Examples of Security Deposit in a sentence
All compensation or other sums of money payable by the contractors to the clients, under the terms of this contract, may be deducted from the Security Deposit or from any sum that may be or may become due to the contractor on any account whatsoever, and in the event of the Security deposit being reduced by reasons of any such deductions, the contractor shall within 15 days of being asked to do so make good in cash or cheque, any sum which have been deducted from his security deposit.
In case the total penalty levied on the Bidder exceeds Rupees Two lakhs during the contract period, the contract is liable to be terminated at the risk and cost of the Bidder in which case Security deposit furnished by the Bidder shall be forfeited and the Bidder shall be blacklisted for a period which may extend up to 5 years.
If at any stage it is found that the information supplied by the Bidder is incorrect FCI reserves the right to initiate appropriate legal proceedings including Termination of the contract & forfeiture of Security deposit.
Security deposit: - The contractor will have to pay the 100.00 % Security Deposit at 5.00% of the order value by demand draft in the name of ‘GUJARAT ENERGY TRANSMISSION CORPORATION LTD’ within 10 days from the date of the issue of LOI, higher percentage of security deposit may be fixed at the direction of The Superintending Engineer.
In case the contractor desires to renew the same, he shall convey the same to the Management in writing prior to completion of the contact period / by giving one month notice and if Contractor will not complete the full contract than Security deposit will be forfeit and bidder will not be considered in future tender process.