Release of Construction Performance Security Sample Clauses

Release of Construction Performance Security. The Construction Performance Security shall remain in force and effect for a period of 6 (six) months from the COD of Phase- II (“Construction Performance Security Period”). The Authority shall release the Construction Performance Security after a period of 30 (thirty) days from the date of expiry of the Construction Performance Security Period subject to creation of a valid Deemed Performance Security in accordance with Clause 9.2 prior to the expiry of such 30 (thirty) days period.
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Release of Construction Performance Security. Notwithstanding anything mentioned in the Clause 9.1.1, the Construction Performance Security will be released by the ULB upon receipt of the Operation Performance Security as mentioned in Clause 9.4.
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Release of Construction Performance Security. 2.14.1 The Construction Performance Security shall remain in force and effect for the Construction Period. 2.14.2 Upon written request by the Project Company for release of the Construction Performance Security, the Contracting Authority shall release the Construction Performance Security upon issuance of the Completion Certificate by the Independent Expert and return the original copy of the Construction Performance Security to the Project Company.
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Release of Construction Performance Security. Formatted: Font: Italic, Underline Formatted: Font: Italic, Underline
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Release of Construction Performance Security. 13.4.1 The Construction Performance Security shall remain in force and effect until the date that falls on the expiry of the Defects Liability Period (the “Construction Performance Security Expiry Date”). The Construction Performance Security shall be returned to the Concessionaire on the earlier of: (a) expiry of the Defects Liability Period; (b) submission of O&M Performance Security upon the expiry of Defects Liability Period; (c) Final Expiry Date of this Agreement. 13.4.2 In the event the Construction Performance Security is due to expire prior to the Construction Performance Security Expiry Date, the Concessionaire shall, fifteen (15) days prior to its expiry, extend the validity of the Construction Performance Security such that it remains valid until the Construction Performance Security Expiry Date provided however, in the event such extension is due to reasons attributable to the Permitted Events, all costs relating to the same shall be borne by the GoS. In the event of failure by the Concessionaire to extend the validity of the Construction Performance Security in accordance with this Section 13.4.2, the GoS shall have the right to encash the Construction Performance Security, ten days prior to its then expiry, up to its outstanding value (the “Construction Encashed Sums”). 13.4.3 All Construction Encashed Sums (less Construction Encashed Sums Deductions) shall be returned to the Concessionaire concurrently upon the Concessionaire’s submission of a new Construction Performance Security (the same being an amount equal to the Construction Encashed Sums less the Construction Encashed Sums Deductions) to the GoS that expires on the Construction Performance Security Expiry Date. Until such time that the Concessionaire has provided a new Construction Performance Security to the GoS in accordance with this Section 13.4.3, the GoS shall have the right to appropriate the Construction Encashed Sums (the “Construction Encashed Sums Deductions”). In the event the Concessionaire does not provide the GoS the new Construction Performance Security in accordance with this Section 13.4.3, the GoS shall, upon expiry of the Defects Liability Period or early Termination of this Agreement (whichever is earlier) pay the Concessionaire an amount equal to the Construction Encashed Sums less the Construction Encashed Sums Deductions.
Sample 1
Release of Construction Performance Security. The Concessionaire undertakes that the Construction Performance Security shall remain valid and effective and be maintained in full force till the 60 (Sixty) days after Construction Period (the “Validity Period”). The Construction Performance Security shall be released forthwith provided the Concessionaire is not in breach of this Agreement and the Concessionaire has provided the Operational Performance Security. Upon request made by the Concessionaire for release of the Construction Performance Security along with the particulars establishing satisfaction of the requirements specified under this Clause 9.4, the Authority / SSNNL / FED shall release the Construction Performance Security forthwith.
Sample 1

Related to Release of Construction Performance Security

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.

  • Appropriation of Performance Security (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default. (ii) Upon such encashment and appropriation from the Performance Security, the Contractor shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Contractor shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate the Agreement in accordance with Article 23. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Contractor shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Contractor’s Default, and in the event of the Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 23.

  • Completion of Construction Within 60 days of the completion of construction of the Project, Project Owner shall deliver to DoD copies of the FAA form 7460-2 for each ASN, including the final coordinates for each turbine erected.

  • ICIF Construction The ICIF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Parties agree on another mutually acceptable deadline, Interconnection Customer shall deliver to Transmission Provider and Transmission Owner “as-built” drawings, information and documents for the ICIF, such as: a one-line diagram, a site plan showing the Generating Facility and the ICIF, plan and elevation drawings showing the layout of the ICIF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Interconnection Customer’s step-up transformers, the facilities connecting the Generating Facility to the step-up transformers and the ICIF, and the impedances (determined by factory tests) for the associated step-up transformers and the Generating Facility. Interconnection Customer shall provide Transmission Provider and Transmission Owner with Interconnection Customer’s specifications for the excitation system, automatic voltage regulator, Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • Covenants and Conditions; Construction of Agreement All provisions of this Lease to be observed or performed by Lessee are both covenants and conditions. In construing this Lease, all headings and titles are for the convenience of the Parties only and shall not be considered a part of this Lease. Whenever required by the context, the singular shall include the plural and vice versa. This Lease shall not be construed as if prepared by one of the Parties, but rather according to its fair meaning as a whole, as if both Parties had prepared it.

  • Commencement of Construction Construction of the Project will start within thirty (30) days after notification to the Developer by the Owner, or as soon thereafter as weather and ground conditions permit.

  • Commencement and Completion of Construction Subject to Unavoidable Delays, Developer shall cause construction of the Minimum Improvements to be undertaken and completed: (i) by no later than June 1, 2020; or (ii) by such other date as the parties shall mutually agree upon in writing. Time lost as a result of Unavoidable Delays shall be added to extend this date by a number of days equal to the number of days lost as a result of Unavoidable Delays. All work with respect to the Minimum Improvements shall be in conformity with the Construction Plans approved by the building official or any amendments thereto as may be approved by the building official. Developer agrees that it shall permit designated representatives of the City, upon reasonable notice (which does not have to be written), to enter upon the Development Property during the construction of the Minimum Improvements to inspect such construction and the progress thereof.

  • Waiver of Rule of Construction Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • DAF Construction The DAF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Developer and Connecting Transmission Owner agree on another mutually acceptable deadline, the Developer shall deliver to the Connecting Transmission Owner and NYISO “as- built” drawings, information and documents for the DAF, such as: a one-line diagram, a site plan showing the Large Generating Facility and the DAF, plan and elevation drawings showing the layout of the DAF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Developer’s step-up transformers, the facilities connecting the Large Generating Facility to the step-up transformers and the DAF, and the impedances (determined by factory tests) for the associated step-up transformers and the Large Generating Facility. The Developer shall provide to, and coordinate with, Connecting Transmission Owner and NYISO with respect to proposed specifications for the excitation system, automatic voltage regulator, Large Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

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