Common use of Additional Performance Security Clause in Contracts

Additional Performance Security. ‌ The Operator shall have right to refurbish the Project/carry out modifications (including deconstruction, demolition & building new assets) of the premises to suit the business needs of the Operator. However, it is clarified that in case of deconstruction/ demolition, the Operator will have to submit Additional Performance Security (APS). The APS should be equal to the cost and validity as certified by the Independent Consultant for the value of the deconstruction/demolition works undertaken by the Operator. This Bank Guarantee for APS shall be returned to the Operator after one year or after the end of the defect liability period (as determined by Independent Consultant only) after the successful reconstruction of the area equal to or higher than the area demolished. It may be noted that area of only permanent structure shall be considered. For the purpose of this Article, installation of pre-fabricated structures, movable structures etc. shall not be considered as reconstruction. Such deconstruction and subsequent reconstruction work should only be completed in the currency of this Agreement.

Additional Performance Security. ‌ The Operator shall have right to refurbish the Project/carry out modifications (including deconstruction, demolition & building new assets) of the premises to suit the business needs of the Operator. However, it is clarified that in case of deconstruction/ demolition, the Operator will have to submit Additional Performance Security (APS). The APS should be equal to the cost and validity as certified by the Independent Consultant for the value of the deconstruction/demolition works undertaken by the Operator. This Bank Guarantee for APS shall be returned to the Operator after one year or after the end of the defect liability period (as determined by Independent Consultant onlyConsultant) after the successful reconstruction of the area equal to or higher than the area demolished. It may be noted that area of only permanent structure shall be considered. For the purpose of this Article, installation of pre-fabricated structures, movable structures etc. shall not be considered as reconstruction. Such deconstruction and subsequent reconstruction work should only be completed in the currency of this Agreement.

Additional Performance Security. ‌ The Operator shall have right to refurbish the Project/carry out modifications (including deconstruction, demolition & building new assets) of the premises to suit the business needs of the Operator. However, it is clarified that in case of deconstruction/ demolition, the Operator will have to submit Additional Performance Security (APS). The APS should be equal to the cost and validity as certified by the Independent Consultant for the value of the deconstruction/demolition works undertaken by the Operator. This Bank Guarantee for APS shall be returned to the Operator after one year or after the end of the defect liability period (as determined by Independent Consultant only) after the successful reconstruction of the area equal to or higher than the area demolished. It may be noted that area of only permanent structure shall be considered. For the purpose of this Article, installation of pre-fabricated structures, movable structures etc. shall not be considered as reconstruction. Such deconstruction and subsequent reconstruction work should only be completed in the currency of this Agreement.