Construction Phase Performance Security Sample Clauses

Construction Phase Performance Security. 6.1.1 For due and faithful performance of its obligations during the Construction Phase under this Concession Agreement, the Concessionaire shall provide the ADA within a period of 30 days from the Execution Date, a Construction Phase Performance Security in the form of an irrevocable and unconditional Bank Guarantee of an amount equal to 10 Lakh in single or multiple form of Bank Guarantees as may be instructed by the ADA, issued by SBI or any of its subsidiary or a nationalized bank, having its branch at Amritsar in favour of Chief Administrator, Amritsar Development Authority, Government of Punjab and such security shall be maintained and valid at all times from the date of issue thereof until 30 days following the COD; 6.1.2 On successful completion of the Construction Phase and achieving the COD, the Construction Phase Performance Security shall be released by ADA to the Concessionaire in the following manner: (a) on 100% Construction Completion as certified by the Independent Expert, 50% of the amount of Construction Phase Performance Security will be released to the Concessionaire ; (b) the balance 50% of the amount of Construction Phase Performance Security will be release after the concession period For avoidance of doubt it is clarified that the Construction Completion shall be linked to the approved Drawings building plans, layouts and specifications sanctioned by the concerned Statutory Authority and submitted with the ADA by the Concessionaire and the Concessionaire shall furnish the appropriate documents supporting Construction Completion such as Construction Completion Certificate issued by the Independent Expert, as may be required by ADA, prior to release of such Construction Phase Performance Security.