Common use of Performance Security Clause in Contracts

Performance Security. 5.1.1 The Developer shall, for due and punctual performance of its obligations relating to the Project, should submit to the Authority a demand draft from a scheduled bank acceptable to the Authority for an amount equal to the Annual Fee payable for the year subsequent to such submission (the “Performance Security”). The first of such Performance Security has been submitted prior to signing of this Agreement for a sum of Rs. /- (Rupees only). The Performance Security shall be kept valid throughout the Agreement Period and the Developer shall ensure that the amount of Performance Security submitted is equal to the Annual Fee payable for the subsequent year of such submission. The Authority shall not be liable to pay any interest on the Performance Security and the same shall be interest free.

Performance Security. 5.1.1 The Developer shall, for due and punctual performance of its obligations relating to the Project, should submit to the Authority a demand draft from a scheduled bank acceptable to the Authority for of an amount equal to the Annual Fee payable for the year subsequent to such submission (the “Performance Security”). The first of such Performance Security has been submitted prior to shall be paid within 30 days of signing of this Agreement for a sum of Rs. /- (Rupees only). The Performance Security shall be kept valid throughout the Agreement Period and the Developer shall ensure that the amount of Performance Security submitted is equal to the Annual Fee payable for the subsequent year of such submission. The Authority shall not be liable to pay any interest on the Performance Security and the same shall be interest free.

Performance Security. 5.1.1 The Developer shall, for due and punctual performance of its obligations relating to the Project, ,should submit to the Authority a Authoritya demand draft from a scheduled bank acceptable to the Authority for an amount equal to the Annual Fee payable for the year subsequent to such submission (the “Performance Security”). The first of such Performance Security has been submitted prior submittedprior to signing of this Agreement for Agreementfor a sum of Rs. /- (Rupees only). The only).The Performance Security shall be kept valid throughout the Agreement Period and the Developer shall ensure that the amount of Performance Security submitted is equal to the Annual Fee payable for the subsequent year of such submission. The Authority shall not be liable to pay any interest on the Performance Security and the same shall be interest free.

Performance Security. 5.1.1 The Developer shall, for due and punctual performance of its obligations relating to the Project, should submit to the Authority a demand draft from a scheduled bank acceptable to the Authority for an amount equal to the Annual Fee payable for the year subsequent to such submission (the “Performance Security”). The first of such Performance Security has been submitted prior to signing of this Agreement for a sum of Rs. /- (Rupees only). The only).The Performance Security shall be kept valid throughout the Agreement Period and the Developer shall ensure that the amount of Performance Security submitted is equal to the Annual Fee payable for the subsequent year of such submission. The Authority shall not be liable to pay any interest on the Performance Security and the same shall be interest free.

Performance Security. 5.1.1 The Developer shall, for due and punctual performance of its obligations relating to the Project, should submit to the Authority a demand draft from a scheduled bank acceptable to the Authority for of an amount equal to the Annual Fee payable for the year subsequent to such submission (the “Performance Security”). The first of such Performance Security has been submitted prior to shall be paid within 30 days of signing of this Agreement for a sum of Rs. _______ /- (Rupees ______________ only). The Performance Security shall be kept valid throughout the Agreement Period and the Developer shall ensure that the amount of Performance Security submitted is equal to the Annual Fee payable for the subsequent year of such submission. The Authority shall not be liable to pay any interest on the Performance Security and the same shall be interest free.