Common use of Performance of Handback Work Clause in Contracts

Performance of Handback Work. By agreement between the parties, or determination in accordance with the Dispute Resolution Procedure, of the Handback Works, the Handback Works Plan and the Handback Amount, Project Co will: (a) within 10 Business Days of the agreement, or determination in accordance with the Dispute Resolution Procedure, deliver to the Authority a performance bond or letter of credit: (1) issued by a financial institution listed on Schedule 1 of the Bank Act or a surety company authorized to carry out business in British Columbia; (2) securing performance by Project Co of the Handback Works; and (3) having a term which expires no sooner than two years after the Expiry Date, or other cash collateral acceptable to the Authority, acting reasonably, in an amount equal to the Handback Amount (the “Handback Holdback”); and (b) at its own cost and expense, carry out the Handback Works in accordance with the Handback Works Plan and Good Industry Practice, notwithstanding that the actual cost of the Handback Works may be higher than the Handback Amount.

Performance of Handback Work. By agreement between the parties, or determination in accordance with the Dispute Resolution Procedure, of the Handback Works, the Handback Works Plan and the Handback Amount, Project Co will: (a) within 10 Business Days of the agreement, or determination in accordance with the Dispute Resolution Procedure, deliver to the Authority a performance bond or letter of credit:credit:‌ (1) issued by a financial institution listed on Schedule 1 of the Bank Act or a surety company authorized to carry out business in British Columbia; (2) securing performance by Project Co of the Handback Works; and (3) having a term which expires no sooner than two years after the Expiry Date, or other cash collateral acceptable to the Authority, acting reasonably, in an amount equal to the Handback Amount (the “Handback Holdback”); and (b) at its own cost and expense, carry out the Handback Works in accordance with the Handback Works Plan and Good Industry Practice, notwithstanding that the actual cost of the Handback Works may be higher than the Handback Amount.

Performance of Handback Work. By agreement between the parties, or determination in accordance with the Dispute Resolution Procedure, of the Handback Works, the Handback Works Plan and the Handback Amount, Project Co will: (a) within 10 Business Days of the agreement, or determination in accordance with the Dispute Resolution Procedure, deliver to the Authority a performance bond or letter of credit: (1) issued by a financial institution listed on Schedule 1 of the Bank Act or a surety company authorized to carry out business in British Columbia; (2) securing performance by Project Co of the Handback Works; and (3) having a term which expires no sooner than two years after the Expiry Date, or other cash collateral acceptable to the Authority, acting reasonably, in an amount equal to the Handback Amount (the “Handback Holdback”); and (b) at its own cost and expense, carry out the Handback Works in accordance with the Handback Works Plan and Good Industry Practice, notwithstanding that the actual cost of the Handback Works may be higher than the Handback Amount.

Performance of Handback Work. By agreement between the parties, or determination in accordance with the Dispute Resolution Procedure, of the Handback Works, the Handback Works Plan and the Handback Amount, Project Co will: (a) within 10 Business Days of the agreement, or determination in accordance with the Dispute Resolution Procedure, deliver to the Authority a performance bond or letter of credit: (1) issued by a financial institution listed on Schedule 1 of the Bank Act or a surety company authorized to carry out business in British Columbia; (2) securing performance by Project Co of the Handback Works; and (3) having a term which expires no sooner than two years after the Expiry Date, or other cash collateral acceptable to the Authority, acting reasonably, in an amount equal to the Handback Amount (the “Handback Holdback”); and (b) at its own cost and expense, carry out the Handback Works in accordance with the Handback Works Plan and Good Industry Practice, notwithstanding that the actual cost of the Handback Works may be higher than the Handback Amount.