Bank Guarantee for Billing Sample Clauses

Bank Guarantee for Billing. 12.1.1 The Contractor shall within 15 (fifteen) days of the Effective Date of the "Agreement" provide Unconditional and irrevocable Bank guarantee in the format as provided by PTCL to secure amounts due from the Contractor under this Agreement in respect of calls terminating through use of the VoIP Platform. The Bank guarantee shall be based on the PTCL's billing estimate for 30 (Thirty) Days following the effective Date and the minimum amount of the Bank guarantee shall be based on 7 (Seven) million Terminated Minutes per month per site. In case the Terminated Minutes per month increase above 7 (seven) million. the bank guarantee shall be increased PRO RATA. The bank guarantee will be revised in accordance with the procedure laid down in clause-12 of the "Agreement" and the amount of bank guarantee shall be maintained by the contractor until the termination of the "Agreement" and thereafter till the full and final settlement of its amounts due to PTCL. In the event there are no amounts due to PTCL from the Contractor, the balance of the bank guarantee shall be refunded. No interest, profit or other return shall accrue on the bank guarantee to the Contractor. Whenever traffic exceeds seven million minutes in a calendar month, PTCL will issue the notice to the contactor for enhancing the bank guarantee amount, and the Contractor shall within 7 (seven) Days revise the bank guarantee. In case Contractor fails to revise the bank guarantee, PTCL may at its sole discretion and without prior notice to the Contractor terminate this Agreement without prejudice to any other interest or claim that may have accrued in favour of PTCL or to which PTCL may in the future be entitled to under this Agreement.