Common use of Release of Performance Security Clause in Contracts

Release of Performance Security. The Performance Security shall remain in force and effect till the Commercial Operation Date of Bus Terminal. 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 9.2, the Authority shall release the Performance Security forthwith after obtaining Performance Guarantee in terms of Clause 9.3 below.