be, MIRDC MlRDC shall withhold all payments due thethe CONTRACTOR. 5.5 The Performance Security posted in favor of MlRDC M]RDC shall be forfeited in the event it is established that CONTRt\..CTOR establishedthat CONTRACTOR is in default in any of its obligations under this Agreement. 5.6 The CONTRACTOR shall likewise put a Warranty Security in the form and amount prescribed by law effective for one year reckoned from the date of issuance of the Certificate afFinal Acceptance and CertificateafFinal Acceptanceand shall be returned after the lapse of said one-year period.

PERFORMANCE and WARRANTY SECURITY. 5.1 5,1 The Performance Bond submitted by CONTRACTOR shall remain valid until the issuance of the final Certificate of Final Acceptance. It may be released after the issuance of the Final Certificate of Final Acceptance subject to conditions mandated by law. It shall be in the form and amount prescribed under the Contract Documents or applicable laws, rules and regulations., 5.2 The CONTRACTOR shall post an additional performance perfonnance security to cover any cumulative increase of more than ten percent (10%) over the original value of the contract as a result of amendments to order or change orders, extra work orders and supplemental agreements, as the case may be. 5.3 If the CONTRACTOR cannot complete the PROJECT within the period prescribed under Section 4.1, the CONTRACTOR shall cause the extension of the validity of the Performance Security to cover contract time extensions until final acceptance of thethe PROJECT. 5.4 Until and unless the CONTRACTOR shall have complied with Section 5.2 and/or 5.3 hereof, ; as the case may be, MIRDC shall withhold all payments due thethe CONTRACTOR. 5.5 The Performance Security posted in favor of MlRDC ofMIRDC shall be forfeited in the event it is established that CONTRt\..CTOR CONTRACTOR is in default in any of its obligations under this .Agreement, 5.6 The CONTRACTOR shall likewise put a Warranty Security in the form and amount prescribed by law effective for one year reckoned from the date of issuance of the Certificate afFinal of Final Acceptance and shall be returned after the lapse of said one-year period.