PERFORMANCE SECURITY & EXECUTION OF CONTRACT Sample Clauses

The 'Performance Security & Execution of Contract' clause requires the contractor or service provider to furnish a financial guarantee—such as a bank guarantee or performance bond—upon being awarded the contract. This security is typically submitted before the contract is formally executed and serves as assurance that the contractor will fulfill all contractual obligations. By mandating this security, the clause protects the client from potential losses due to non-performance or default, ensuring that the project or service is completed as agreed or that compensation is available if obligations are not met.
PERFORMANCE SECURITY & EXECUTION OF CONTRACT. Firm whose offer is accepted will have to furnish as Fixed Deposit @5% against the total contract value in favour of JMCH TENDER issued by any scheduled bank payable at Canara Bank, Jorhat Branch. The Performance Security shall be refunded within 15 to 90 days after completion of the contract as per order, or after the expiry of contract on satisfactory completion of the same whichever is later. No interest will be paid on Performance Security/▇▇▇▇▇▇▇ Money Deposit. In case of breach of any terms and conditions of the contract or on unsatisfactory performance, the amount of security deposit shall be liable forfeited by the Authority, JMCH, Jorhat and his decision shall be final. The expenses of completing and stamping the agreement shall be paid by the bidder.
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Related to PERFORMANCE SECURITY & EXECUTION OF CONTRACT

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • COMPENSATION OF CONTRACTOR A. The Contractor shall be paid in the manner set forth in Exhibit B. Payment shall be made monthly, unless another payment term is specified in Exhibit B, following receipt of invoices submitted by the Contractor, and approved by the Contract Administrator. B. The Contractor will be compensated for Services performed in addition to the Services described in Article III, only when the scope of and compensation for those additional Services have received prior written approval of the Contract Administrator. C. The Contractor shall keep complete records of work performed (e.g. tasks performed, hours allocated, etc.) so that the City may verify invoices submitted by the Contractor. Such records shall be made available to the City upon request and submitted in summary form with each invoice.

  • EXECUTION OF CONTRACT 20.1 Depending on the type of service provided, one of the following methods will be employed. The method applicable to this contract will be checked below: _ a. PURCHASE ORDER, unless otherwise noted. 1. This contract shall consist of a Lancaster County Purchase Order. 2. A copy of the Bidder’s bid response (or referenced bid number) attached and that the same, in all particulars, becomes the contract between the parties hereto: that both parties thereby accept and agree to the terms and conditions of said bid documents.

  • FORMATION OF CONTRACT 1.1 By signing and returning this Order Form (Part A), the Supplier agrees to enter into a Call- Off Contract with the Buyer. 1.2 The Parties agree that they have read the Order Form (Part A) and the Call-Off Contract terms and by signing below agree to be bound by this Call-Off Contract. 1.3 This Call-Off Contract will be formed when the Buyer acknowledges receipt of the signed copy of the Order Form from the Supplier. 1.4 In cases of any ambiguity or conflict, the terms and conditions of the Call-Off Contract (Part B) and Order Form (Part A) will supersede those of the Supplier Terms and Conditions as per the order of precedence set out in clause 8.3 of the Framework Agreement.

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.