Extension of Performance Security and Additional Performance Security Sample Clauses
The 'Extension of Performance Security and Additional Performance Security' clause requires the contractor to extend the validity period of their performance security or provide additional security if the project duration is extended or if the original security becomes insufficient. In practice, this means that if the project faces delays or if the contract value increases, the contractor must ensure that the security instruments remain valid and adequate for the revised period or amount. This clause ensures that the project owner remains protected against non-performance or default throughout the entire duration of the contract, addressing the risk of lapses in security coverage due to unforeseen changes in the project timeline or scope.
Extension of Performance Security and Additional Performance Security. The Contractor may initially provide the Performance Security for a period of 2 (two) years; provided that it shall procure the extension of the validity of the Performance Security, as necessary, at least 2 (two) months prior to the date of expiry thereof. Upon the Contractor providing an extended Performance Security, the previous Performance Security shall be deemed to be released and the Authority shall return the same to the Contractor within a period of 7 (seven) business days from the date of submission of the extended Performance Security.
Extension of Performance Security and Additional Performance Security. The Contractor may initially provide the Performance Security for a period of 2 (two) years; provided that it shall procure the extension of the validity of the Performance Security, as necessary, at least 2 (two) months prior to the date of expiry thereof. Upon the Contractor providing an extended Performance Security, the previous Performance Security shall be deemed to be released and the Authority shall return the same to the Contractor within a period of 7 (seven) business days from the date of submission of the extended Performance Security. Contract AgreementPage 51 of 160 “Widening / Improvement to 4 (Four) Lane with Paved Shoulder configuration of existing single lane road from Srirampur (near Bhairiguri Village) to Kachukhana Harichara Paglagaunj (Package-I)