Release of Performance Bond. The County shall have the right at any time to release the Company from its obligation to provide the Performance Bond required under this Article. Upon any such release, the O&M Charge of the annual Service Fee shall be reduced on an ongoing basis for the remainder of the Term by an amount negotiated between the County and the Company.
Release of Performance Bond. Owner shall release the Surety from all obligations with respect to this Contract one (1) year after the Final Completion Date.
Release of Performance Bond. In consideration for the terms of this Agreement, including but not limited to the tendering of the Final Surety Payment by Xxxxx, the Owner agrees to forever discharge and release Xxxxx, together with its representatives, owners, officers, directors, employees, attorneys, successors, and assigns, from any and all performance obligations, claims, causes of action, costs, expenses, losses, damages or other claims or rights concerning the Contract, the Project and the Performance Bond. It is understood and agreed that the Owner’s claim for recovery of liquidated damages is excepted from this Release and that the Parties to this Agreement reserve all claims, rights and defenses possessed by them in respect of the Owner’s claim for liquidated damages, which is the sole exception to the list of released claims hereunder. The Parties further agree that they shall proceed to non-binding mediation in respect of the Owner’s reserved liquidated damages claim as soon as practical upon final execution of this Agreement, but in no event later than the extended completion date for all remaining Phase 2 Work.
