Performance Security Deposit Clause Samples

Performance Security Deposit a) Prior to execution of agreement, Performance security shall be solicited from all successful bidders except the departments of the State Government and undertakings, corporations, autonomous bodies, registered societies, co-operative societies which are owned or controlled or managed by the State Government and undertakings of the Central Government. However, a performance security declaration shall be taken from them. The State Government may relax the provision of performance security in particular procurement or any class of procurement. b) The amount of performance security shall be 5%, or as may be specified in the bidding document, of the amount of supply order in case of procurement of goods and services. In case of Small Scale Industries (SSI) of Rajasthan, it shall be 1% of the amount of quantity ordered for supply of goods and in case of sick industries, other than SSI, whose cases are pending before the Board of Industrial and Financial Reconstruction (BIFR), it shall be 2% of the amount of supply order. c) The bidder is required to submit. 2% of total bid value as the performance security against the bid within 15 days of issue of Letter of Intent (LoI) and thereafter, the bidder shall be responsible for submitting additional performance security of 3% of the amount of respective Work Order/s issued during the rate contract period. d) Performance security shall be furnished in any one of the following forms: - a. Bank Draft or Banker’s Cheque of a scheduled bank; b. National Savings Certificates and any other script/ instrument under National c. Savings Schemes for promotion of small savings issued by a Post Office in Rajasthan, if the same can be pledged under the relevant rules. They shall be accepted at their surrender value at the time of bid and formally transferred in the name of procuring entity with the approval of Head Post Master; d. Bank guarantee/s of a scheduled bank, in case the amount of PSD is more than 10 lakhs. It shall be got verified from the issuing bank. Other conditions regarding bank guarantee shall be same as mentioned in the bidding document for bid security;

Performance Security Deposit. After receiving the individual work order(s), the bidder shall be responsible to deposit the requisite Performance Security Deposit (PSD) within the prescribed time period as specified in each work order(s): 1. Performance security deposit (PSD) shall be solicited from successful bidders except : a) Departments/Boards of the State Government or Central Government; b) Government Companies as defined in clause (45) of section 2 of the Companies Act, 2013; c) Company owned or controlled, directly or indirectly, by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments which is subject to audit by the Auditor appointed by the Comptroller and Auditor-General of India under sub-section (5) or (7) of section 139 of the Companies Act, 2013; d) Autonomous bodies, Registered Societies, Cooperative Societies which are owned or controlled or managed by the State Government or Central Government; e) Bidder in procurement related to Panchayat Samiti Nandishala ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ or Gram Panchayat Goshala/▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Jan Sahbhagita Yojana issued by the State Government. However, a performance security declaration shall be taken from them. The State Government may relax the provision of performance security in a particular procurement or any class of procurement. 2. The amount of performance security shall be five percent, or as may be specified in the bidding documents, of the amount of supply order in case of procurement of goods and services and ten percent of the amount of work order in case of procurement of works. In case of Small-Scale Industries of Rajasthan it shall be one percent of the amount of quantity ordered for supply of goods and in case of sick industries, other than Small Scale Industries, whose cases are pending before the Board of Industrial and Financial Reconstruction (BIFR), it shall be two percent of the amount of supply order. 3. Performance security shall be furnished in any one of the following forms- a) deposit though eGRAS; b) Bank Draft or Banker's Cheque of a scheduled bank; c) National Savings Certificates and any other script/instrument under National Savings Schemes for promotion of small savings issued by a Post Office in Rajasthan, if the same can be pledged under the relevant rules. They shall be accepted at their surrender value at the time of bid and formally transferred in the name of procuring entity with the approval of Head Pos...

