Release of Performance Security. (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 been rectified.
(ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement.
(iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.
Release of Performance Security. The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guarantee.
Release of Performance Security. 7.4.1 The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the later of the expiry of the Maintenance Period or the Defects Liability Period 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 been rectified.
7.4.2 The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement.
Release of Performance Security. The Performance Security shall remain in force and effect until expiry of 6 (six) months after the Appointed Date, and shall be released upon the Deemed Performance Security taking effect in accordance with the provisions of Clause 9.4.
Release of Performance Security. The Authority shall release the Performance Security within 60 (sixty) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, 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 or the extended Defects Liability Period, as the case may be, have been rectified.
Release of Performance Security. Subject to other provisions of this Agreement, ESCOM shall release the Performance Security, if any after twelve (12) months from the Scheduled Commissioning Date. The release of the Performance Security shall be without prejudice to other rights of ESCOM under this Agreement.
Release of Performance Security. The Performance Security shall remain in force and effect till the Commercial Operation Date of Bus Terminal. Provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.2, the Authority shall release the Performance Security forthwith after obtaining Performance Guarantee in terms of Clause 9.3 below.
Release of Performance Security. Subject to other provisions of this Agreement, APDCL shall release the Performance Security, if any after eighteen (18) months from the Scheduled Commissioning Date. The release of the Performance Security shall be without prejudice to other rights of APDCL under this Agreement.
Release of Performance Security. 9.3.1. The Performance Security shall remain in force and effect from the Commencement Date till 180 days after the Terminal Date. In the event of Termination of the Agreement due to Concessionaire Default, the Authority shall forfeit the Performance Security. In the event of Termination upon Authority Default or Termination under Force Majeure, subject to deduction of dues payable to the Authority including Damages and compensation, the Performance Security shall be returned within a period of 30 days from the Termination Date.
Release of Performance Security. Subject to the provisions hereof, ADCL shall promptly return the Performance Security to the Concessionaire upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish the Project Completion being achieved, and provided that there are no outstanding claims of the ADCL on the Preferred Bidder/Concessionaireand the Concessionaire is not in breach of this Agreement
