IRIS agrees to make a payment of US 5.0 million (United States Dollars Five Million only) as performance bond to ensure the successful performance of the contract. The payment is to be made in the following manner:-
US 1.0 million
US 1.0 million
Both parties agree however that the security deposit will be returned proportionally to IRIS six (6) months from date of shipment of inlays. Upon the expiry of 6 (six) months of the final shipment of Inlay from IRIS, PJT will return the final payment of US 100,000 (United states Dollars One Hundred Thousand Only) in lieu of security deposit to IRIS.