Common use of Interest Free Security Deposit Clause in Contracts

Interest Free Security Deposit. a.) Licensee shall pay Interest Free Security Deposit to DMRC, equal to 12 (Twelve) months license fee payable in advance. b.) The Interest Free Security Deposit up to Rs.10 Lacs shall be accepted only in the form of Bank Draft/ Pay Order in favour of DMRC Ltd. payable at New Delhi. However, if the amount of Interest Free Security Deposit exceeds Rs. 10 Lacs, initial Rs. 10 Lacs shall be paid in form of Bank Draft / Pay Order in favour of DMRC Ltd. and the remaining amount exceeding Rs. 10 Lacs; minimum 50% amount shall be paid in form of Bank Draft/ Pay Order (upto a maximum of Rs. 50 Lacs) & balance or 50% shall be paid in the form of Bank Guarantee (BG) in favour of DMRC Ltd. c.) The Bank Draft/ Pay Order issued against Interest Free Security Deposit shall be in favour of DMRC Ltd. payable at New Delhi issued from a Scheduled Commercial Bank based in India, d.) Irrevocable Bank Guarantee issued against Interest Free Security Deposit shall be in the prescribed format of DMRC issued by the State Bank of India or any other Nationalized Bank or other Scheduled Commercial Banks, acceptable to DMRC, payable at its Branches located in Delhi/ NCR. The Bank Guarantee shall be valid at least for three year. The Bank Guarantee shall be renewed & extended before expiry of earlier Bank Guarantee, failing which the previous Bank Guarantee shall be invoked & encashed by DMRC without any prior intimation to the Licensee. For last year of license period as applicable, the Licensee shall submit the Bank Guarantee valid for remaining license period plus six months and shall renew it, if required, till the final settlement of all accounts failing which the Bank Guarantee of the Successful bidder shall be invoked & encashed by DMRC without any prior notice to the Licensee. e.) The Bank Guarantee issuing bank as defined in clause no. 7.2 (d) above must be on the Structured Financial Messaging System (SFMS) platform. A separate advice of the Bank Guarantee will be invariably be sent by issuing bank to the DMRC’s designated bank through SFMS and only after this, the Bank Guarantee will become operative and acceptable to DMRC. Accordingly, it is licensee’s responsibility to advice DMRC’s bank particulars at present, in this regard as detailed below to Bank Guarantee issuing bank and ensure the forwarding of advice of said Bank Guarantee through SFMS to DMRC’s bank: f.) Interest Free Security Deposit will remain unchanged for a variation of (+/-) 10% from tendered area, as there’s possibility of minor variation in area during handing over. g.) In case of successful completion of the full term of the License period i.e. 03 (three) years from commencement date of License Agreement, Interest Free Security Deposit shall be refunded without accruing any interest on it and after adjusting the outstanding dues subject to fulfillment of all handover requirements by the Licensee to the satisfaction of DMRC. h.) DMRC shall have the right for deduction of DMRC dues from Licensee’s Interest Free Security Deposit at any stage of agreement i.e. currency/ completion/ termination/ surrender, against - 1.) Any amount imposed as a penalty and adjustment for all loses/damages suffered by DMRC for any nonconformity with the Agreement terms & condition by the Licensee. 2.) Any amount which DMRC becomes liable to the Government/Third party due to any default of the Licensee or any of his servant/ agent. 3.) Any payment/ fine made under the order/judgment of any court/consumer forum or law enforcing agency or any person working on his behalf. 4.) Any other outstanding DMRC’s dues/ claims, which remain outstanding after completing the course of action as per this License Agreement. i.) Once an amount is debited from the Interest Free Security Deposit, the Licensee shall replenish the Interest Free Security Deposit to the extent the amount is debited, within 15 (fifteen) days period failing which it shall be treated as a Licensee’s event of default and may result in termination of License Agreement with forfeiture of interest free security deposit after adjustment of payable dues.

