Common use of Refund of Additional Security Deposit Clause in Contracts

Refund of Additional Security Deposit. The additional security deposit shall be released within 30 days of issue of ‘Certificate of Completion’ with respect to the whole of the Works. In the event the Engineer issues a Taking-over Certificate for a section or part of the Permanent Works, only such proposition thereof as the Engineer determines (having regard to the relative value of such section or part of the Works) shall be considered by the Engineer for payment to the Contractor.

Refund of Additional Security Deposit. The additional security deposit shall be released within 30 days of issue of ‘Certificate of Completion’ with respect to the whole of the Works. In the event the Engineer issues is- sues a Taking-over Certificate for a section or part of the Permanent Works, only such proposition thereof as the Engineer determines (having regard to the relative value of such section or part of the Works) shall be considered by the Engineer for payment to the Contractor.