ADDITIONAL PERFORMANCE SECURITY. 5% 5% 6% 6% 7% 7% 8% 8% 9% 9% 10% 10% 26 (B) Lowest evaluated bidder shall, within 15 days of receipt by him of a notice in this regard, furnish to the tender approving authority in cash, bank draft, xxxxxxx’s cheque, payment order or bank guarantee (valid for three months beyond completion time/extended completion time) from any scheduled Bank of Pakistan, the amount to make up performance security and / or additional performance security where required and specified in the tender in item (h) of Memorandum of work. Should the lowest evaluated bidder refuse or fail for any reason to furnish the performance security within the specified time, it should constitute a just cause for rejection of his tender and in the event of such rejection the entire xxxxxxx money shall be forfeited to government as compensation for such default.
ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall along with the Performance Security provide to the Authority an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)6 in the form set forth in Schedule-F (the “Additional Performance Security”),to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the Selected Bidder is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.
ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall alongwith the Performance Security provide to the Authority an Insurance Surety Bond (issued by Insurance Company authorized by Insurance Regulatory and Development Authority of India), Account Payee Demand Draft, Banker’s Cheque or irrevocable and unconditional e-Bank Guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)3 in the form set forth in Schedule-F (the “Additional Performance Security”), to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the Selected Bidder is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.
ADDITIONAL PERFORMANCE SECURITY. The Operator shall have right to refurbish the Project/carry out modifications (including deconstruction, demolition & building new assets) of the premises to suit the business needs of the Operator. However, it is clarified that in case of deconstruction/ demolition, the Operator will have to submit Additional Performance Security (APS). The APS should be equal to the cost and validity as certified by the Independent Consultant for the value of the deconstruction/demolition works undertaken by the Operator. This Bank Guarantee for APS shall be returned to the Operator after one year or after the end of the defect liability period (as determined by Independent Consultant) after the successful reconstruction of the area equal to or higher than the area demolished. It may be noted that area of only permanent structure shall be considered. For the purpose of this Article, installation of pre-fabricated structures, movable structures etc. shall not be considered as reconstruction. Such deconstruction and subsequent reconstruction work should only be completed in the currency of this Agreement.
ADDITIONAL PERFORMANCE SECURITY. (a) In the event of the Selected Bidder having submitted Additional Performance Security in accordance with the Clause 16.5 of the RFP document, then such Additional Performance Security shall be in force till the end of Construction period if the Bid Project Cost is found to be unbalanced or frontloaded bid and till the end of the Concession Period if O&M Charges are found to be unreasonable. Notwithstanding to anything contained herein, the Additional Performance Security shall be liable to be forfeited either fully or partially by the KMC as it deems fit for the reasons mentioned in Clause 16.1 of the Concession agreement. The Additional Performance Security for the unbalanced or frontloaded Bid Project cost shall be returned 30 days after COD, and the Additional Performance Security for O & M Charges shall be returned at the end of Concession Period.
ADDITIONAL PERFORMANCE SECURITY. Upon termination of the Concession Agreement for Concessionaire Event of Default, as per Xxxxxx 16.1 of the Concession Agreement, the Additional Performance Security( if any) submitted by the Selected Bidder / Concessionaire shall be forfeited by the KMC. TRANSFER ON TERMINATION Transfer of the Site and the Facilities Upon the expiry or early termination of this Agreement, the Concessionaire shall hand over the Site, the Facilities, and the Power Plant, if any, to the KMC or any other entity nominated by the KMC in accordance with this Article 19. In case of a partial termination of this Agreement pursuant to Article 8.11(i), Article 14.7 or Article 21, the Concessionaire shall hand over the Facility(ies) which have been excluded from the scope of this Agreement and the Site for such excluded Facility(ies) to the KMC or any entity nominated by the KMC, in accordance with this Article 20. Inspection of the Site and the Facilities No later than 30 days from the end of the 14th year of the O&M Period of each Location or 30 days from the date of termination of the Agreement, as the case may be, the KMC shall or shall cause the Project Engineer to carry out a survey of the Site, the Facilities and the Power Plant, if any, to assess whether they have been maintained by the Concessionaire in accordance with its obligations under this Agreement, and are in working condition in line with the design life stipulated in the Technical Specifications. The KMC shall notify the Concessionaire at least 7 days prior to the date on which it wishes to carry out the survey of the Site, the Facilities and the Power Plant, if any. If the survey carried out by the KMC or the Project Engineer shows that the Concessionaire has not or is not complying with its obligations under this Agreement, then the KMC shall notify the Concessionaire of the rectification and/or maintenance work which is required to ensure that the condition of the Site, the Facilities and the Power Plant, if any, is restored to the Hand-back Conditions. The Concessionaire shall carry out such rectification and/or maintenance work to achieve the Hand-back Conditions within 30 days from the receipt of a notice from the KMC in accordance with Article 19.2(c) above, at its own cost and risk. Upon completion of the rectification and/or maintenance work, the Concessionaire shall request the KMC to carry out a final survey and inspection of the Site, the Facilities, and the Power Plant, if any. The KMC shall carry out ...
ADDITIONAL PERFORMANCE SECURITY. 1) In addition to Performance Security as specified above, an Additional Performance Security shall also be taken from the successful bidder in case of unbalanced bid. The Additional Performance Security shall be equal to fifty percent of Unbalanced Bid Amount. The Additional Performance Security shall be deposited in lump sum by the successful bidder before execution of Agreement. The Additional Performance Security shall be deposited through e-Grass, Demand Daft, Banker's Cheque, Government Securities or Bank Guarantee.
ADDITIONAL PERFORMANCE SECURITY. SRT shall likewise post an additional performance security within the time specified by MTPO, in a proportionate amount to cover any cumulative increase of more than ten (10%) percent over the original total MEMORANDUM OF AGREEMENT price as a result of cost adjustments and/or Amendments to Order.
ADDITIONAL PERFORMANCE SECURITY. The Contractor shall promptly furnish additional security, as required by the City, for its performance under this contract, including without limitation payment of persons supplying labor or materials, if—
ADDITIONAL PERFORMANCE SECURITY. (a) In the event of the Selected Bidder having submitted Additional Performance Security in accordance with the Clause 16.5 of the RFP document, then such Additional Performance Security shall be in force till the end of Construction period if the Bid Project Cost is found to be unreasonable and till the End of the Concession if O & M Charges are found to be unreasonable. Notwithstanding to anything contained herein, the Additional Performance Security shall be liable to be forfeited either fully or partially by the BUIDCO as it deems fit for the reasons mentioned in Clause 16.1 of the Concession agreement. The Additional Performance Security for the unreasonable Bid Project Cost shall be returned 30 days after later COD and the Additional Performance Security for O & M Charges shall be returned at the End of Concession.
