Performance Security for Construction Works. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the Lead ULB, one bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of Rs. 50,00,000 per of Contracted Capacity (Rupees Fifty Lakhs per MW). The Construction Performance Security in the form of performance bank guarantees has to be furnished by the Concessionaire within 11 (eleven) days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative shall release the Bid Security to the Concessionaire.
Performance Security for Construction Works. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the Construction Supervisor, one bank guarantee from a Bank in the form as set out in Schedule 3., for a sum of Rs. 1,00,00,000/- (Rs. One Crore Only) (hereinafter referred as “Construction Performance Security”). The Construction Performance Security in the form of performance bank guarantee has to be furnished by the Concessionaire within 30 (thirty)days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the C&DS, UPJN shall release the Bid Security to the Concessionaire.
Performance Security for Construction Works. 9.1.1 The Concessionaire shall, for due and punctual performance of its obligations during the Construction Period hereunder relating to the Project, deliver to the Lead ULB, one bank guarantee from a scheduled bank in the form as set out in Schedule 3., for a sum of Rs. 50,00,000 per MW (Rupees Fifty Lakhs per MW). The Construction Performance Security in the form of performance bank guarantees has to be furnished by the Concessionaire within 45 days of issuance of Letter of Award and before signing the Concession Agreement and the Construction Performance Security shall remain valid for a period of 120 days over and above the date of COD. Until such time the Construction Performance Security is provided and comes into effect, the bid security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authorized Representative shall release the Bid Security to the Concessionaire.
