Contractor Performance Security. On the Effective Date, Contractor shall deliver to Owner and maintain in full force and effect the Contractor Performance Security in the form set forth in Exhibit 11. If Contractor fails to deliver the Contractor Performance Security or the issuer thereof repudiates or breaches its obligation to pay or perform thereunder, Owner shall be excused from paying any Progress Payments until such time as Contractor shall have delivered replacement contractor performance security in a form acceptable to Owner in its sole discretion.
Appears in 3 contracts
Sources: Build Transfer Agreement, Engineering, Procurement and Construction Agreement, Balance of Plant Engineering, Procurement and Construction Agreement