We have several T420 with different BIOS versions (from 1.30 to 1.40). On 95% of them the "Clear Security Chip" Option is available in the BIOS but on some of them the option is missing.
The clear security chip option is only in BIOS after a cold boot.
It won't be there after a warm boot.
This is for security reasons.
To do a Warm Boot,
To do a Cold Boot,
A Warm Boot is carried out when a simple error is encountered and the system cannot be shut down. A Cold Boot is done when the whole system freezes or hangs.