Common use of Termination While Province Holds Financing and Initial Performance Letter of Credit Clause in Contracts

Termination While Province Holds Financing and Initial Performance Letter of Credit. Notwithstanding Section 18.2, if a Construction Period Termination occurs while the Province continues to hold the Financing and Initial Performance Letter of Credit and the condition for release set out in Section 3.5 has not occurred, then the Province shall have no obligation to make a Termination Payment to the Contractor.

Termination While Province Holds Financing and Initial Performance Letter of Credit. Notwithstanding Section 18.2, if a Construction Period Termination occurs while the Province continues to hold the Financing and Initial Performance Letter of Credit and the condition for release set out in Section 3.5 3.4 has not occurred, then the Province shall have no obligation to not make a Termination Payment to the Contractor.