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 0 shall be released by the Nodal Agency 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 0 or Article 0) and consequent part invocation of the Contract Performance Guarantee by the Nodal Agency, Nodal Agency 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 Nodal Agency shall also return/release the Contract Performance Guarantee in the event of (i) applicability of Article 0 to the extent the Contract Performance Guarantee is valid for an amount in excess of Rs.5.91 Crore (Rupees Five Crore Ninety One Lakh Only), or (ii) termination of this Agreement by the Nodal Agency as mentioned under Article 0 of this Agreement. 6.5.2 The release of the Contract Performance Guarantee shall be without prejudice to other rights of the Nodal Agency under this Agreement.

Return of Contract Performance Guarantee. 6.5.1 The Contract Performance Guarantee as submitted by TSP in accordance with Article 0 shall 3.1.1shall be released by the Nodal Agency 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 0 3.1.3 or Article 011) and consequent part invocation of the Contract Performance Guarantee by the Nodal Agency, Nodal Agency 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 Nodal Agency shall also return/release the Contract Performance Guarantee in the event of (i) applicability of Article 0 3.3.2 to the extent the Contract Performance Guarantee is valid for an amount in excess of Rs.5.91 Rs28.38 Crore (Rupees Five Twenty-eight Crore Ninety One Thirty-eight Lakh Only), or (ii) termination of this Agreement by the Nodal Agency as mentioned under Article 0 3.3.4 of this Agreement. 6.5.2 The release of the Contract Performance Guarantee shall be without prejudice to other rights of the Nodal Agency under this Agreement.

Return of Contract Performance Guarantee. 6.5.1 The Contract Performance Guarantee as submitted by TSP in accordance with Article 0 Article 3.1.1 shall be released by the Nodal Agency 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 0 3.1.3 or Article 011) and consequent part invocation of the Contract Performance Guarantee by the Nodal Agency, Nodal Agency 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 Nodal Agency shall also return/return / release the Contract Performance Guarantee in the event of (i) applicability of Article 0 3.3.2 to the extent the Contract Performance Guarantee is valid for an amount in excess of Rs.5.91 Rs. 30 Crore (Rupees Five Thirty Crore Ninety One Lakh Only), or (ii) termination of this Agreement by the Nodal Agency as mentioned under Article 0 3.3.4 of this Agreement. 6.5.2 The release of the Contract Performance Guarantee shall be without prejudice to other rights of the Nodal Agency under this Agreement.