Penalty for Default in Services a. If the selected bidder fails to complete the project within stipulated time, SIDBI will impose a penalty of 0.5% of the order value for each week’s delay or part thereof attributable to the bidder, subject to maximum of 10% of the order value. Fraction of week is to be construed as one full week for arriving at the delay in terms of weeks. b. Penalty would not be applicable for delay due to reasons attributable to the Bank and Force Majeure. However, it is responsibility of the selected bidder to prove that the delay is attributed to the Bank or Force Majeure. c. Bank reserves the right to adjust the penalty and Liquidity damages if any against any amount payable to the bidder or PBG. 8.6.
Penalty for Default in Services. RFP No. 314/2022/1681/HO1/DCV Issued on January 05,2022 Page:57 of 98 a. If the selected bidder fails to complete the project within stipulated time, SIDBI will impose a penalty of 1% of the contract value for each week’s delay or part thereof attributable to the bidder, subject to maximum of 10% of the contract value. Fraction of week is to be construed as one full week for arriving at the delay in terms of weeks. b. Penalty would not be applicable for delay due to reasons attributable to the Bank and Force Majeure. However, it is responsibility of the selected bidder to prove that the delay is attributed to the Bank or Force Majeure. c. Bank reserves the right to adjust the penalty and Liquidity damages if any against any amount payable to the bidder or PBG. 8.7.