{"component": "clause", "props": {"groups": [{"snippet": "(i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified.\n(ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement.\n(iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.", "samples": [{"hash": "ccCnNHqOiUc", "uri": "/contracts/ccCnNHqOiUc#release-of-performance-security", "label": "Contract Agreement", "score": 35.9918899536, "published": true}, {"hash": "2424Pkwnmbr", "uri": "/contracts/2424Pkwnmbr#release-of-performance-security", "label": "Engineering Procurement and Construction Agreement", "score": 35.1247940063, "published": true}, {"hash": "gLFElNjVIfE", "uri": "/contracts/gLFElNjVIfE#release-of-performance-security", "label": "Engineering Procurement and Construction Agreement", "score": 35.0692939758, "published": true}], "size": 140, "snippet_links": [{"key": "the-authority", "type": "clause", "offset": [4, 17]}, {"key": "the-performance", "type": "clause", "offset": [31, 46]}, {"key": "to-the-contractor", "type": "clause", "offset": [56, 73]}, {"key": "expiry-of", "type": "clause", "offset": [104, 113]}, {"key": "maintenance-period", "type": "clause", "offset": [118, 136]}, {"key": "the-defects-liability-period", "type": "clause", "offset": [140, 168]}, {"key": "this-agreement", "type": "clause", "offset": [196, 210]}, {"key": "notwithstanding-the", "type": "definition", "offset": [212, 231]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [243, 265]}, {"key": "additional-performance-security", "type": "definition", "offset": [459, 490]}, {"key": "issue-of-completion-certificate", "type": "clause", "offset": [556, 587]}, {"key": "under-article-12", "type": "definition", "offset": [588, 604]}, {"key": "pay-interest", "type": "clause", "offset": [663, 675]}, {"key": "per-cent", "type": "definition", "offset": [687, 695]}, {"key": "per-annum", "type": "clause", "offset": [697, 706]}, {"key": "security-and", "type": "clause", "offset": [750, 762]}, {"key": "the-period", "type": "clause", "offset": [811, 821]}, {"key": "period-of-delay", "type": "definition", "offset": [847, 862]}], "hash": "abe52b36ef8fa75d31ccb46df36fa7b5", "id": 1}, {"snippet": "The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 20% (twenty per cent) of the Total Project Cost. Provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith after obtaining requisite performance guarantee.", "samples": [{"hash": "8LLwPc00dXn", "uri": "/contracts/8LLwPc00dXn#release-of-performance-security", "label": "Concession Agreement", "score": 23.7323741913, "published": true}, {"hash": "6zhTiAUF1Bi", "uri": "/contracts/6zhTiAUF1Bi#release-of-performance-security", "label": "Concession Agreement", "score": 23.7323741913, "published": true}, {"hash": "51XpAsNDGVg", "uri": "/contracts/51XpAsNDGVg#release-of-performance-security", "label": "Concession Agreement", "score": 23.7323741913, "published": true}], "size": 80, "snippet_links": [{"key": "performance-security", "type": "clause", "offset": [4, 24]}, {"key": "force-and-effect", "type": "clause", "offset": [41, 57]}, {"key": "period-of", "type": "definition", "offset": [64, 73]}, {"key": "one-year", "type": "clause", "offset": [74, 82]}, {"key": "the-appointed-date", "type": "definition", "offset": [88, 106]}, {"key": "project-construction", "type": "definition", "offset": [175, 195]}, {"key": "per-cent", "type": "definition", "offset": [247, 255]}, {"key": "total-project-cost", "type": "clause", "offset": [264, 282]}, {"key": "breach-of-this-agreement", "type": "definition", "offset": [383, 407]}, {"key": "upon-request", "type": "clause", "offset": [409, 421]}, {"key": "by-the-concessionaire", "type": "clause", "offset": [427, 448]}, {"key": "release-of", "type": "clause", "offset": [453, 463]}, {"key": "satisfaction-of", "type": "clause", "offset": [532, 547]}, {"key": "the-requirements", "type": "clause", "offset": [548, 564]}, {"key": "this-clause", "type": "clause", "offset": [581, 592]}, {"key": "the-authority", "type": "clause", "offset": [598, 611]}, {"key": "performance-guarantee", "type": "definition", "offset": [687, 708]}], "hash": "3621d2a758f4130d0ab9d26a8c02bbb0", "id": 2}, {"snippet": "The Authority shall release the Performance Security within 60 (sixty) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period