Interest Free Security Deposit. a.) Licensee shall pay Interest Free Security Deposit to DMRC, equal to 12 (Twelve) months license fee payable in advance. b.) The Interest Free Security Deposit up to Rs.10 Lacs shall be accepted only in the form of Bank Draft/ Pay Order in favour of DMRC Ltd. payable at New Delhi. However, if the amount of Interest Free Security Deposit exceeds Rs. 10 Lacs, initial Rs. 10 Lacs shall be paid in form of Bank Draft / Pay Order in favour of DMRC Ltd. and for the remaining amount exceeding Rs. 10 Lacs; minimum 50% amount shall be paid in form of Bank Draft/ Pay Order (upto a maximum of Rs. 50 Lacs) & balance or 50% shall be paid in the form of Bank Guarantee (BG) in favour of DMRC Ltd. c.) The Bank Draft/ Pay Order issued against Interest Free Security Deposit shall be in favour of DMRC Ltd. payable at New Delhi issued from a Scheduled Commercial Bank based in India, d.) Irrevocable Bank Guarantee issued against Interest Free Security Deposit shall be in the prescribed format of DMRC issued by the State Bank of India or any other Nationalized Bank or other Scheduled Commercial Banks, acceptable to DMRC, payable at its Branches located in Delhi/ NCR. The Bank Guarantee shall be valid at least for three year. The Bank Guarantee shall be renewed & extended before expiry of earlier Bank Guarantee, failing which the previous Bank Guarantee shall be invoked & encashed by DMRC without any prior intimation to the Licensee. For last year of license period as applicable, the Licensee shall submit the Bank Guarantee valid for remaining license period plus six months and shall renew it, if required, till the final settlement of all accounts failing which the Bank Guarantee of the Successful bidder shall be invoked & encashed by DMRC without any prior notice to the Licensee. e.) The Bank Guarantee issuing bank as defined in clause no. 7.2 (d) above must be on the Structured Financial Messaging System (SFMS) platform. A separate advice of the Bank Guarantee will be invariably be sent by issuing bank to the DMRC’s designated bank through SFMS and only after this, the Bank Guarantee will become operative and acceptable to DMRC. Accordingly, it is licensee’s responsibility to advice DMRC’s bank particulars at present, in this regard as detailed below to Bank Guarantee issuing bank and ensure the forwarding of advice of said Bank Guarantee through SFMS to DMRC’s bank: f.) Interest Free Security Deposit will remain unchanged for a variation of (+/-) 10% from tendered area, as there’s possibility of minor variation in area during handing over. g.) In case of successful completion of the full term of the License period i.e. 03 (three) years from commencement date of License Agreement, Interest Free Security Deposit shall be refunded without accruing any interest on it and after adjusting the outstanding dues subject to fulfillment of all handover requirements by the Licensee to the satisfaction of DMRC. h.) DMRC shall have the right for deduction of DMRC dues from Licensee’s Interest Free Security Deposit at any stage of agreement i.e. currency/ completion/ termination/ surrender, against - 1.) Any amount imposed as a penalty and adjustment for all loses/damages suffered by DMRC for any nonconformity with the Agreement terms & condition by the Licensee. 2.) Any amount which DMRC becomes liable to the Government/Third party due to any default of the Licensee or any of his servant/ agent. 3.) Any payment/ fine made under the order/judgment of any court/consumer forum or law enforcing agency or any person working on his behalf. 4.) Any other outstanding DMRC’s dues/ claims, which remain outstanding after completing the course of action as per this License Agreement. i.) Once an amount is debited from the Interest Free Security Deposit, the Licensee shall replenish the Interest Free Security Deposit to the extent the amount is debited, within 15 (fifteen) days period failing which it shall be treated as a Licensee’s event of default and may result in termination of License Agreement with forfeiture of interest free security deposit after adjustment of payable dues.

Interest Free Security Deposit. a.) Licensee shall pay & submit Interest Free Security Deposit to DMRCDMRC Ltd, equal to 12 (Twelve) months license fee payable for space licensed for the water ATMs and also equal to 12 (Twelve) months license fee for advertisement (as applicable for static or digital advertisement) on water ATMs in advanceadvance as per the tendered area/space as per Annexure-1 for schedule No. . b.) The Interest Free Security Deposit up to Rs.10 Lacs Lakh shall be accepted only in the form of Bank Draft/ Pay Order in favour of DMRC Ltd. payable at New Delhi. However, if the amount of Interest Free Security Deposit exceeds Rs. 10 LacsLakh, initial Rs. 10 Lacs Lakh shall be paid in form of Bank Draft / Pay Order in favour of DMRC Ltd. and for the remaining amount exceeding Rs. 10 LacsLakh; minimum 50% amount shall be paid in form of Bank Draft/ Pay Order (upto a maximum of Rs. 50 LacsLakh) & balance or 50% of the IFSD shall be paid in the form of Bank Guarantee (BG) or DD/PO in favour of DMRC Ltd. c.) The Bank Draft/ Pay Order issued against Interest Free Security Deposit shall be in favour of DMRC Ltd. payable at New Delhi and issued from a Scheduled Commercial Bank based in India, d.) Irrevocable Bank Guarantee issued against Interest Free Security Deposit shall be in the prescribed format of DMRC issued by the State Bank of India or any other Nationalized Bank or other Scheduled Commercial Banks, acceptable to DMRC, from/payable at its Branches located in Delhi/ NCR. The Bank Guarantee shall be valid at least for three year. The Bank Guarantee shall be renewed for 3 