Common use of Reduction And Release of Security Clause in Contracts

Reduction And Release of Security. Promptly following the Date Of Practical Completion, Honeywell will provide the Subcontractor with a completed Deed of Release. Within 10 Business Days after receiving such Deed of Release, the Subcontractor must execute the Deed of Release and return it to Honeywell. Return of such executed Deed of Release is a condition precedent to the Subcontractor being entitled to receive its final payment (as shown on the Deed of Release) under this Subcontract.