Authenticity of Performance Security. 63.2 The proceeds of the Performance Security shall be payable to the Procuring Entity unconditionally upon first written demand as compensation for Supplier’s failure to complete its obligations under the Contract.
63.3 In the event a Government owned enterprise as stated under ITT Sub Clause 5.10 is the successful Tenderer, there shall be Security Depositas specified in the TDS, in lieu of the Performance Security, as stated under ITT Sub Clause 62.1.
64.1 The Performance Security shall be in the form of a Bank Draft, Pay Order or an irrevocable unconditional Bank Guarantee in the format (Form PG3A-11), without any alteration, issued by any scheduled Bank of Bangladesh acceptable to the Procuring Entity.
64.2 Within fourteen (14) days from the date of receipt of the NOA but not later than the date specified therein, the successful Tenderer shall furnish the Performance Security for the due performance of the Contract in the amount specified under ITT Sub Clause 62.1.
65.1 The Performance Security shall be required to be valid until a date twenty-eight (28) days beyond the date of completion of the Supplier’s performance obligations under the Contract, including any warranty obligations.
66.1 The Procuring Entity shall verify the authenticity of the Performance Security submitted by the successful Tenderer by sending a written request to the branch of the Bank issuing the Pay Order, Bank Draft or irrevocable unconditional Bank Guarantee in specified format.
Authenticity of Performance Security. The Procuring Entity shall verify the authenticity of the Performance Security submitted by the successful Tenderer by sending a written request to the branch of the Bank issuing the Pay Order, Bank Draft or irrevocable unconditional Bank Guarantee in specified format.