Common use of Additional Performance Security Clause in Contracts

Additional Performance Security. The successful Bidder shall also furnish to the Authority an irrevocable and unconditional guarantee from a Bank in the same format as provided in Section 8 towards an Additional Performance Security (The “Additional Performance Security”) for an amount calculated as under: i. If the Contract Price offered by the Selected Bidder is lower than 10% but up to 20% of the Estimated Cost of Project, then the Additional Performance Security shall be calculated @ 20% of the difference in the (i) Estimated Cost of Project (as mentioned in Bid Document) - Minus 10% of the Estimated Cost of Project and (ii) Contract Price offered by the selected Bidder. ii. If the Contract Price offered by the Selected Bidder is lower than 20% of the Estimated Project Cost, then the Additional Performance Security shall be calculated @ 30% of the difference in the (i) Estimated Project Cost (as mentioned in Bid Document) - Minus 10% of the Estimated Project Cost and (ii) Contract Price offered by the selected Bidder. iii. This Additional Performance Security shall be in accordance with clause 5.2.

Additional Performance Security. The successful Bidder shall also furnish to the Authority an irrevocable and unconditional guarantee from a Bank in the same format as provided in Section Schedule 8 towards an Additional Performance Security (The “Additional Performance Security”) for an amount calculated as under: i. If the Contract Price offered by the Selected Bidder is lower than 10% but up to upto 20% of the Estimated Cost of Project, then the Additional Performance Security shall be calculated @ 20% of the difference in the (i) Estimated Cost of Project (as mentioned in Bid Document) - Minus 10% of the Estimated Cost of Project and (ii) Contract Price offered by the selected Bidder. ii. If the Contract Price offered by the Selected Bidder is lower than 20% of the Estimated Project Cost, then the Additional Performance Security shall be calculated @ 30% of the difference in the (i) Estimated Project Cost (as mentioned in Bid Document) - Minus 10% of the Estimated Project Cost and (ii) Contract Price offered by the selected Bidder. iii. This Additional Performance Security shall be in accordance with clause 5.2.