Handback Certificate definition
Examples of Handback Certificate in a sentence
Upon payment being received in full by the Authority, the Authority will issue the Handback Certificate and return the Handback Holdback to Project Co and if such payment is not received from Project Co when due, the Authority may draw any unpaid amounts against the Handback Holdback and release the balance of the Handback Holdback to Project Co.
Such payment shall be made not later than fourteen (14) days after the estimated cost has been agreed or determined and, upon such payment being received by the Grantor, the Grantor's Representative shall issue the Handback Certificate and return the Handback Bond to the Developer.
The Contracting Authority may refuse to issue a Handback Certificate only if: (i) the Concessionaire has failed to complete all of the Renewal Works, (ii) the Site and the Airport Assets for any other reason do not comply with the Handback Conditions; or (iii) the Handback Requirements have not been satisfied in full.
The Handback Reserve Account shall remain in place and (subject to Sections 4.2.c, 4.4.b, and 4.5 of this Schedule 12) be fully funded at all times in an amount at least equal to the Handback Reserve Amount until the issuance of a Handback Certificate by the Enterprises or, if earlier, the Termination Date.
This Handback Certificate has the effect of releasing the Transfer Bond, constitutes evidence of divestment of all rights and title in the Project Assets by the Concessionaire and vesting thereof in LDA and releases the Concessionaire from all its obligations under the Agreement.