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.
Appears in 2 contracts
Sources: Tender Agreement, Tender Agreement