Examples of Performance Bank Guarantee/ Security Deposit in a sentence
NMRC reserves the right for deduction of NMRC dues from Contractor’s Performance Bank Guarantee/ Security Deposit (interest free) for – Any penalty imposed by NMRC for violation of any terms and conditions of agreement committed by the Contractor.
In case Bank Guarantee is furnished as Performance Bank Guarantee/ Security Deposit, it should be sent to NIXI by the concerned Bank, and not by the bidder itself.
The Performance Bank Guarantee/ Security Deposit amount is interest free.
The notification of award will constitute the formation of the Contract, subject only to the furnishing of a Performance Bank Guarantee/ Security Deposit in accordance with the provisions of this Clause.
NIXI has the right to encash/ appropriate the whole amount of Performance Bank Guarantee/ Security Deposit in accordance with the contract conditions and also to deduct any amount due from the contractor at the time of the termination/expiry of the contract.
Subject to any provision elsewhere in the contract regarding forfeiture or appropriation in full or part thereof, the Performance Bank Guarantee/ Security Deposit shall be released at the time of expiry / non-renewal / termination of the contract.
The Performance Bank Guarantee/ Security Deposit may be either in the form of Demand Draft in favour of NIXI, New Delhi, or as Bank Guarantee in the format at Form No. -V of this document.
The successful bidder should arrange to have Performance Bank Guarantee/ Security Deposit amounting to 6% of the awarded contract value furnished within 10 days of submission of Letter of Acceptance in the case of contracts, and within 10 days of submission of draft Contract Agreement.
In case Bank Guarantee is furnished as Performance Bank Guarantee/ Security Deposit, the same should be valid by more than ninety (90) days after the expiry of the contract including AMC.
NMRC reserves the right for deduction of NMRC dues from Consultant’s Performance Bank Guarantee/ Security Deposit (interest free) for – Any penalty imposed by NMRC for violation of any terms and conditions of agreement committed by the Consultant.