ADDITIONAL PERFORMANCE SECURITY. 5% 5% 6% 6% 7% 7% 8% 8% 9% 9% 10% 10% 26 (B) Lowest evaluated bidder shall, within 15 days of receipt by him of a notice in this regard, furnish to the tender approving authority in cash, bank draft, xxxxxxx’s cheque, payment order or bank guarantee (valid for three months beyond completion time/extended completion time) from any scheduled Bank of Pakistan, the amount to make up performance security and / or additional performance security where required and specified in the tender in item (h) of Memorandum of work. Should the lowest evaluated bidder refuse or fail for any reason to furnish the performance security within the specified time, it should constitute a just cause for rejection of his tender and in the event of such rejection the entire xxxxxxx money shall be forfeited to government as compensation for such default.
ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall along with the Performance Security provide to the Authority an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)1 in the form set forth in Schedule-F (the "Additional Performance Security"), to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the selected Bidder/ Consortium is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.
ADDITIONAL PERFORMANCE SECURITY. The Concessionaire shall alongwith the Performance Security provide to the Authority an Insurance Surety Bond (issued by Insurance Company authorized by Insurance Regulatory and Development Authority of India), Account Payee Demand Draft, Banker’s Cheque or irrevocable and unconditional e-Bank Guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)3 in the form set forth in Schedule-F (the “Additional Performance Security”), to be modified, mutatis mutandis, for this purpose as security to the Authority if the Bid Project Cost of the Selected Bidder is lower by more than 10% with respect to the Estimated Project Cost. The requirement of submitting the Additional Performance Security shall be a Condition Precedent. Failure to maintain the Additional Performance Security shall be treated as Concessionaire Default as per Clause 31.1.1.
ADDITIONAL PERFORMANCE SECURITY. The successful Bidder shall also furnish to the Authority an irrevocable and unconditional guarantee from a Bank in the same format as provided in Section 8 towards an Additional Performance Security (The “Additional Performance Security”) for an amount calculated as under:
i. If the Contract Price offered by the Selected Bidder is lower than 10% but up to 20% of the Estimated Cost of Project, then the Additional Performance Security shall be calculated @ 20% of the difference in the (i) Estimated Cost of Project (as mentioned in Bid Document) - Minus 10% of the Estimated Cost of Project and (ii) Contract Price offered by the selected Bidder.
ii. If the Contract Price offered by the Selected Bidder is lower than 20% of the Estimated Project Cost, then the Additional Performance Security shall be calculated @ 30% of the difference in the (i) Estimated Project Cost (as mentioned in Bid Document) - Minus 10% of the Estimated Project Cost and (ii) Contract Price offered by the selected Bidder.
iii. This Additional Performance Security shall be in accordance with clause 5.2.
ADDITIONAL PERFORMANCE SECURITY. (a) In the event of the Selected Bidder having submitted Additional Performance Security in accordance with the Clause 16.5 of the RFP document, then such Additional Performance Security shall be in force till the end of Construction period if the Bid Project Cost is found to be unbalanced or frontloaded bid and till the end of the Concession Period if O&M Charges are found to be unreasonable. Notwithstanding to anything contained herein, the Additional Performance Security shall be liable to be forfeited either fully or partially by the KMC as it deems fit for the reasons mentioned in Clause 16.1 of the Concession agreement. The Additional Performance Security for the unbalanced or frontloaded Bid Project cost shall be returned 30 days after COD, and the Additional Performance Security for O & M Charges shall be returned at the end of Concession Period.
(b) Change in Ownership in accordance with Clause 12 of the Concession Agreement shall be subject to the fulfillment of the requirements of Additional Performance Security as per the clause 5.22(a) above, by the incoming Consortium Partner/Single Entity.
ADDITIONAL PERFORMANCE SECURITY. The Operator shall have right to refurbish the Project/carry out modifications (including deconstruction, demolition & building new assets) of the premises to suit the business needs of the Operator. However, it is clarified that in case of deconstruction/ demolition, the Operator will have to submit Additional Performance Security (APS). The APS should be equal to the cost and validity as certified by the Independent Consultant for the value of the deconstruction/demolition works undertaken by the Operator. This Bank Guarantee for APS shall be returned to the Operator after one year or after the end of the defect liability period (as determined by Independent Consultant only) after the successful reconstruction of the area equal to or higher than the area demolished. It may be noted that area of only permanent structure shall be considered. For the purpose of this Article, installation of pre-fabricated structures, movable structures etc. shall not be considered as reconstruction. Such deconstruction and subsequent reconstruction work should only be completed in the currency of this Agreement.