or the extended Defects Liability Period, as the case may be, have been rectified.", "samples": [{"hash": "1d00Nd61EHe", "uri": "/contracts/1d00Nd61EHe#release-of-performance-security", "label": "Engineering, Procurement and Construction (Epc) Agreement", "score": 36.1815795898, "published": true}, {"hash": "diZKM0NUzg3", "uri": "/contracts/diZKM0NUzg3#release-of-performance-security", "label": "Engineering, Procurement and Construction (Epc) Agreement", "score": 35.4064178467, "published": true}, {"hash": "cwzvOQDHdpz", "uri": "/contracts/cwzvOQDHdpz#release-of-performance-security", "label": "Epc Agreement", "score": 35.2667388916, "published": true}], "size": 28, "snippet_links": [{"key": "the-authority", "type": "clause", "offset": [0, 13]}, {"key": "performance-security", "type": "clause", "offset": [32, 52]}, {"key": "expiry-of", "type": "clause", "offset": [83, 92]}, {"key": "the-defects-liability-period", "type": "clause", "offset": [93, 121]}, {"key": "the-case", "type": "definition", "offset": [167, 175]}, {"key": "this-agreement", "type": "clause", "offset": [190, 204]}, {"key": "notwithstanding-the", "type": "definition", "offset": [206, 225]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [237, 259]}], "hash": "7bce3153abd12d83e07823c98d5dc6d6", "id": 5}, {"snippet": "The Performance Security shall remain in force and effect till the Commercial Operation Date of Bus Terminal. Provided, however, that the Performance Security shall not be released if the Concessionaire is in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.2, the Authority shall release the Performance Security forthwith after obtaining Performance Guarantee in terms of Clause 9.3 below.", "samples": [{"hash": "kHoCRYc4iJR", "uri": "/contracts/kHoCRYc4iJR#release-of-performance-security", "label": "Concession Agreement", "score": 26.7987670898, "published": true}, {"hash": "k9nCBpnJQGF", "uri": "/contracts/k9nCBpnJQGF#release-of-performance-security", "label": "Concession Agreement", "score": 26.7987670898, "published": true}, {"hash": "h6JJ0g7uMAo", "uri": "/contracts/h6JJ0g7uMAo#release-of-performance-security", "label": "Concession Agreement", "score": 26.7987670898, "published": true}], "size": 16, "snippet_links": [{"key": "performance-security", "type": "clause", "offset": [4, 24]}, {"key": "force-and-effect", "type": "clause", "offset": [41, 57]}, {"key": "date-of", "type": "clause", "offset": [88, 95]}, {"key": "bus-terminal", "type": "definition", "offset": [96, 108]}, {"key": "breach-of-this-agreement", "type": "definition", "offset": [209, 233]}, {"key": "upon-request", "type": "clause", "offset": [235, 247]}, {"key": "by-the-concessionaire", "type": "clause", "offset": [253, 274]}, {"key": "release-of", "type": "clause", "offset": [279, 289]}, {"key": "satisfaction-of", "type": "clause", "offset": [358, 373]}, {"key": "the-requirements", "type": "clause", "offset": [374, 390]}, {"key": "this-clause", "type": "clause", "offset": [407, 418]}, {"key": "the-authority", "type": "clause", "offset": [424, 437]}, {"key": "performance-guarantee", "type": "definition", "offset": [503, 524]}, {"key": "terms-of", "type": "clause", "offset": [528, 536]}], "hash": "4092eedd7e07f7bc1213f9e30ff3d1e2", "id": 7}, {"snippet": "The Performance Security shall remain in force and effect until expiry of 6 (six) months after the Appointed Date, and shall be released upon the Deemed Performance Security taking effect in accordance with the provisions of Clause 9.4.", "samples": [{"hash": "bC1XSZHCnLC", "uri": "/contracts/bC1XSZHCnLC#release-of-performance-security", "label": "Procurement Agreement", "score": 35.715549469, "published": true}, {"hash": "giOr2PztArP", "uri": "/contracts/giOr2PztArP#release-of-performance-security", "label": "Procurement Agreement", "score": 30.0425415039, "published": true}, {"hash": "9WyNL6J5rVI", "uri": "/contracts/9WyNL6J5rVI#release-of-performance-security", "label": "Procurement Agreement", "score": 29.8208141327, "published": true}], "size": 76, "snippet_links": [{"key": "the-performance", "type": "clause", "offset": [0, 15]}, {"key": "force-and-effect", "type": "clause", "offset": [41, 57]}, {"key": "expiry-of", "type": "clause", "offset": [64, 73]}, {"key": "the-appointed-date", "type": "definition", "offset": [95, 113]}, {"key": "deemed-performance-security", "type": "clause", "offset": [146, 173]}, {"key": "taking-effect", "type": "clause", "offset": [174, 187]}, {"key": "in-accordance-with", "type": "clause", "offset": [188, 206]}, {"key": "the-provisions-of", "type": "clause", "offset": [207, 224]}], "hash": "6334e297f319cec55eb437ace2f0d6ec", "id": 4}, {"snippet": "7.4.1 The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the later of the expiry of the Maintenance Period or the Defects Liability Period under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified.\n7.4.2 The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement.", "samples": [{"hash": "8iFabohUF4l", "uri": "/contracts/8iFabohUF4l#release-of-performance-security", "label": "Draft Contract Agreement", "score": 31.2497253418, "published": true}, {"hash": "fvtyL9wNllz", "uri": "/contracts/fvtyL9wNllz#release-of-performance-security", "label": "Draft Contract Agreement (Dca)", "score": 31.2395954132, "published": true}, {"hash": "7OjFm1UHHAV", "uri": "/contracts/7OjFm1UHHAV#release-of-performance-security", "label": "Draft Contract Agreement", "score": 31.1567058563, "published": true}], "size": 76, "snippet_links": [{"key": "the-authority", "type": "clause", "offset": [6, 19]}, {"key": "the-performance", "type": "clause", "offset": [33, 48]}, {"key": "to-the-contractor", "type": "clause", "offset": [58, 75]}, {"key": "expiry-of", "type": "clause", "offset": [119, 128]}, {"key": "maintenance-period", "type": "clause", "offset": [133, 151]}, {"key": "the-defects-liability-period", "type": "clause", "offset": [155, 183]}, {"key": "this-agreement", "type": "clause", "offset": [190, 204]}, {"key": "notwithstanding-the", "type": "definition", "offset": [206, 225]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [237, 259]}, {"key": "additional-performance-security", "type": "definition", "offset": [454, 485]}, {"key": "issue-of-completion-certificate", "type": "clause", "offset": [551, 582]}, {"key": "under-article-12", "type": "definition", "offset": [583, 599]}], "hash": "cc334e710ffee0422d57c37c27f90b2a", "id": 3}, {"snippet": "Subject to other provisions of this Agreement, APDCL shall release the Performance Security, if any after eighteen (18) months from the Scheduled Commissioning Date. The release of the Performance Security shall be without prejudice to other rights of APDCL under this Agreement.", "samples": [{"hash": "9ef4dc5AEAi", "uri": "/contracts/9ef4dc5AEAi#release-of-performance-security", "label": "Power Purchase Agreement", "score": 33.637386322, "published": true}, {"hash": "aONPCkhu42K", "uri": "/contracts/aONPCkhu42K#release-of-performance-security", "label": "Power Purchase Agreement", "score": 33.5942344666, "published": true}, {"hash": "jb2E7SM0kMc", "uri": "/contracts/jb2E7SM0kMc#release-of-performance-security", "label": "Power Purchase Agreement", "score": 31.4704303741, "published": true}], "size": 14, "snippet_links": [{"key": "other-provisions-of-this-agreement", "type": "clause", "offset": [11, 45]}, {"key": "performance-security", "type": "clause", "offset": [71, 91]}, {"key": "scheduled-commissioning-date", "type": "definition", "offset": [136, 164]}, {"key": "release-of", "type": "clause", "offset": [170, 180]}, {"key": "without-prejudice-to", "type": "clause", "offset": [215, 235]}, {"key": "rights-of", "type": "clause", "offset": [242, 251]}], "hash": "4ac8328753490ddf0e990b69f8d64742", "id": 8}, {"snippet": "9.3.1. The Performance Security shall remain in force and effect from the Commencement Date till 180 days after the Terminal Date. In the event of Termination of the Agreement due to Concessionaire Default, the Authority shall forfeit the Performance Security. In the event of Termination upon Authority Default or Termination under Force Majeure, subject to deduction of dues payable to the Authority including Damages and compensation, the Performance Security shall be returned within a period of 30 days from the Termination Date.", "samples": [{"hash": "jwyTWOmgETT", "uri": "/contracts/jwyTWOmgETT#release-of-performance-security", "label": "Concession Agreement", "score": 24.1704311371, "published": true}, {"hash": "ha1Kywbagqr", "uri": "/contracts/ha1Kywbagqr#release-of-performance-security", "label": "Concession