Common use of Release of Performance Security Clause in Contracts

Release of Performance Security. The Authority shall release the Performance Security within 60 (sixty) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, 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 or the extended Defects Liability Period, as the case may be, have been rectified.

Appears in 21 contracts

Samples: Epc Agreement, Epc Agreement, Engineering, Procurement and Construction (Epc) Agreement

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Release of Performance Security. The Authority shall release the Performance Security within 60 90 (sixtyninety) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, under this AgreementContract. 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 or the extended Defects Liability Period, as the case may be, have been rectified.

Appears in 2 contracts

Samples: Construction Contract, Construction Contract

Release of Performance Security. The Authority shall release return the Construction Period Performance Security to the Concessionaire within 60 (sixty) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Construction Period Performance Security until all Defects identified during 30 (thirty) days after the Defects Liability Period or the extended expiry Defects Liability Period, as . The Operation Period Performance Security shall remain in force and effect till expiry of the case may be, have been rectifiedConcession Period and shall be released within 30 (thirty) days therefrom.

Appears in 1 contract

Samples: Concession Agreement

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Release of Performance Security. The Authority shall release the Performance Security Guarantee within 60 90 (sixtyninety) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, under this AgreementContract. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security Guarantee until all Defects identified during the Defects Liability Period or the extended Defects Liability Period, as the case may be, have been rectified. The Authority shall release Performance Security within 30 (thirty) days after the receipt of Performance Guarantee.

Appears in 1 contract

Samples: Construction Contract

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