Performance Bank Guarantee. Successful bidder should produce an unconditional Performance Bank Guarantee from a Scheduled Bank (other than Bank of Baroda) equal to 10% of the total cost of the project and effective for the period of 3 years from the date of work order. During the period of contract . Deposit in Bank’s Name of Equal amount may be submitted in lieu thereof. 20. The actual quantity of Branches/offices to be audited may vary from the projected quantity as per the requirements of the Bank. 21. Any delay in completion of the work over the stipulated period will attract penalty of 1% of the contract value per day subject to maximum of 10% of the contract value. 22. Earnest Money Deposit of Rs.5000.00, in the form of a demand draft/pay order issued by a scheduled commercial bank favoring Bank of Baroda, payable at Jaipur must be submitted along with the Technical Offer. Offers not accompanied with Earnest Money Deposit will not be accepted. This amount will be forfeited if, having been selected by the Bank for the job, the bidder refuses to accept work order or having accepted the work order, fails to carry out his obligations mentioned therein. Bank Guarantee in lieu of Earnest Money Deposit will not be accepted. No interest will be payable on the Earnest Money Deposit. The Earnest Money Deposit will be refunded to the unsuccessful bidders. The Earnest money paid by the successful bidder will be released only after completion of the contract period of two years. 23.
Performance Bank Guarantee. In addition to the EMD and retention money described above, the successful tenderer, within a period of 14 days from the date of award of work by the Bank, shall submit a Performance (Bank) Guarantee (to be arranged by the contractor at his own cost) obtained from any of the nationalized/ scheduled bank, in the format approved by the Bank for an amount equivalent to 5% of the contract value. This is to ensure adherence to complete the work and execution with best quality workmanship. The above-noted Performance Guarantee shall be valid up to the satisfactory completion of the work in all respects and shall have to be renewed by the contractor up to extended completion time, if any. In case, the contractor fails to comply with any of the above conditions, the Bank will be at liberty to invoke the Guarantee based on the certificate issued by the Bank’s Security Manager. The Guarantee shall be released after issue of completion certificate. 16.
Performance Bank Guarantee. The selected Bidder has to provide an unconditional and irrevocable Performance Bank Guarantee of 10% of the contract value from any Scheduled Commercial Bank in India towards due performance of the contract in accordance with the specifications, terms and conditions of RFP document, within 15 days from the intimation from the Bank. The Performance Guarantee shall be kept valid upto 60 days, beyond the contract period. The EMD/Bank Guarantee of the successful bidder / consultant may be forfeited by the Bank if the consultant / bidder fails to furnish Performance Bank Guarantee within 15 days from the date of selection by the Bank for any reason whatsoever. The cost of performance Guarantee would have to be borne by the successful bidder.
Performance Bank Guarantee. Successful supplier should produce an unconditional Performance Bank Guarantee from any Schedule Commercial Bank excluding Co-operative Bank and Bank of Baroda. The Performance Bank Guarantee of Rs.9,30,000/- for a period of 3 years and 03 month from the date of commencement of contract (Performance bank guarantee will be divided amongst the successful vendors, as per actual work allotted). No Performance Bank Guarantee / deposit will be kept at branches. The Performance Bank Guarantee shall be adjusted against any loss, damage, expense etc. to the Bank in failure of operation of Fire Extinguisher. During the period of contract including AMC period supplier should attend to all repairs / defects / replacement of major/minor spare parts free of cost. In case of failure on the part of the supplier to attend to the defects within a reasonable period, the Bank on its own will get the defects rectified through another Service Provider at the risk and cost of supplier and repairs rectified through another Service Provider. 8.
Performance Bank Guarantee a. The Consulting Agency shall provide an unconditional and irrevocable Performance Bank Guarantee (“PBG”) as mentioned in section 4.4 b. The PBG is to be submitted after the issue of the Offer Letter and before release of first or any payment under this Contract. On submission of PBG and accepted by the SIDBI, EMD would be released. If the PBG is not submitted within the time stipulated by SIDBI, then SIDBI reserve the right to cancel the order and forfeit the EMD. c. In the event of non-performance of obligation or failure to meet terms of this Contract, SIDBI shall be entitled to invoke the PBG without notice or right of demur to Consulting Agency. d. Notwithstanding anything to the contrary contained in the contract, SIDBI shall be at liberty to invoke the Performance Bank Guarantee in addition to other remedies available to it under the contract / order or otherwise if the Consulting Agency fails to fulfill any of the terms of contract / order or commits breach of any terms and conditions of the contract. e. The time shall be the essence of the contract / order; therefore, no extension of time is anticipated, but if untoward or extraordinary circumstances should arise beyond the control of the Consulting Agency , which in the opinion of SIDBI should entitle the Consulting Agency to a reasonable extension of time, such extension may be considered by SIDBI at its sole and absolute discretion, however such extension shall not operate to relieve the Bidder of any of its obligations. SIDBI shall not be liable for any extra financial commitment due to such extension of time. In case of any such extension, the Consulting Agency would be required to extend the validity period of the performance guarantee accordingly. f. The Consulting Agency shall be responsible for extending the validity date and claim period of the Bank guarantees as and when it is due or if required. In the event, the PBG is not extended prior to its expiry under the Contract, then SIDBI shall have the right to invoke the PBG. 8.6.5.