Common use of Release and return Clause in Contracts

Release and return. (a) The Council may but is not obliged to progressively release and return the Security to the Developer as and when the Developer performs its obligations to the satisfaction of the Council but may only do so if: (i) the Council considers that the remaining amount of the Security is adequate having regard to the Developer's remaining obligations; and (ii) the Developer is not in breach of this Agreement at the time the Security is returned. (b) The Council is to return the Security or any remaining part of it to the Developer within 28 days of the completion by the Developer of all of its obligations to the satisfaction of the Council. (c) At any time following the provision of the Security, the Developer may provide the Council with a replacement Security in the amount of the Security required to be provided under this clause. (d) On receipt of replacement Security, the Council is to release and return to the Developer, the Security which has been replaced.

Release and return. (a) The Council may but is not obliged to progressively release and return the Security to the Developer as and when the Developer performs its obligations to the satisfaction of the Council but may only do so if: (i) the Council considers that the remaining amount of the Security is adequate having regard to the Developer's remaining obligations; and (ii) the Developer is not in breach of this Agreement at the time the Security is returned. (b) The Council is to return the Security or any remaining part of it to the Developer within 28 days of the completion by the Developer of all of its obligations to the satisfaction of the Council. (c) In the event that the Security is provided in the form of a cash bond, upon two days notice from the Developer, Council must apply the Security to offset the payment of the Monetary Contribution required to be paid by the Developer in clause 1 of Schedule 1. (d) At any time following the provision of the Security, the Developer may provide the Council with a replacement Security in the amount of the Security required to be provided under this clause. (de) On receipt of replacement Security, the Council is to release and return to the Developer, the Security which has been replaced.