References to Performance Security and Performance Guarantee Sample Clauses
This clause defines how the terms 'Performance Security' and 'Performance Guarantee' are used and interpreted within the contract. It clarifies that references to either term are intended to be interchangeable or refer to the same underlying obligation, regardless of the specific wording used elsewhere in the agreement. By doing so, the clause ensures consistency and avoids confusion over terminology, thereby preventing disputes about the parties' obligations related to performance assurances.
References to Performance Security and Performance Guarantee. References to Performance Security occurring in this Agreement for and in respect of any period prior to the delivery of the Performance Security by the SPD to the Railways, or in respect of any period subsequent to the expiry or release thereof, as the case may be, shall be construed solely for the purposes of calculating the amount of Damages payable by the SPD, and the amount so determined shall be appropriated from the Bid Security or Deemed Performance Security, as the case may be.