Insurance Surety Bonds. In addition to above, EMD in excess of Rs. Two lakhs may also be accepted in the form of Bank Guarantee from scheduled bank. The Bank Guarantee in such cases shall be valid for at least six months.
a) After opening the tender and within the offer validity period, the tenderer revokes his tender or makes any modification in his tender which is not acceptable to BHEL.
b) The Contractor fails to deposit the required Security deposit or commence the work within the period as per LOI/ Contract. EMD by the tenderer shall be withheld in case any action on the tenderer is envisaged under the provisions of extant “Guidelines on Suspension of business dealings with suppliers/ contractors” and forfeited/ released based on the action as determined under these guidelines.
a) EMD shall not carry any interest.
b) EMD of successful tenderer will be retained as part of Security Deposit
2) Should a tenderer or a contractor on the list of approved Contractors have a relative, or in the case or a firm or Company of contractors any of its shareholders or shareholder’s relative, employed in a gazetted capacity in the Engineering Department of the Bharat Heavy Electricals Limited, the authority inviting tenders shall be informed of this fact at the time of submission of the tender, failing which tender, may be disqualified or if such fact subsequently comes to light, the contract may be rescinded in accordance with the relevant provisions in the General Conditions of Contract.
3) The Bharat Heavy Electricals Limited will not be bound by any power of attorney granted by the tenderer or by changes in the composition of firm made subsequent to the execution of the contract. They may however recognize such power of attorney and changes after obtaining proper legal advice the cost of which will be chargeable to the contract concerned.
4) lf the tenderer deliberately gives wrong information in his tender or creates conditions favorable for the acceptance of this tender, the Bharat heavy Electricals Limited, reserves the right to reject such tender at any stage.
5) Words importing the singular number shall also be deemed to include the plural number and vice versa where the context so requires.
6) The expenses for competing and stamping the agreement shall be paid by the contractor.
7) The General and special conditions are complementary to each other and where they are conflict the Special Conditions shall prevail. In regard to matters not covered by the General and Special Conditions...
Insurance Surety Bonds. In addition to above, EMD in excess of Rs. Two lakhs may also be accepted in the form of Bank Guarantee from scheduled bank. The Bank Guarantee in such cases shall be valid for at least six months. EMD by the Tenderer will be forfeited if,
a) After opening the tender and within the offer validity period, the tenderer revokes his tender or makes any modification in his tender which is not acceptable to BHEL.
b) The Contractor fails to deposit the required Security deposit or commence the work within the period as per LOI/ Contract. EMD by the tenderer shall be withheld in case any action on the tenderer is envisaged under the provisions of extant “Guidelines on Suspension of business dealings with suppliers/ contractors” and forfeited/ released based on the action as determined under these guidelines.
a) EMD shall not carry any interest.
b) EMD of successful tenderer will be retained as part of Security Deposit
Insurance Surety Bonds. Schedule 3.18 of the Company Disclosure Schedules lists, with a summary thereof: (i) all insurance policies which are currently in effect (including all “occurrence” insurance policies) covering the Company and its rights, assets and Company Employees, including but not limited to workers’ compensation insurance; and (ii) each surety bond to which the Company is a party or a principal. Copies of such polices and bonds have been made available to Purchaser. All such policies and bonds are in full force and effect and all premiums and payments due thereon before the Closing Date have been paid. The Company has not received any written notice from or on behalf of any insurance carrier issuing such policies or any surety issuing any surety bond that there will be a cancellation or non-renewal of such policies or bonds or default under such policies or bonds. To the Company’s Knowledge, the insurance policies and surety bonds identified in Schedule 3.18 of the Company Disclosure Schedules are in amounts customary for, and cover risks customarily insured against by, a business of the type operated by the Company. In addition, Schedule 3.18 of the Company Disclosure Schedule sets forth a list of all claims made by the Company under its policies of insurance since January 1, 2007, and, except as set forth in Schedule 3.18 of the Company Disclosure Schedules, to the Company’s Knowledge, there have occurred no actions or omissions which may give rise to a claim under any of the insurance policies. Except as set forth on Schedule 3.18 of the Company Disclosure Schedules, each of the insurance policies are “occurrence” policies and not “claims made” policies.
Insurance Surety Bonds. Security Deposit can also be recovered at the rate of 10% of the gross amount progressively from each of the running bills till the total amount of the required Security Deposit is collected. However in such cases at least 50% of the Security deposit should be collected before start of the work and the balance 50% may be recovered from the running bills.
Insurance Surety Bonds
