Common use of Submission of Performance Bank Guarantee (PBG Clause in Contracts

Submission of Performance Bank Guarantee (PBG. The SPD shall submit an irrevocable unconditional Performance Bank Guarantee (PBG) of INR 5 Lakhs (Indian Rupees Five Lakhs) per MWAC to KSPDCL issued from a public sector / scheduled commercial bank at the time of signing of this Implementation and Support Agreement in the form attached hereto as Schedule “2”. The PBG shall be valid for a minimum period of 15 (fifteen) months from the date obtaining concurrence from KERC on the draft PPA. In case any extension is given to the project, the corresponding extension needs to be made in the validity of PBG. All costs relating to opening and maintenance and negotiation of PBG shall be borne by the SPD.

Submission of Performance Bank Guarantee (PBG. The SPD shall submit an irrevocable unconditional Performance Bank Guarantee (PBG) of INR 5 Lakhs (Indian Rupees Five Lakhs) per MWAC MW to KSPDCL issued from a public sector / scheduled commercial bank at the time of signing of this Implementation and Support Agreement in the form attached hereto as Schedule “2”. The PBG shall be valid for a minimum period of 15 13 (fifteenthirteen) months from the date obtaining concurrence from KERC on the draft PPA. In case any extension is given to the project, the corresponding extension needs to be made in the validity of PBG. All costs relating to opening and maintenance and negotiation of PBG shall be borne by the SPD.