Common use of Forfeiture of Bank Guarantee Clause in Contracts

Forfeiture of Bank Guarantee. The PG submitted by the TP can be forfeited in the following cases: a. If the TP is de-empaneled for any reason as prescribed in the Special Conditions of the Contract b. If the TP does not commence work within 5 days of signing of Agreement c. If the TP fails to start training at 50% of target centres within 60 days of receipt of Sanction letter d. If the TP fails to start training in 50% of sectors (rounded off to nearest decimal point) within 60 days of receipt of Sanction letter e. If the contract is terminated for default or insolvency f. Any other case, if the ASDM so decides

Forfeiture of Bank Guarantee. The PG BG submitted by the TP can be forfeited in the following cases: a. If the TP is de-empaneled for any reason as prescribed in the Special Conditions of the Contract b. If the TP does not commence work within 5 days of signing of Agreement c. If the TP fails to start training at 50% of target centres within 60 days of receipt of Sanction letter d. If the TP fails to start training in 50% of sectors (rounded off to nearest decimal point) within 60 days of receipt of Sanction letter e. If the contract is terminated for default or insolvency f. Any other case, if the ASDM so decides

Forfeiture of Bank Guarantee. The PG BG submitted by the TP can be forfeited in the following cases: a. If the TP is de-empaneled empanelled for any reason as prescribed in the Special Conditions of the Contract b. If the TP does not commence work within 5 days of signing of Agreement c. If the TP fails to start training at 50% of target centres within 60 days of receipt of Sanction letter d. If the TP fails to start training in 50% of sectors (rounded off to nearest decimal point) within 60 days of receipt of Sanction letter e. If the contract is terminated for default or insolvency f. Any other case, if the ASDM so decides