Performance Security. 11.1 The proceeds of the Performance Security shall be payable to the Procuring Entity as compensation for any loss resulting from the Supplier’s failure to complete its obligations under the Contract and, the Procuring Entity shall not make any claim under the security, except for amounts to which the Procuring Entity is entitled under the Contract. 11.2 The Performance Security shall be discharged by the Procuring Entity and returned to the Supplier not later than twenty-eight (28) days following the date of Completion of the Supplier’s performance obligations under the Contract, including any warranty obligations as stated under GCC Clause 13, provided that there are no claims field against the Supplier. 12.
Performance Security. 28.1 The Supplier shall be entirely responsible for all applicable taxes, custom duties, VAT and other levies imposed or incurred inside or outside Bangladesh. 29.1 The Procuring Entity shall notify the Supplier of any claim made against the Bank issuing the Performance Security. 29.2 The Procuring Entity may claim against the security if any of the following events occurs for fourteen (14) days or more. (a) The Supplier is in breach of the Contract and the Procuring Entity has duly notified him or her; and (b) The Supplier has not paid an amount due to the Procuring Entity and the Procuring Entity has duly notified him or her. 29.3 In the event as stated under GCC Sub Clause 28.2, the Supplier is liable to pay compensation for any loss resulting from the supplier’s failure to complete its obligations under the Contract amounting to the full value of the Performance Security or more, the Procuring Entity may call the full amount of the security. 29.4 If there is no reason to call the security, the security shall be discharged by the Procuring Entity and returned to the Supplier not later than twenty-eight (28) days following the date of Completion of the Supplier’s performance obligations under the Contract and the issuance of the Acceptance Certificateby the Procuring Entity, including any warranty obligations as stated under GCC Clause 31 and, the Procuring Entity shall not make any claim under the security, except for amounts to which the Procuring Entity is entitled under this Contract.. 29.5 The security shall only be released after the expiry of the Warranty Period pursuant to GCC Clause 31, provided that the Goods supplied are free from patent and latent defects and all the conditions imposed under the contract have been fully met. (a) A patent defect, which is one that is apparent to the buyer on normal observation. It is an apparent or obvious defect. i. For example, a ball pen that does not write is patently defective. (b) A latent defect, which is one that is not apparent to the buyer by reasonable observation. A latent defect is “hidden” or one that is not immediately determinable. ii. For example, a ball pen that writes 0.75 km instead of the expected 1.5 km, has a latent defect. 29.6 If the Supplier, having been notified, fails to remedy the defect(s) within the period as stated under GCC Sub Clause 31.7, the Procuring Entity may proceed to call upon the security without prejudice to any other rights which the Procuring Entity may have agains...
Performance Security. 63.1 Performance Security shall be provided by the successful Tenderer in BDT currency, of the amount as specified in the TDS. 64.