Agreement", "score": 24.1704311371, "published": true}, {"hash": "EZI8zwf7Nj", "uri": "/contracts/EZI8zwf7Nj#release-of-performance-security", "label": "Concession Agreement", "score": 22.9644088745, "published": true}], "size": 10, "snippet_links": [{"key": "performance-security", "type": "clause", "offset": [11, 31]}, {"key": "force-and-effect", "type": "clause", "offset": [48, 64]}, {"key": "from-the-commencement-date", "type": "clause", "offset": [65, 91]}, {"key": "days-after", "type": "definition", "offset": [101, 111]}, {"key": "terminal-date", "type": "definition", "offset": [116, 129]}, {"key": "termination-of-the-agreement", "type": "clause", "offset": [147, 175]}, {"key": "concessionaire-default", "type": "definition", "offset": [183, 205]}, {"key": "termination-upon", "type": "clause", "offset": [277, 293]}, {"key": "termination-under", "type": "clause", "offset": [315, 332]}, {"key": "force-majeure", "type": "definition", "offset": [333, 346]}, {"key": "subject-to", "type": "definition", "offset": [348, 358]}, {"key": "deduction-of-dues", "type": "clause", "offset": [359, 376]}, {"key": "to-the-authority", "type": "clause", "offset": [385, 401]}, {"key": "damages-and-compensation", "type": "clause", "offset": [412, 436]}, {"key": "period-of", "type": "definition", "offset": [490, 499]}, {"key": "termination-date", "type": "clause", "offset": [517, 533]}], "hash": "692879b249af47c4d4f233d0868c67fc", "id": 9}, {"snippet": "Subject to other provisions of this Agreement, ESCOM shall release the Performance Security, if any after twelve (12) months from the Scheduled Commissioning Date. The release of the Performance Security shall be without prejudice to other rights of ESCOM under this Agreement.", "samples": [{"hash": "1u8YuNkVhRa", "uri": "/contracts/1u8YuNkVhRa#release-of-performance-security", "label": "Power Purchase Agreement", "score": 35.0811843872, "published": true}, {"hash": "7I3M1qBp9mC", "uri": "/contracts/7I3M1qBp9mC#release-of-performance-security", "label": "Power Purchase Agreement", "score": 25.0766601562, "published": true}, {"hash": "jJBxqZuP4Je", "uri": "/contracts/jJBxqZuP4Je#release-of-performance-security", "label": "Power Purchase Agreement", "score": 23.2450370789, "published": true}], "size": 18, "snippet_links": [{"key": "other-provisions-of-this-agreement", "type": "clause", "offset": [11, 45]}, {"key": "performance-security", "type": "clause", "offset": [71, 91]}, {"key": "scheduled-commissioning-date", "type": "definition", "offset": [134, 162]}, {"key": "release-of", "type": "clause", "offset": [168, 178]}, {"key": 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["guarantee-of-performance", "Guarantee of Performance", "Guarantee of Performance"], ["guaranty-of-performance", "Guaranty of Performance", "Guaranty of Performance"], ["excuse-of-performance", "Excuse of Performance", "Excuse of Performance"]], "related_snippets": [], "updated": "2025-07-17T06:09:22+00:00", "also_ask": ["What conditions must be met before performance security is released?", "How can the timing of release be negotiated to protect both parties?", "What are the risks if the release mechanism is ambiguous or automatic?", "How does this clause compare to industry standards or statutory requirements?", "What evidence is required in court to prove proper or improper release of security?"], "drafting_tip": "Specify release conditions, set clear timelines, and outline documentation requirements to prevent disputes and ensure timely return of security.", "explanation": "The Release of Performance Security clause outlines the conditions under which a party\u2019s performance security\u2014such as a bank guarantee or bond provided to ensure contract fulfillment\u2014is returned or discharged. Typically, this clause specifies that the security will be released after the contractor has completed all contractual obligations, including rectifying any defects during a defined warranty period. By clearly stating when and how the security is released, this clause protects both parties: it assures the client that obligations will be met while ensuring the contractor is not unfairly deprived of their security once their responsibilities are fulfilled."}, "json": true, "cursor": ""}}