Examples of Maintenance Security in a sentence
TxDOT shall release the Retained Security Amount or letter of credit, as applicable, to DB Contractor upon the provision of the Maintenance Security required under Section 3.2 of the CMA General Conditions, which shall be no later than 14 days prior to the Initial Maintenance Term Commencement Date.
TxDOT shall release the Retained Security Amount or letter of credit, as applicable, to DB Contractor upon (a) the provision of the Maintenance Security required under Section 7 of the CMA within 60 days after TxDOT’s issuance of Maintenance NTP1, or (b) the election of TxDOT not to issue Maintenance NTP1 within 180 days after Final Acceptance.
TxDOT shall retain from the Final Payment, and if it reasonably appears there will be insufficient funds at Final Payment, from progress payments, an amount equal to the initial amount of the Maintenance Performance Bond required pursuant Section 7.4.2 of the CMA as calculated on the Substantial Completion date (the “Retained Security Amount”) as security for the provision of the Maintenance Security required under Section 7 of the CMA.
In the event TxDOT does not receive the Maintenance Security required under Section 3.2 of the CMA General Conditions by the deadline set forth therein, DB Contractor shall forfeit as liquidated damages and not as a penalty such sums, or if a letter of credit is provided in lieu of retained amounts, TxDOT shall have the right to draw on the letter of credit.
In the event TxDOT does not receive the Maintenance Security required under Section 7 of the CMA by the deadline set forth therein, DB Contractor shall forfeit as liquidated damages and not as a penalty such sums, or if a letter of credit is provided in lieu of retained amounts, TxDOT shall have the right to draw on the letter of credit.