Validity of Construction Performance Bond. (a) The Construction Performance Bond shall remain valid for the whole duration of the Construction Period, including any extensions in the Construction Period pursuant to the terms of this Agreement. (b) The Construction Performance Bond shall be partially released from time to time to the extent of the percentage of completion of the Works certified by the Independent Engineer. (c) In case of Termination of this Agreement during the Construction Period due to a Concessionaire’s Event of Default and provided that the Concessionaire’s Event of Default was not triggered due to Force Majeure Event, FBR shall be entitled to encash the Construction Performance Bond. (d) FBR hereby agrees to return the Construction Performance Bond for cancellation within seven (7) Days of (a) its receipt of the Commissioning Notice, or (b) the occurrence of a Termination not occasioned by a Concessionaire Event of Default. In the event that FBR does not return the Construction Performance Bond as above, the Construction Performance Bond shall be deemed to have been cancelled.
Appears in 3 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Validity of Construction Performance Bond.
(a) The Construction Performance Bond shall remain valid for the whole duration of the Construction Period, including any extensions in the Construction Period pursuant to the terms of this Agreement.
(b) The Construction Performance Bond shall be partially released from time to time to the extent of the percentage of completion of the Works certified by the Independent Engineer.
(c) In case of Termination of this Agreement during the Construction Period due to a Concessionaire’s Event of Default and provided that the Concessionaire’s Event of Default was not triggered due to Force Majeure Event, FBR shall be entitled to encash the Construction Performance Bond.
(d) FBR hereby agrees to return the Construction Performance Bond for cancellation within seven (7) Days of (a) its receipt of the Commissioning Notice, or (b) the occurrence of a Termination not occasioned by a Concessionaire Event of Default. In the event that FBR does not return the Construction Performance Bond as above, the Construction Performance Bond shall be deemed to have been cancelled.
Appears in 1 contract
Samples: Concession Agreement
