Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default.
Appears in 23 contracts
Sources: Contract Agreement, Construction Contract, Contract Agreement
Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default.
Appears in 5 contracts
Sources: Engineering Procurement and Construction Agreement, Contract Agreement, Engineering Procurement and Construction Agreement
Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Contractor Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages damages for Contractor Default. For the avoidance of doubt, the Parties expressly agree that upon the Performance Security being appropriated, in whole or in part, it shall be deemed to be replenished to the extent of such Contractor’s Defaultappropriation.
Appears in 2 contracts
Sources: Operate, Maintain and Manage Contract Agreement, Operate, Maintain and Manage Contract Agreement
Appropriation of Performance Security. (i) Upon occurrence of a Contractor’s Contractor‟s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Contractor‟s Default.
Appears in 2 contracts
Sources: Epc Agreement, Engineering, Procurement and Construction Agreement