Common use of Development Security Clause in Contracts

Development Security. 6.1.1. Seller shall, for the performance of its obligations hereunder during the Development Period and Construction Period, provide to CEB no later than 30 (thirty) days from the date of this Agreement, an irrevocable and unconditional guarantee from an Acceptable Financial Institution operating in Mauritius for a sum equivalent to […….] MUR [Please insert amount in words] (Amount to be 3 million MUR/ installed MWp capacity) million in the form set forth in Schedule B (“Development Security”). Until such time the Development Security is provided by Seller pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect up to 45 (forty-five) days after the date of the Agreement, and upon such provision of the Development Security pursuant hereto, CEB shall release the Bid Security without any interest to Seller.

Development Security. 6.1.1. Seller shall, for the performance of its obligations hereunder during the Development Period and Construction Period, provide to CEB no later than 30 (thirty) days from the date of this Agreement, an irrevocable and unconditional guarantee from an Acceptable Financial Institution operating in Mauritius for a sum equivalent to […….] MUR [Please insert amount in words] (Amount to be 3 million MUR/ installed MWp MWac capacity) million in the form set forth in Schedule B (“Development Security”). Until such time the Development Security is provided by Seller pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect up to 45 (forty-five) days after the date of the Agreement, and upon such provision of the Development Security pursuant hereto, CEB shall release the Bid Security without any interest to Seller.

Development Security. 6.1.1. Seller shall, for the performance of its obligations hereunder during the Development Period and Construction Period, provide to CEB no later than 30 (thirty) days from the date of this Agreement, an irrevocable and unconditional guarantee from an Acceptable Financial Institution operating in Mauritius for a sum equivalent to […….] MUR [Please insert amount in words] (Amount to be 3 million MUR/ installed MWp Maximum capacity, MW) million in the form set forth in Schedule B (“Development Security”). Until such time the Development Security is provided by Seller pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect up to 45 (forty-five) days after the date of the Agreement, and upon such provision of the Development Security pursuant hereto, CEB shall release the Bid Security without any interest to Seller.