Examples of Performance Guarantee in a sentence
We also understand that if the certificates submitted by us are found to be false/forged or incorrect at any time, after the award of the contract, it will lead to termination of the contract, alongwith forfeiture of EMD/ SD and Performance Guarantee besides any other action provided in the contract.
Wherever such a fresh Performance Guarantee is furnished by the contractor the Engineer-in-Charge may return the previous Performance Guarante e.
The Performance Guarantee shall be paid in one of the following forms.
Failure to do so shall constitute a breach, in which case, CWC would be at liberty to not only terminate the contract but also forfeit EMD and Performance Guarantee if any.
However, if the tenderer has not uploaded any of the other documents as per NIT/pre-qualifying Proforma/ comparative statement, lowest tenderer should submit the same with submission of Performance Guarantee, If the lowest tenderer fails to do so than no Agreement in between CWC and contractor will be executed and it will lead to rejection of bid and forfeiture of EMD & Performance Guarantee.