Performance Security Deposit. 4.1 Party B shall pay the performance security of RMB 30,8008 (¥: RMB 38,000) to Party A within 5 working days from the date of signing of this Contract. If Party B breaches the contract during the performance of this Contract, Party A shall have the right to directly deduct the compensation and related expenses from the performance deposit. If the deposit is insufficient to deduct, Party A shall have the right to recover from Party B. 4.2 After Party A deducthe performance bond to Party A, and the performance bond paid by Party B to Party A is insufficient for the amount of the performance bond agreed in the contract, Party B shall make up the amount within 3 days after receiving the notice from Party A. Otherwise, Party B shall be deemed to breach the contract and Party A shall have the right to hold Party B liable for breach of contract according to party Bs overdue payment of rent. 4.3 at the termination of this contract (including early termination), if party b pay all the rent, and settle the property management fees and the lease of all expenses, and return the lease to party a according to this contract and there is no other default, party a after the termination of this contract, and the handover formalities within 20 working days, the performance deposit without interest. In case of breach of contract, Party A shall refund the balance of the performance bond without interest after Party B assumes the full liability for breach of contract. 4.4 If the contract is terminated in advance or within 3 days after the expiration of this Contract, Party B shall go to the commercial registration authority for the cancellation of the registration of the business site of the leased property, otherwise Party A has the right not to return the performance deposit.

Performance Security Deposit. The ▇▇▇▇▇▇▇ Money Deposit of the successful bidder will be converted into Performance Security Deposit which shall be kept valid for a period of 60 days beyond completion of all the contractual obligations. Further, the successful tenderer will be required to sign agreement on Notary bond of Rs. 100/- stamp paper within 15 days of issue of Notification of Award. The security deposit can be forfeited by order of this Institute in the event of any breach or negligence or non–observance of any condition of contract or for unsatisfactory performance or non–observance of any condition of the contract. Performance Security will be discharged after completion of contractor’s performance obligations (including Warranty / Guarantee period) under the contract.

Performance Security Deposit. The successful tenderer shall have to submit performance security deposit, as security deposit for the due compliance& fulfilment of terms &conditions of the contract. This has to be in the form of a bank draft payable in favour of ESI Saving Fund Account No.1 , payable at Hyderabad, drawn on any of the nationalized bank. The amount will be 10% of the expected annual contract value as per the items quoted by the tenderer. The exact amount will be decided by the tender evaluation committee after finalizing the tender duly approved by the ▇▇▇▇ and will be intimated to the successful tenderer before signing of the contract. The decision of the committee for fixing the amount of performance security shall be binding on the parties of this contract. On due performance and successful completion of the contract the security money deposit shall be returned without any interest. On unsatisfactory performance or violation of terms and conditions of the contract will make the contractor liable for forfeiture of security deposit. The decision of Medical Superintendent will be final on this account.

Performance Security Deposit. The successful Bidder will asked to deposit 10% of Supply Order Value on each occasion in favor of “Director, AIIMS Bhopal” in the form of FDR/BG from nationalized/Commercial Bank. If the Bidder interested for deposit of Performance Security in the form of Bank Guarantee, the format for the same is given at Annexure-X. It will be refundable after receipt of acceptance of quality certificate and/or Consumption Certificate of the supplies from User Department Head to the Vendor without paying any interest on deposited amount by AIIMS Bhopal. The Performance Security Deposit Instrument shall be valid for minimum period of 6 (Six) months or more. The performance Security shall be forfeit in case of contraventions of any of the terms and conditions of the tender contract.

Performance Security Deposit. The successful bidder shall have to deposit a Performance Security Deposit of 3% of the total amount of estimated tender value immediately on receipt of the LOI/Order. The performance security deposit will be furnished in the form of Demand Draft/ Bank Guarantee/Banker’s Cheque/Fixed Deposit of any scheduled bank drawn in favour of “INFLIBNET Centre” payable at Gandhinagar. The performance security deposit should be valid for sixty days beyond the date of completion of all contractual obligations.

Performance Security Deposit. 44.1. Within 14 days of receipt of the Letter of Acceptance, the successful Bidder shall be required to furnish performance security of 10% of the annual contract price, in the form of cash warrant, demand draft, or unconditional Bank Guarantee payable to the Chief Executive Officer, Royal Insurance Corporation of Bhutan Limited, Thimphu, issued by a reputable financial institution other than RICB, which shall be furnished upon issuance of notification of the award.

Performance Security Deposit. The successful tenderer will have to deposit a Performance Security of 10% of total annual cost of the work by way of Bank draft / Bank Guarantee of scheduled bank in favor of Director BMHRC as per the prescribed format attached as Annexure -G payble at Bhopal valid for 60 days after the termination of contract.