Retention Money. An amount @ 5 % of the bill amount will be retained by the SBI from the bills and the same will be released by the SBI against Bank guarantee for equal amount issued by any Nationalized /Scheduled Bank in the SBI’s approved format valid for 1 year. The Bank guarantee shall be released only after completion of warranty period of 1year provided no complaint is received in the office chairs or the defects has been rectified by replacing the same satisfactorily. The successful bidder may choose to submit such Bank Guarantee to the SBI soonafter commencement of work to avoid deduction of retention money from the Xxxxx.Xx advance on materials / plant / machinery or mobilization advance shall be paid in any circumstances.
Appears in 5 contracts
Samples: General Conditions of Contract, General Conditions of Contract, General Conditions of Contract
