Construction Performance Security definition

Construction Performance Security shall have meaning as set forth in Clause 9.1.1;

Construction Performance Security in the form of Bank Guarantee, for “Construction Period”

Construction Performance Security shall have the meaning assigned to it under the respective Concession Agreements;

Examples of Construction Performance Security in a sentence

• Until such time the Construction Performance Security is provided by the Concessionaire pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Construction Performance Security pursuant hereto, the Authority shall release the Bid Security to the Concessionaire.

• Until such time the Operation Performance Security is provided by the Concessionaire pursuant hereto and the same comes into effect, the Construction Performance Security shall remain in force and effect, and upon such provision of the Operation Performance Security pursuant hereto, the Authority shall release the Construction Performance Security to the Concessionaire.

• In case the Selected Bidder, having signed the Concession Agreement, commits any breach thereof prior to furnishing the Construction Performance Security.

• Upon request made by the Concessionaire for release of the Construction Performance Security along with the particulars which establish satisfaction of the requirements specified under this Article 9, the Authority shall release the Construction Performance Security forthwith.

• Subject to the provisions of Clause 11.4, if COD does not occur prior to the Scheduled Completion Date, unless the delay is on account of reasons solely attributable to the Authority or due to Force Majeure, the Concessionaire shall pay Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the amount of Construction Performance Security for delay of each day until COD is achieved.

More Definitions of Construction Performance Security

Construction Performance Security means a first demand irrevocable and unconditional bank guarantee valid throughout the Construction Period, issued by a scheduled bank in Pakistan with a minimum credit rating of at least ‘AA’ acceptable to the Authority, in the form of a demand guarantee or a standby letter of credit, of an amount equal to two percent (2%) of the estimated total project cost, as set forth in the Financial Proposal of the Successful Bidder, in the form of the instrument provided in Schedule 2 – Annex A (Form of Construction Performance Security).

Construction Performance Security any performance bond or payment bond procured by a Construction Contractor for a Project Segment.

Construction Performance Security means a first demand irrevocable and unconditional bank guarantee, issued by a scheduled bank in Pakistan (with a minimum credit rating of at least [‘AA-’ as rated by JCR VIS or an equivalent rating by PACRA)]14 acceptable to the Authority, in the form of a demand guarantee or a standby letter of credit, of an amount equal to [five percent (5%) of the Total Project Cost] in the form of the instrument attached herewith as Schedule [◙] (Form of Construction Performance Security); Construction Performance Security Expiry Date shall have the meaning ascribed thereto in Section 11.2.5; Construction Period Damages Payment Date shall have the meaning ascribed thereto in Section 14.4 (Construction Period Damages); Construction Period Damages has the meaning ascribed thereto in Section 14.4 (Construction Period Damages); Construction Period Insurances means the Insurances procured and/or obtained by the Concessionaire pursuant to the provisions of and in accordance with Section 20.1 (Construction Period Insurances) and Part I (Construction Period Insurances) of Schedule [◙] (Insurances); Construction Period means the period commencing on the Commencement Date and ending on the Project Construction Completion Date; Construction Programme shall have the meaning ascribed thereto in Section 13.2.2; Construction Requirements means the relevant standards, requirements, criterion and timelines (as applicable) that are set out in relation to and are applicable to the Construction Works, as set out in: the Main Body; the Scope of the Project; the Design Requirements; accordance with Schedule [◙] (Detailed Project Report); accordance with Schedule [◙] (Construction Requirements); the Construction Programme; and any other standards, requirements, criterion and timelines (as applicable), mutually agreed between the Parties from time to time, provided, however, in the event of any discrepancy in the standards, requirements, criterion and timelines (as applicable) set out in the abovementioned, the standards, requirements, criterion and timelines in accordance with nationally and internationally accepted standards as per Good Industry Practice (as applicable), shall apply (unless otherwise mutually agreed between the Parties); provided further, that in the event there is any deficiency in the standards and requirements (as applicable) the ASTM Standards and [Insert other applicable standards]15 (as certified by the Independent Engineer) shall apply; Construction Tests shall have...

Construction Performance Security means any of the Performance Bond, Payment Bond and the Design & Construction Guaranty.

Construction Performance Security has the meaning given to it in Clause 2.12 (Construction Performance Security).

Construction Performance Security means the security amount to be furnished by the Preferred Bidder/ Concessionaire to JoDA before entering into Authorization Agreement in the form and manner specified in RFP.

Construction Performance Security means the security posted by the Concessionaire to secure the performance of its obligations for the design and construction aspects of the Concession Agreement.