Common use of Completion and Performance Security Clause in Contracts

Completion and Performance Security. Where the Assignee is required to provide Completion and Performance Security to the OPA under Article 5 of Schedule 1 of the Contract, either: (a) in the case of Completion and Performance Security in the form of a letter of credit, the Assignee, in the place and stead of the Supplier and as a condition to the Assignment, shall have provided the OPA with replacement Completion and Performance Security, or (b) in the case of Completion and Performance Security in the form of a bank draft or certified cheque, as of the date hereof, (i) each of the Supplier and the Assignee directs and authorizes the OPA to use the Completion and Performance Security previously provided to the OPA by the Supplier, in accordance with Section 5.1 of Schedule 1 of the Contract, as the Completion and Performance Security for the Contract following the Assignment and in respect of the Assignee, and this direction shall be the OPA’s good and sufficient authority for doing so; and (ii) the Supplier releases all its rights in and to the Completion and Performance Security previously delivered to the OPA in respect of the Contract, including its right to return of the Completion and Performance Security under Sections 5.1(c), 5.2(c) and 5.4(c) of Schedule 1 of the Contract and, for clarity, the Supplier acknowledges and agrees that if such Completion and Performance Security is returned by the OPA it will be returned to the Assignee.

Completion and Performance Security. Where In respect of the Assignee is required requirement to provide Completion and Performance Security to the OPA IESO under Article 5 of Schedule 1 of the Contract, either: (a) in the case of Completion and Performance Security in the form of a letter of credit, the Assignee, in the place and stead of the Supplier and as a condition to the AssignmentSupplier, shall have provided the OPA IESO with replacement Completion and Performance Security, or (b) in the case of Completion and Performance Security in the form of a bank draft or certified cheque, as of the date hereof, (i) each of the Supplier and the Assignee directs and authorizes the OPA IESO to use the Completion and Performance Security previously provided to the OPA IESO by the Supplier, in accordance with Section 5.1 of Schedule 1 of the Contract, as the Completion and Performance Security for the Contract following the Assignment and in respect of the Assignee, and this direction shall be the OPAIESO’s good and sufficient authority for doing so; and (ii) the Supplier releases all its rights in and to the Completion and Performance Security previously delivered to the OPA IESO in respect of the Contract, including its right to return of the Completion and Performance Security under Sections 5.1(c), 5.2(c) and 5.4(c) of Schedule 1 of the Contract and, for clarity, the Supplier acknowledges and agrees that if such Completion and Performance Security is returned by the OPA IESO it will be returned to the Assignee.