Release of Performance Guarantee. The Performance Guarantee shall remain in force and effect for the entire period of the Concession period and subject to provisions of Article 9.5, shall be released after 180 (one hundred and eighty) days of expiry of the Concession Period or Termination, whichever is earlier, in accordance with this Agreement.
Release of Performance Guarantee. The Performance Guarantee shall remain in force and effect for an initial period of 10 years and renewed thereafter, 90 days prior to expiry of such Performance Guarantee. The Performance Guarantee shall be provided for the entire Concession Period of 60 years. In case Performance Guarantee is not renewed 90 days before expiry, the Authority shall have the right to encash the Performance Guarantee and to terminate this Agreement. Subject to provisions of Clause 9.4, the Performance Guarantee shall be released after 180 (one hundred and eighty) days (which shall be inclusive of defect liability period under the Clause 35.1) of expiry of the Concession Period of Commercial Complex or Termination, whichever is earlier, in accordance with this Agreement.
Release of Performance Guarantee. A. When Released: The Developer’s Performance Guarantee described in Section VII, above, shall be released and returned to the Developer, without interest thereon, only at such time as the Town Manager determines, in his sole discretion, that all of the Improvements have been properly constructed or installed, all Code requirements met, the warranty period has been met, and the Improvements have been finally accepted by the Town. Partial release of the letter of credit may be made only in accordance with Code requirements. The Performance Guarantee may be reduced by the Town upon actual completion of Improvements and then only in the ratio that the Improvements completed bear to the total Improvements of the Development Plan. In no event shall a Performance Guarantee be reduced below twenty percent (20%) of the original principal amount until all Improvements have been completed, the warranty period has been met and the Improvements have been finally accepted by the Town.
Release of Performance Guarantee. The Concessionaire shall keep the Performance Guarantee in full force and effect for a period of one year from expiry of validity period as stated clause 4.1 above (the “Performance Guarantee Claim Period”); provided, however, that the Performance Guarantee shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Guarantee along with the particulars which establish satisfaction of the requirements specified in this Article 4.3 and subject to the creation of Deemed Performance Guarantee in accordance with Article 4.4, the Authority shall release the Performance Guarantee forthwith.
Release of Performance Guarantee. The Concessionaire shall make all necessary arrangements to keep the Performance Guarantee valid and in force at all the times during period of 54 months from the Effective Date or till completion of construction of the Project, whichever is later. The Performance Guarantee shall be released within 6 months of availing the Occupation Permit/ Completion Certificate from the concerned planning/ local authority, subject to Maha-Metro’s right to receive or recover amounts if any due from Concessionaire under this Agreement.
Release of Performance Guarantee. Upon the Town issuing a written certificate of Initial Acceptance, the Town shall release the Performance Guarantee after or simultaneously with the Contractor providing a Warranty Guarantee
Release of Performance Guarantee. The Performance Guarantee amounting to Rs. 10,50,00,000/- (Rs. Ten Crores Fifty Lakhs only) shall remain in force and effect for a period of 66 months from the date of submission or the Construction Completion Date of the Project; whichever is later. The Performance Guarantee shall be released within 6 months of availing the Occupation Permit/ Completion Certificate from the concerned planning/ local authority, subject to Maha-Metro’s right to receive or recover amounts if any due from Concessionaire under this Agreement.
Release of Performance Guarantee. Pursuant to Section 600.2.5 of the Township’s SALDO and the time periods specified therein, the Township will consider requests by the Developer for releases from the Performance Guarantee as the Required Improvements are completed and approved. Partial releases shall be determined as the work and improvements are completed and after an inspection by the Township Engineer and with the approval of the Township Board of Supervisors. In the event a partial release is approved by the Township, the Performance Guarantee shall be reduced by an equivalent amount to that released. The Township agrees to execute any documents which may be determined to be appropriate by the Township Solicitor in connection with any partial release under the provisions of this paragraph. Subject to the Maintenance Guarantee and following construction and installation of all of the Required Improvements to the satisfaction of Township pursuant to this Agreement, the Township Engineer shall submit written notification and certification of completion to the Township Board of Supervisors and to the Developer (and to any entity posting the Performance Guarantee) that the Performance Guarantee may be fully released and discharged and the Developer – principal and the surety released from their commitment and obligations to secure this Agreement.
Release of Performance Guarantee. The Performance Guarantee amounting to Rs. 15,00,00,000/- (Rs. Fifteen Crores only) shall remain in force and effect for a period of 54 months from the date of submission or the Construction Completion Date of the Project; whichever is later. The Concessionaire shall make all necessary arrangements to keep the Performance Guarantee valid and in force at all the times during period of 54 months from the date of submission or till completion of construction of the Project including the Total Area Offered, whichever is later. The Performance Guarantee shall be released within 6 months of availing the Occupation Permit/ Completion Certificate from the concerned planning/ local authority, subject to Maha-Metro’s right to receive or recover amounts if any due from Concessionaire under this Agreement.
Release of Performance Guarantee
