Common use of Release of PerformanceSecurity Clause in Contracts

Release of PerformanceSecurity. (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, 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 have beenrectified.

Release of PerformanceSecurity. (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties State of Manipur” November 2020 agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have beenrectified.