Performance Guarantee i. The Supplier shall within one week of issuance of advance acceptance, shall provide to the Purchaser a 0.25% stamp duty of the total contract amount and provide stamp paper along with the challan form of deposited amount. The supplier shall, within 07 days of issuance of purchase order, provide to the purchaser a Performance Guarantee equivalent to 5% of the total purchase order amount in the shape of Bank Guarantee / CDR, with reference to PPRA letter No. L&M 1-15(SOC)(1)/2023 dated 7th March, 2024. This Performance Guarantee shall be released to the Supplier upon successful completion of the advanced acceptance award. ii) Failure of the successful Bidder to comply with the requirement of ITB Clause (i) above or ITB Clause 2.6.3 shallconstitutesufficientgroundsfortheannulmentofthe award and forfeiture of the Bid security along with other remediesavailableunderPPR-14.Afterthat,theProcuring Agency may decide to award the contract to the next lowest evaluated Bidder, keeping in view the Bid validity time, or call for new Bids keeping in view the concept of value for money as defined under rule-2(ae) read with Principles of Procurement as enunciated in rule-4 of PPR- 14.
Appears in 5 contracts
Sources: Framework Contract for Procurement of Therapeutic Goods, Framework Contract for Procurement of Therapeutic Goods, Framework Contract for Procurement of Therapeutic Goods