Common use of Return of Contract Performance Guarantee Clause in Contracts

Return of Contract Performance Guarantee. 6.5.1 The Contract Performance Guarantee as submitted by TSP in accordance with Article 3.1.1 shall be released by the Long Term Transmission System User within three (3) months from the COD of the Project. In the event of delay in achieving Scheduled COD of any of the Elements by the TSP (otherwise than due to reasons as mentioned in Article 3.1.3 or Article 10) and consequent part invocation of the Contract Performance Guarantee by the Long Term Transmission System User, Long Term Transmission System User shall release the Contract Performance Guarantee, if any remaining unadjusted, after the satisfactory completion by the TSP of all the requirements regarding achieving the Scheduled COD of the remaining Elements of the Project. It is clarified that the Long Term Transmission System User shall also return / release the Contract Performance Guarantee in the event of (i) applicability of Article 3.

Return of Contract Performance Guarantee. 6.5.1 The Contract Performance Guarantee as submitted by TSP in accordance with Article Article 3.1.1 shall be released by the Long Term Transmission System User Customers within three (3) months from the COD of the Project. In the event of delay in achieving Scheduled COD of any of the Elements by the TSP (otherwise than due thandue to reasons as mentioned in Article 3.1.3 or Article 1011) and consequent part invocation of the Contract Performance Guarantee by the Long Term Transmission System UserCustomers, Long Term Transmission System User Customers shall release the Contract Performance Guarantee, if any remaining unadjusted, after the satisfactory completion by the TSP of all the requirements regarding achieving the Scheduled COD of the remaining Elements of the Project. It is clarified that the Long Term Transmission System User Customers shall also return / release the Contract Performance Guarantee in the event of (i) applicability of Article 3.