Common use of Release of Performance Security Clause in Contracts

Release of Performance Security. Subject to the provisions hereof, ADCL shall promptly return the Performance Security to the Concessionaire upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish the Project Completion being achieved, and provided that there are no outstanding claims of the ADCL on the Preferred Bidder/Concessionaireand the Concessionaire is not in breach of this Agreement

Release of Performance Security. Subject to the provisions hereof, ADCL shall promptly return the Performance Security to the Concessionaire upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish the Project Completion being achieved, and provided that there are no outstanding claims of the ADCL on the Preferred Bidder/Concessionaireand Concessionaire and the Concessionaire is not in breach of this Agreement.