PERFORMANCE SECURITY AND PROJECT DEVELOPMENT FEE Sample Clauses

PERFORMANCE SECURITY AND PROJECT DEVELOPMENT FEE. 9.1 Construction Performance Bond (a) To secure the performance of the Concessionaire's obligations to fulfil the Concessionaire Conditions Precedent, the Concessionaire's obligations under this Agreement during the Construction Period and to secure the Concessionaire's obligations under Clause 10, Clause 12.1, Clause 13.10 and Clause 13.11 and the Concessionaire's liability for liquidated damages under Clause , the Concessionaire shall deliver to the Authority an unconditional and irrevocable bank guarantee in favour of the Authority, in the form set out in Part 3 of Schedule 11 (Payment), in the sum of INR one hundred crores (INR 100,00,00,000) (the Construction Performance Bond ). (b) The Construction Performance Bond shall: (i) be issued by a bank licensed to do business in India that has a credit rating of at least A1 by ▇▇▇▇▇'▇ or A+ by S&P or any equivalent Indian rating, is acceptable to the Authority and confirmed for payment in Thiruvananthapuram; (ii) be submitted to the Authority as a Concessionaire Condition Precedent, if it has not already been submitted within ninety (90) days of the date of issuance of the Letter of Award to the Consortium Members. The Bid Security shall remain in full force and effect, until the submission of a valid and effective Construction Performance Bond to the Authority; and (iii) either have a validity period from the date of presentation to the Authority until the date that is six (6) months from the Commercial Operation Date or be replaced at intervals to ensure that such bank guarantee is in force for such validity period. (c) Upon the occurrence of any of the events listed at Clause 3.4, Clause 10 or Clause 12.1 or upon the levy of liquidated damages on the Concessionaire in accordance with Clause 13.10, the Authority shall, without prejudice to its other rights and remedies under this Agreement, be entitled to invoke and appropriate the Construction Performance Bond for the amount of loss incurred by the Authority as a result of such default.