Common use of CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE Clause in Contracts

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at Five percent (5%) of the “Total Contract Price” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd., The Mehsana Urban Co- operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (Security deposit) shall be returned to the Vendor / Contractor without any interest at the end of the Retention Period after the completion of Contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit PBG)/Contract security deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at Five five percent (510%) of the “Total Annual Contract Price” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-Co- operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd.Ltd, The Mehsana Urban Co- Co-operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (initial security deposit) & retention money (Cash Security deposit) shall will be returned to the Vendor / Vendor/Contractor without any interest at the end of the Retention Period after the the„Retention Period'after completion of Contract and on contract andon fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit PBG)/Contract security deposit in favour favor of Gujarat Industries Power Company Limited for guarantee amount at Five percent (5%) 10% of the “Total Annual Contract Price” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-Co- operative bank Ltd.Ltd, The Mehsana Urban Co- Co-operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (initial security deposit) & retention money (Cash Security deposit) shall will be returned to the Vendor / Vendor/Contractor without any interest at the end of the „Retention Period Period' after the completion of Contract contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at Five Ten percent (510%) of the “Total Annual Contract PricePrice excluding GST” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd., The Mehsana Urban Co- operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three four months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (Security deposit) shall be returned to the Vendor / Contractor without any interest at the end of the Retention Period after the completion of Contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract SecurityFire, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract PBG)/Contract Security Deposit deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at Five Ten percent (510%) of the “Total Annual Contract Price” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd.Ltd, The Mehsana Urban Co- operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- FAnnexure ‘B’, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security Security deposit shall be submitted strictly within twenty Twenty one days from the date of LoI LOI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (initial Security deposit) shall & retention money (Cash Security deposit) will be returned to the Vendor / Vendor/Contractor without any interest at the end of the ‘Retention Period ‘after the completion of Contract contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit PBG)/Contract security deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at Five five percent (510%) of the “Total Annual Contract Price” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-Co- operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd.Ltd, The Mehsana Urban Co- Co-operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (initial security deposit) & retention money (Cash Security deposit) shall will be returned to the Vendor / Vendor/Contractor without any interest at the end of the Retention Period after the the‘Retention Period'after completion of Contract and on contract andon fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security/Performance Bank Guarantee, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBGPBG)/Contract security deposit (SD) / Contract Security Deposit in favour of Gujarat Industries Power Company Limited for guarantee an equivalent amount at Five of ten percent (510%) of the “Total Annual Contract PricePrice excluding taxes and duties” from any all Nationalized Bank including Public Sector bank-IDBI Ltd Banks or AXIS Axis Bank, ICICI Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Federal Bank, DCB Bandhan Bank, ING Vyasya Standard Chartered Bank or The Kalupur Commercial Co-operative and AU Small Finance Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd., The Mehsana Urban Co- operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit deposit/PBG shall be submitted strictly within twenty twenty- one days from the date of LoI LOI or work order, whichever is earlier. The guarantee PBG/ Security Deposit shall be valid up to retention period of three 04 (four) months from after the contract completion completion/expiry date. The Contract security/Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. GIPCL reserves the right to forfeit Performance Bank Guarantee (PBG)/Contract security deposit. The Performance Bank Guarantee (Security initial security deposit) shall will be returned to the Vendor / Vendor/Contractor without any interest at the end of the ‘Retention Period Period' after the completion of Contract contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee retention period. Bid security/EMD should be refunded to the successful bidder on receipt of Performance Security.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security/Performance Bank Guarantee, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBGPBG)/Contract security deposit (SD) / Contract Security Deposit in favour of Gujarat Industries Power Company Limited for guarantee of an equivalent amount at Five of ten percent (510%) of the “Total Annual Contract PricePrice excluding taxes and duties” from any Nationalized Bank including Schedule Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Schedule Pri ate Sector Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd., The Mehsana Urban Co- operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit deposit/PBG shall be submitted strictly within twenty one days from the date of LoI LOI or work order, whichever is earlier. The guarantee PBG/ Security Deposit shall be valid up to retention period of three four months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. GIPCL reserves the right to security deposit. forfeit Performance Bank Guarantee (PBG)/Contract The Performance Bank Guarantee (Security initial security deposit) shall will be returned to the Vendor / Contractor Vendor/Agency without any interest at the end of the the‘ Retention Period Period' after the completion of Contract contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after afte guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract SecurityFire, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract PBG)/Contract Security Deposit deposit in favour favor of Gujarat Industries Power Company Limited for guarantee amount at Five percent (5%) 10% of the “Total Annual Contract Price” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd.Ltd, The Mehsana Urban Co- operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- FLtd, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security Security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (initial Security deposit) shall will be returned to the Vendor / Vendor/Contractor without any interest at the end of the ‘Retention Period Period' after the completion of Contract contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at Five Ten percent (510%) of the “Total Annual Contract PricePrice excluding GST” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, Yes Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd., The Mehsana Urban Co- Co-operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three four months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (Security deposit) shall be returned to the Vendor / Contractor without any interest at the end of the Retention Period after the completion of Contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at equivalent to Five percent (5%) of the “Total Annual Contract PricePrice excluding GST and 5% retention money from each RA bill as a cash security deposit” (up to 10% of annualized contract price) from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, Yes Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd., The Mehsana Urban Co- operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three four months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (Security deposit) shall be returned to the Vendor / Contractor without any interest at the end of the Retention Period after the completion of Contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit in favour of Gujarat Industries Power Company Limited for guarantee amount at Five Ten percent (510%) of the “Total Annual Contract PricePrice excluding taxes and duties” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-operative bank Ltd., The Mehsana Urban Co- Co-operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three four months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (Security deposit) shall be returned to the Vendor / Contractor without any interest at the end of the Retention Period after the completion of Contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.

CONTRACT SECURITY DEPOSIT/ PERFORMANCE BANK GUARANTEE. As a Contract Security, the successful Bidder, to whom the work is awarded, shall be required to furnish a Performance Bank Guarantee (PBG) / Contract Security Deposit PBG)/Contract security deposit in favour favor of Gujarat Industries Power Company Limited for guarantee amount at Five percent (5%) 10% of the “Total Annual Contract Price” from any Nationalized Bank including Public Sector bank-IDBI Ltd or AXIS Bank, HDFC Bank, ICICI Bank or Kotak Mahindra bank, Yes Bank, Ratnakar Bank, IndusInd Bank, Karur Vysya Bank, DCB Bank, ING Vyasya Bank or The Kalupur Commercial Co-operative Bank Ltd, Rajkot Nagrik Sahakari Bank Ltd, The Ahmadabad Mercantile Co-Co- operative bank Ltd.Ltd, The Mehsana Urban Co- Co-operative Bank Ltd, Nutan Nagrik Sahakari Bank Ltd in the format attached in SECTION- SECTION-F, and it shall guarantee the faithful performance of the 'Contract' in accordance with the terms and conditions specified in these documents and specifications. Contract security deposit shall be submitted strictly within twenty one days from the date of LoI or work order, whichever is earlier. The guarantee shall be valid up to retention period of three months from the contract completion date. The Guarantee amount shall be payable to the Company in Bidder's home currency without any condition whatsoever. The Performance Bank Guarantee (initial security deposit) & retention money (Cash Security deposit) shall will be returned to the Vendor / Vendor/Contractor without any interest at the end of the ‘Retention Period Period' after the completion of Contract contract and on fulfilling contractual obligations throughout the retention period. However, any delay in submission of initial SD will result in equivalent late release of entire SD after guarantee period.