Supply Phase Performance Security Clause Samples

Supply Phase Performance Security. The Strategic Partner shall towards securing the performance of its obligations during the Supply Phase, furnish to the Authority no later than 15 (fifteen) days prior to the import of each Evaluation Stream Cohort an irrevocable and unconditional guarantee from a Bank for a sum equivalent to USD/INR [***] (United States Dollars/ Indian Rupees *** only) (equivalent to value of 2% of the fees payable for each Evaluation Stream Cohort, as quoted in the Financial Bid) in the form set forth in Part D of Schedule E (each bank guarantee being named as the “Supply Phase Performance Security”). For the avoidance of doubt, the Strategic Partner shall furnish a Supply Phase Performance Security against the due performance of each Evaluation Stream Cohort supplied. Each such Supply Phase Performance Security shall be released within six months of issuance of the relevant Supply Phase Performance Security, provided however, in case of reasonable satisfaction of the Authority with regard to the due adherence of the supplied cohort with committed parameters, the Authority may decide to release the same earlier.