Common use of Contract Deposit Clause in Contracts

Contract Deposit. Successful vendor shall have to give a Performance Bank Guarantee@ 10%of the total contract cost from the Bankers & same will be retained 6 months after completion of contract period. The Banker‟s Guarantee issued by branches of approved Banks beyond Kalyan and Virar can be accepted only if the said Banker‟s Guarantee is counter signed by the Manager of a Branch of the same, within the Mumbai City limit categorically endorsing there on that the said Banker‟s Guarantee is binding on the endorsing Branch of the Bank within Mumbai limits and is liable to been forced against the said Branch of the Bank in case of default by the contractor/supplier furnishing the banker‟s guarantee.

Contract Deposit. Successful vendor shall have to give a Performance Bank Guarantee@ 10%of the total contract cost from the Bankers & same will be retained 6 months after completion of contract period. The Banker‟s Banker’s Guarantee issued by branches of approved Banks beyond Kalyan and Virar can be accepted only if the said Banker‟s Banker’s Guarantee is counter signed by the Manager of a Branch of the same, within the Mumbai City limit categorically endorsing there on that the said Banker‟s Banker’s Guarantee is binding on the endorsing Branch of the Bank within Mumbai limits and is liable to been forced against the said Branch of the Bank in case of default by the contractor/supplier furnishing the banker‟s banker’s guarantee.

Contract Deposit. Successful vendor shall have to give a Performance Bank Guarantee@ 10%of the total contract cost from the Bankers & same will be retained 6 months after completion of contract period. The Banker‟s Banker’s Guarantee issued by branches of approved Banks beyond Kalyan and Virar can be accepted only if the said Banker‟s Banker’s Guarantee is counter signed by the Manager of a Branch of the same, within the Mumbai City limit categorically endorsing there on that the said Banker‟s Banker’s Guarantee is binding on the endorsing Branch of the Bank within Mumbai limits and is liable to been forced against the said Branch of the Bank in case of default by the contractor/supplier furnishing the banker‟s banker’s guarantee. The vendor should give free delivery to user department of Seth GS Medical College within specified period from the date of placing the order.