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.
Appears in 16 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
