Construction Performance Security. (a) The Concessionaire shall, for the performance of its obligations hereunder during the Construction Period, provide to the Authority within the time period specified in Clause 4.2.2(i) or such extended period as may be mutually agreed between the Authority and the Concessionaire, an irrevocable and unconditional guarantee from a Bank for such amount as is specified in Schedule 8 and substantially in the format set forth in Schedule 8 (the “Construction Performance Security”). The Concessionaire shall maintain and keep in force the Construction Performance Security for the entire duration of the Construction Performance Security Period in accordance with this Clause 9.1. Until such time the Construction Performance Security is provided by the Concessionaire pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security, the Authority shall release the Bid Security to the Concessionaire after a period of 10 (ten) days from the date on which the Concessionaire has submitted (in accordance with this Agreement) a valid Construction Performance Security.
Appears in 6 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
