Common use of Performance Security for Construction Works Clause in Contracts

Performance Security for Construction Works. 9.1.1. The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the ULB, one bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of INR [9]. The Construction Performance Security in the form of performance bank guarantee has to be furnished by the Concessionaire within 45 days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative shall release the Bid Security to the Concessionaire. 9.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the ULB may direct Authorized Representative to encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire. 9.1.3. The renewal of the Construction Performance Security, asand when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction Performance Security, failing which, the ULB shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the ULB to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days from the Termination Date.

Performance Security for Construction Works. 9.1.1. The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the ULB, one bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of INR [911]. The Construction Performance Security in the form of performance bank guarantee has to be furnished by the Concessionaire within 45 days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative shall release the Bid Security to the Concessionaire. 9.1.2. Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the ULB may direct Authorized Representative to encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire. 9.1.3. The renewal of the Construction Performance Security, asand when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction Performance Security, failing which, the ULB shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the ULB to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days from the Termination Date.

Performance Security for Construction Works. 9.1.1. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the ULBAuthority, one a bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of INR [9]Rs. 1,50,00,000,/- (Rupees One Crore Fifty Lakhs only). The Construction Performance Security in the form of performance bank guarantee guarantees has to be furnished by the Concessionaire within 45 days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security bid security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative Authority shall release the Bid Security to the Concessionaire. 9.1.2. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the ULB Authority may direct Authorized Representative to encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire., and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties 9.1.3. 9.1.3 The renewal of the Construction Performance Security, asand as and when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction existing Performance Security, failing which, the ULB Authority shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the ULB Authority to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days 30 days from the Termination Date.

Performance Security for Construction Works. 9.1.1. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the Lead ULB, one bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of INR [9]Rs. 50,00,000 per of Contracted Capacity (Rupees Fifty Lakhs per MW). The Construction Performance Security in the form of performance bank guarantee guarantees has to be furnished by the Concessionaire within 45 11 (eleven) days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative shall release the Bid Security to the Concessionaire.Concessionaire.‌ 9.1.2. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the Lead ULB may direct Authorized Representative to encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 9.1.3. 9.1.3 The renewal of the Construction Performance Security, asand as and when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction Performance Security, failing which, the Lead ULB shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the Lead ULB to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days 30 days from the Termination Date.

Performance Security for Construction Works. 9.1.1. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the ULBConstruction Supervisor, one bank guarantee from a scheduled bank Bank in the form as set out in Schedule 3., for a sum of INR [9]Rs. 1,50,00,000/- (Rs. One Crore Fifty Lacs Only) (hereinafter referred as “Construction Performance Security”). The Construction Performance Security in the form of performance bank guarantee has to be furnished by the Concessionaire within 45 days 30 (thirty)days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative C&DS, UPJN shall release the Bid Security to the Concessionaire. 9.1.2. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the ULB may direct Authorized Representative to C&DS, UPJN shall encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 9.1.3. 9.1.3 The renewal of the Construction Performance Security, asand as and when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction Performance Security, failing which, the ULB Construction Supervisor shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the Construction Supervisor and/or the ULB to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days 30 days from the Termination Date.

Performance Security for Construction Works. 9.1.1. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the Lead ULB, one bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of INR [9]Rs. 50,00,000 per MW (Rupees Fifty Lakhs per MW). The Construction Performance Security in the form of performance bank guarantee guarantees has to be furnished by the Concessionaire within 45 days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security bid security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative shall release the Bid Security to the Concessionaire. 9.1.2. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the Lead ULB may direct Authorized Representative to encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 9.1.3. 9.1.3 The renewal of the Construction Performance Security, asand as and when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction Performance Security, failing which, the Lead ULB shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the Lead ULB to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days 30 days from the Termination Date.

Performance Security for Construction Works. 9.1.1. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the ULBConstruction Supervisor, one bank guarantee from a scheduled bank Bank in the form as set out in Schedule 3., for a sum of INR [9]Rs. 1,00,00,000/- (Rs. One Crore Only) (hereinafter referred as “Construction Performance Security”). The Construction Performance Security in the form of performance bank guarantee has to be furnished by the Concessionaire within 45 days 30 (thirty)days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative C&DS, UPJN shall release the Bid Security to the Concessionaire. 9.1.2. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the ULB may direct Authorized Representative to C&DS, UPJN shall encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 9.1.3. 9.1.3 The renewal of the Construction Performance Security, asand as and when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction Performance Security, failing which, the ULB Construction Supervisor shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the Construction Supervisor and/or the ULB to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days 30 days from the Termination Date.

Performance Security for Construction Works. 9.1.1. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the Lead ULB, one bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of INR [9]Rs. 50,00,000 per of Contracted Capacity (Rupees Fifty Lakhs per MW). The Construction Performance Security in the form of performance bank guarantee guarantees has to be furnished by the Concessionaire within 45 30 (thirty) days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Securityshallremainvalidforaperiodof120daysoverandabov ethedate Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative shall release the Bid Security to the Concessionaire. 9.1.2. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Construction Performance Security is not provided by the Concessionaire on or before the execution of this Agreement, the Lead ULB may direct Authorized Representative to encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 9.1.3. 9.1.3 The renewal of the Construction Performance Security, asand as and when required, is to be done by the Concessionaire at least one month before the date of expiry of the subsisting Construction Performance Security, failing which, the Lead ULB shall be entitled to invoke the Construction Performance Security. Provided that if the Agreement is terminated due to any event other than a Concessionaire Event of Default, the Construction Performance Security, if subsisting as on the Termination Date shall, subject to rights of the Lead ULB to receive amounts at prevailing time, if any, due from Concessionaire under this Agreement, be duly discharged and released to Concessionaire within 30days 30 days from the Termination Date.