Release of Development Security Sample Clauses

Release of Development Security. The Development Security shall remain in force and effect initially for a period of 27 (twenty seven) months as from the date of issue, and shall be extended from time to time, at least 15 (fifteen) days prior to the expiry, to be valid up to 3 (three) months after the Commercial Operation Date. Upon expiry of 3 (three) months from the Commercial Operation Date, CEB shall release the Development Security forthwith, provided, however, that the Development Security shall not be released if Seller is in breach of this Agreement.
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Related to Release of Development 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.

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