The Bank of Punjab Sample Clauses
This clause designates The Bank of Punjab as a key party or institution involved in the agreement, typically as a financial intermediary, lender, or service provider. In practice, it may specify the bank's role in handling transactions, managing accounts, or facilitating payments related to the contract. By clearly identifying The Bank of Punjab, the clause ensures all parties understand which financial institution is responsible for executing or overseeing the relevant financial operations, thereby reducing ambiguity and streamlining the contractual process.
The Bank of Punjab and pledged in the name of the Executive Engineer concerned, and on the maturity the amount of security is retrieved back in the Public Account and refunded to the contractor in prescribed manner. Refund of security deposit.
a) The amount retained as security deposits shall not be refunded to the contractor before the expiry of six(6) months in the case of original works valuing upto Rs.5 million and twelve (12) months or even more, as may be determined by the Engineer-in-charge with the prior approval of the Chief Engineer, in the case of works valuing above Rs.5 million, after the issue of the certificate of completion of the work under clause 40 hereof by the Engineer-in-charge provide that in case the contractor is required by the Engineer-in-charge to rectify any imperfection, damage, defects or other faults in work, etc. during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under clause 43 and 44 hereof to the satisfaction of the Engineer-in-charge.
b) Should the contractor so apply in writing to the Engineer-in-charge the amount of security deposit will be refunded to the contractor three (3) months after the issue of certificate of completion of work by the Engineer-in-charge under clause 40 subject to the production of bank
c) guarantee from a scheduled band in Pakistan to the satisfaction of and in the form suitable to the Engineer-in-charge, for the same amount covering the balance of period of maintenance, to the effect that the contractor shall fulfill his obligations under clause 43 and 44 of the contract.
d) Subject to the conditions stipulated in sub-clause (a) of this clause, in the case of contracts for maintenance and repair works, the security deposits would be refunded to the contractor after the expiry if three (3) months of the issue of certificate of completion of work by the Engineer-in-charge . The contractor shall on submitting the bill be entitled to receive a monthly payment proportionate to the part thereof then approved and passed by the Engineer-in- charge, subject to the condition laid down in item(s) of the memorandum, whose certificate of such approval and passing of the sum so payable, shall be final and conclusive against the contractor. But all such intermediate payments shall be regarded as payment by way of advance against the final payment only, and not as payment for work actually done and completed and shall not preclude the requiring of bad,...
The Bank of Punjab and pledged in the name of the Executive Engineer concerned, and on the maturity the amount of security is retrieved back in the Public Account and refunded to the contractor in prescribed manner. Refund of security deposit.
The Bank of Punjab and pledge in the name of the Executive Engineer concerned and on the maturity the amount of security is retrieved back in the public account and refunded to the contractor in prescribedmanner. Clause 50:(a) The amount retained as security deposit shall not be refunded to the contractor before the expiry of six (6) months in the case of original works valuing upto Rs. 5 million and twelve (12) months or even more, as may be determined by the Engineer Incharge with the prior approval of the Chief Engineer, in the case of works valuing above Rs. 5 million, after the issue of the certificate of completion of the work under Clause 40 hereof by the Engineer Incharge provided that in case the contractor is required by the Engineer Incharge to rectify any imprefection, damage, Deduction of security deposit. Conversion of security desires into credit bearing securities Refund of security deposit. Payment only intermediate certificate to be regarded as advances. Final bill to be submitted within one month Procedure for payment to firms Sums payable by way of compensation to be considered as reasonable compensation without reference to actual loss. Defects or other faults on work, etc, during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under Clauses 43 and 44 hereof to the satisfaction of the Engineer Incharge.