Performance Guarantee నమూనా క్లాజులు

Performance Guarantee. Within 07 days of issue of letter of intent of work/ acceptance of tender, the Contractor shall submit a Performance Guarantee for proper performance of the Contract in the form as specified in the contract. The Performance guarantee shall be initially valid for the duration of the contract period plus 60 days. The performance security can be en-cashed by the Employer to recover any amount which is payable by the contractor to the Employer on any account for a cause arising out of the contract. No interest shall be payable on the Performance Guarantee. The Engineer-in-charge may have issued any Interim Payment Certificate, the correction or modification in any previous Interim Payment Certificate which has been issued by him, and shall have authority, if any work is not being carried out to his satisfaction, to omit or to reduce the value of such work in any Interim Payment Certificate.