Common use of ADDITIONAL PERFORMANCE SECURITY Clause in Contracts

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. 5% 5% 6% 6% 7% 7% 8% 8% 9% 9% 10% 10% 11% 11% and so on 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. 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, xxxxxxxcashier’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.