Common use of Release of Performance Security Clause in Contracts

Release of Performance Security. The Authority shall release the Performance Security within 60 (sixty) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period or the extended Defects Liability Period, as the case may be, have been rectified.

Release of Performance Security. The Authority shall release the Performance Security within 60 90 (sixtyninety) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, under this AgreementContract. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period or the extended Defects Liability Period, as the case may be, have been rectified.

Release of Performance Security. The Authority shall release the Performance Security Guarantee within 60 90 (sixtyninety) days of the expiry of the Defects Liability Period or the extended Defects Liability Period, as the case may be, under this AgreementContract. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security Guarantee until all Defects identified during the Defects Liability Period or the extended Defects Liability Period, as the case may be, have been rectified. The Authority shall release Performance Security within 30 (thirty) days after the receipt of Performance Guarantee.