ADDITIONAL PERFORMANCE SECURITY. 5.5.1 The Purchaser has submitted or shall submit the Additional Performance Security, as applicable corresponding to the value as per the following formula: Additional Performance Security (APS) = APS% as per table below of [(Modulated Price x (1+Winning Premium)] x ACQ (2 MTPA), Such Additional Performance Security shall be provided in accordance with the following scenarios: Scenario 1 Initial declaration More than 0 upto 1 year 0% Extension sought Each additional year of extension upto 42 months, as the case may be. 1% of ACQ for each year (1-365 days). Maximum 3 % of ACQ if extension requested for maximum tenure of 42 months. Entire 1% APS shall be applicable for part Period i.e. from 36 months to 42 months. Scenario 2 Initial declaration More than 1 upto 2 years 0% Scenario Declaration Time required for commissioning of Blast Furnace Units Additional Performance security Extension sought Each additional year of extension upto 42 months 1% of ACQ for each year (1-365 days). Maximum 2 % of ACQ if extension requested for maximum tenure of 42 months. Entire 1% APS shall be applicable for part Period i.e. from 36 months to 42 months. Scenario 3 Initial declaration More than 2 upto 3 years 0% Extension sought Each additional year of extension upto 42 months 1% of ACQ for each year (1-365 days). Maximum 1 % of ACQ if extension requested for maximum tenure of 42 months. Entire 1% APS shall be applicable for part Period i.e. from 36 months to 42 months. Scenario 4 Initial declaration More than 3 years upto 42 months 1% In the event of any adjustment in the Annual Contracted Quantity in accordance with Clause 6.2, the amount of Additional Performance Security shall not be revised.
5.5.2 The Additional Performance Security shall remain valid till three (3) months from the Effective Date. The Additional Performance Security shall be returned or refunded to the Purchaser at the end of its validity, subject to successful completion of the obligations of the Purchaser and complete settlement of all claims of the Seller arising out of this Agreement.
5.5.3 The amount of Additional Performance Security shall be suitably revised as follows, in case of any change in the Modulated Price in accordance with Clause 12 and such revised Additional Performance Security shall be deposited within thirty (30) days of such revision:
5.5.3.1 In the event of any increase in the Modulated Price pursuant to Clause 12, the Purchaser may:
a. provide a new bank guarantee issued by any A...
ADDITIONAL PERFORMANCE SECURITY. (As per Rule 75A of RTPPR, 2013): - In addition to Performance Security as specified in rule 75 of RTPPR-2013, an Additional Performance Security shall also be taken from the successful bidder in case of unbalanced bid. The Additional Performance Security shall be equal to fifty percent of Unbalanced Bid Amount. The Additional Performance Security shall be deposited in lump sum by the successful bidder before execution of Agreement. The Additional Performance Security shall be deposited through Demand Draft, Banker's Cheque, or Bank Guarantee in favour of “Jaipur Metro Rail Corporation Limited”.
ADDITIONAL PERFORMANCE SECURITY. (a) In the event of the Selected Bidder having submitted Additional Performance Security in accordance with Article 16.5 of the RFP document, then such Additional Performance Security shall be in force till the end of Construction period if the Bid Project Cost is found to be unbalanced or frontloaded and till the end of the Concession Period if O & M Charges are found to be unreasonable. Notwithstanding anything contained herein, the Additional Performance Security shall be liable to be forfeited either fully or partially by the Jal Xxxxx as it deems fit for the reasons mentioned in Article 16.1 of the Concession agreement. The Additional Performance Security for the unbalanced or frontloaded Bid Project cost shall be returned 30 days after COD or termination of the Agreement, whichever is earlier and the Additional Performance Security for O & M Charges shall be returned at the end of Concession Period or termination, whichever is earlier.
(b) Change in Ownership in accordance with Article 12 of the Concession Agreement shall be subject to the fulfillment of the requirements of Additional Performance Security as per Article 5.22(a) above, by the incoming Consortium Partner/Single Entity.
ADDITIONAL PERFORMANCE SECURITY. 1) In addition to Performance Security as specified above, an Additional Performance Security shall also be taken from the successful bidder in case of unbalanced bid. The Additional Performance Security shall be equal to fifty percent of Unbalanced Bid Amount. The Additional Performance Security shall be deposited in lump sum by the successful bidder before execution of Agreement. The Additional Performance Security shall be deposited through e-Grass, Demand Daft, Banker's Cheque, Government Securities or Bank Guarantee.
