Guidance Note - This clause provides that the Project Owner may make a demand on any unconditional bank guarantee provided by the NOPs under the Agreement if, in the reasonable opinion of the Project Owner, an amount is owed by the NOPs to the Project Owner under the Agreement. The intent of the clause is to ensure that the unconditional nature of the bank guarantee and the Project Owner's ability to make demands on it are preserved. It is not intended that the Project Owner be entitled to make demands on the unconditional bank guarantee under the Agreement other than in exceptional circumstances. |
The Project Owner may immediately make a demand under the unconditional bank guarantee referred to in this clause for any amounts owed to it if, in the reasonable opinion of the Project Owner, an amount is owed by the NOPs to the Project Owner under this Agreement.