Common use of Performance Security Deposit Clause in Contracts

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. The successful bidder shall have to deposit a Performance Security Deposit of the 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/ draft/ Bank Guarantee/Banker’s Cheque/Fixed Deposit of any scheduled bank drawn in favour of “INFLIBNET Centre” payable Payable at Gandhinagar. The performance security deposit should be valid for sixty days beyond the date of completion of all contractual obligations.