Common use of Release of Performance Security Clause in Contracts

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guarantee.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2030% (twenty thirty per cent) of the Total Bid Project Cost. Provided; provided, however, that the Performance Security shall not be released and shall be kept alive by the Concessionaire if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under in this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority MPRDC shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. 2Calculated @ 3% (three per cent) of the Bid Project Cost The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2030% (twenty thirty per cent) of the Total Bid Project Cost. Provided; provided, however, that the Performance Security shall not be released and shall be kept alive by the Concessionaire if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under in this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2040% (twenty forty per cent) of the Total Project Cost. ProvidedCost including, Equity Support, if any; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under in this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided, including Equity Support, if any; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under in this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2030% (twenty thirty per cent) of the Total Project Cost. Provided, including Equity Support, if any; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under in this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire Service Provider expending on the construction phase of the Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire Service Provider is in breach of this Agreement. Upon request made by the Concessionaire Service Provider for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Contracting Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2040% (twenty Forty per cent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if ; provided the Concessionaire is not in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of 7 Calculated @ 5% (five per cent) of the amount specified in the definition of Total Project Cost. the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority Government shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year 2 (two) years from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction Construction an aggregate sum that is not less than 2040% (twenty forty per cent) of the Total Project Cost. ProvidedContract Price; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under in this Clause 9.38.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. 6 Performance Security shall be fixed at the higher of 5% (five per cent) of the amount specified in the definition of Total Project Cost and the anticipated toll revenues for 12 (twelve) months The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2040% (twenty Forty per cent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if ; provided the Concessionaire is not in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2020 % (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of 3 Calculated @ 5% (five per cent) of the amount specified in the definition of Total Project Cost. the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period until the achievement of one year from the Appointed DateCOD, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per centpercent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if ; and provided the Concessionaire is not in the breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars particular which establish satisfaction of the requirements specified under this Clause clause 9.3, the Authority MPRDC shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Dateyear, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per centpercent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if ; and provided the Concessionaire is not in the breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish particular establishing satisfaction of the requirements specified under this Clause clause 9.3, the Authority MPRDC shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided, ; provided however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guarantee.forthwith. ARTICLE 10

Release of Performance Security. The Performance Security shall remain in force and effect for a period until the end of one year 2 (two) years from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) COD of the Total Project Cost. ProvidedPhase I of the project; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2030% (twenty thirty per cent) of the Total Project Cost. ProvidedContract Price; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under in this Clause 9.38.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided; provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guarantee.

Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier only upon the Concessionaire expending on Project construction an aggregate sum that is not less than 2040% (twenty Forty per cent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if ; provided the Concessionaire is not in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guaranteeforthwith.