Additional Performance Bank Guarantee Sample Clauses

Additional Performance Bank Guarantee against unbalanced rate quotations For Tenders having financial quote up to ± 10% of the estimated contract value, no additional security deposit is required. But for tenders having financial quote within ± 10% and ± 20% of the estimated contract value, the contractor is liable to provide additional BG against unbalanced rate which would be communicated in LOA. The additional BG defined herein shall be over and above the performance security and shall be return after issuance of completion certificate by EIC. The additional performance bank guarantee shall be valid one month beyond the completion of work. However, non-furnishing of additional BG within the stipulated time of LOA shall be treated as default and consequently, the tender shall be cancelled with forfeiture of EMD. For tenders having financial quote beyond ± 20% of the estimated contract value, the bidder shall furnish full justification for the quote to satisfy that rates quoted are workable, however decision of the Authority in this regard shall be final and binding upon the bidder with conditions imposed if any (Other than additional BG) and offer for consent would be given to the bidder.
Sample 1
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Additional Performance Bank Guarantee against unbalanced rate quotations For Tenders having financial quote up to ± 10% of the estimated contract value, no additional performance bank guarantee is required. But for tenders having financial quote within ± 10% and ± 20% of the estimated contract value, the contractor is liable to provide additional BG against unbalanced rate which would be communicated in LOA. The additional BG defined herein shall be over and above the performance bank guarantee and shall be returned along with the performance bank guarantee to the contractor. However, non-furnishing of additional BG within the stipulated time of LOA shall be treated as default and consequently, the tender shall be cancelled with forfeiture of EMD.
Sample 1
Additional Performance Bank Guarantee against unbalanced rate quotations For Tenders having financial quote up to 10% lesser than the estimated contract value, no additional performance security is required. But for tenders having financial quote less by more than 10% of the estimated contract value, the amount not less than the difference between the quoted amount and 90% of the estimated contract value shall be submitted in the form of irrevocable bank guarantee bond within 15 days from the date of issuance of Letter of Acceptance. Similarly, for tenders having financial quote more than 10% of the estimated contract value, the amount not less than the difference between the quoted amount and 110% of the estimated cost shall be submitted in the form of irrevocable bank guarantee bond within 15 days from the date of issuance of Letter of Acceptance. The additional BG / DD defined herein shall be over and above the performance security and shall be returned along with the performance security to the contractor.
Sample 1

Related to Additional Performance Bank Guarantee

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD.

  • Return of Performance Bank Guarantee Payment on Order Instrument

  • Continuing Performance Each party is required to continue to perform its obligations under this contract pending final resolution of any dispute arising out of or relating to this contract, unless to do so would be impossible or impracticable under the circumstances.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Continuing Contract Performance Pending final resolution of a Claim, except as otherwise agreed in writing or as provided in Section 9.7 and Article 13, the Design-Builder shall proceed diligently with performance of the Contract and the Owner shall continue to make payments in accordance with the Design-Build Documents.

  • Performance Schedule The Parties will perform their respective responsibilities in accordance with the Performance Schedule. By executing this Agreement, Customer authorizes Motorola to proceed with contract performance.

  • Ongoing Performance Measures The Department intends to use performance-reporting tools in order to measure the performance of Contractor(s). These tools will include the Contractor Performance Survey (Exhibit H), to be completed by Customers on a quarterly basis. Such measures will allow the Department to better track Vendor performance through the term of the Contract(s) and ensure that Contractor(s) consistently provide quality services to the State and its Customers. The Department reserves the right to modify the Contractor Performance Survey document and introduce additional performance-reporting tools as they are developed, including online tools (e.g. tools within MFMP or on the Department's website).

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified.

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