years & extended before expiry of earlier Bank Guarantee, failing which the previous Bank Guarantee shall be invoked & encashed by DMRC without any prior intimation to the Licensee. For last year of license period as applicable, the Licensee shall submit the Bank Guarantee valid for remaining license period plus six months and shall renew it, if required, till the final settlement of all accounts failing which the Bank Guarantee of the Successful bidder shall be invoked & encashed by DMRC without any prior notice to the Licensee. e.) The Bank Guarantee issuing bank as defined in clause no. 7.2 (d) above must be on the Structured Financial Messaging System (SFMS) platform. A separate advice of the Bank Guarantee will be invariably be sent by issuing bank to the DMRC’s DMRC‘s designated bank through SFMS and only after this, the Bank Guarantee will become operative and acceptable to DMRC. Accordingly, it is licensee’s licensee‘s responsibility to advice DMRC’s DMRC‘s bank particulars at present, in this regard as detailed below to Bank Guarantee issuing bank and ensure the forwarding of advice of said Bank Guarantee through SFMS to DMRC’s DMRC‘s bank: f.) Interest Free Security Deposit will remain unchanged for a variation of (+/-) 10% from tendered area, as there’s there‘s possibility of minor variation in area during handing over. g.) In case of successful completion of the full term of the License period i.e. 03 (three) years from commencement date of License Agreement, Interest Free Security Deposit shall be refunded without accruing any interest on it and after adjusting the outstanding dues subject to fulfillment of all handover requirements by the Licensee to the satisfaction of DMRC. h.) DMRC shall have the right for deduction of DMRC dues from Licensee’s Licensee‘s Interest Free Security Deposit at any stage of agreement i.e. currency/ completion/ termination/ surrender, against - 1.) Any amount imposed as a penalty and adjustment for all loses/damages suffered by DMRC for any nonconformity with the Agreement terms & condition by the Licensee. 2.) Any amount which DMRC becomes liable to the Government/Third party due to any default of the Licensee or any of his servant/ agent. 3.) Any payment/ fine made under the order/judgment of any court/consumer forum or law enforcing agency or any person working on his behalf. 4.) Any other outstanding DMRC’s DMRC‘s dues/ claims, which remain outstanding after completing the course of action as per this License Agreement. i.) Once an amount is debited from the Interest Free Security Deposit, the Licensee shall replenish the Interest Free Security Deposit to the extent the amount is debited, within 15 (fifteen) days period failing which it shall be treated as a Licensee’s Licensee‘s event of default and may result in termination of License Agreement with forfeiture of interest free security deposit after adjustment of payable dues.

Interest Free Security Deposit. a.) Licensee shall pay Interest Free Security Deposit to DMRC, equal to 12 (Twelve) months license fee payable in advance. b.) The Interest Free Security Deposit up to Rs.10 Lacs shall be accepted only in the form of Bank Draft/ Pay Order in favour of DMRC Ltd. payable at New Delhi. However, if the amount of Interest Free Security Deposit exceeds Rs. 10 Lacs, initial Rs. 10 Lacs shall be paid in form of Bank Draft / Pay Order in favour of DMRC Ltd. and for the remaining amount exceeding Rs. 10 Lacs; minimum 50% amount shall be paid in form of Bank Draft/ Pay Order (upto a maximum of Rs. 50 Lacs) & balance or 50% shall be paid in the form of Bank Guarantee (BG) in favour of DMRC Ltd. c.) The Bank Draft/ Pay Order issued against Interest Free Security Deposit shall be in favour of DMRC Ltd. payable at New Delhi issued from a Scheduled Commercial Bank based in India, d.) Irrevocable Bank Guarantee issued against Interest Free Security Deposit shall be in the prescribed format of DMRC issued by the State Bank of India or any other Nationalized Bank or other Scheduled Commercial Banks, acceptable to DMRC, payable at its Branches located in Delhi/ NCR. The Bank Guarantee shall be valid at least for three year. The Bank Guarantee shall be renewed & extended before expiry of earlier Bank Guarantee, failing which the previous Bank Guarantee shall be invoked & encashed by DMRC without any prior intimation to the Licensee. For last year of license period as applicable, the Licensee shall submit the Bank Guarantee valid for remaining license period plus six months and shall renew it, if required, till the final settlement of all accounts failing which the Bank Guarantee of the Successful bidder shall be invoked & encashed by DMRC without any prior notice to the Licensee. e.) The Bank Guarantee issuing bank as defined in clause no. 7.2 (d) above must be on the Structured Financial Messaging System (SFMS) platform. A separate advice of the Bank Guarantee will be invariably be sent by issuing bank to the DMRC’s designated bank through SFMS and only after this, the Bank Guarantee will become operative and acceptable to DMRC. Accordingly, it is licensee’s responsibility to advice DMRC’s bank particulars at present, in this regard as detailed below to Bank Guarantee issuing bank and ensure the forwarding of advice of said Bank Guarantee through SFMS to DMRC’s bank: f.) Interest Free Security Deposit will remain unchanged for a variation of (+/-) 10% from tendered area, as there’s possibility of minor variation in area during handing over. g.) In case of successful completion of the full term of the License period i.e. 03 (three) years from commencement date of License Agreement, Interest Free Security Deposit shall be refunded without accruing any interest on it and after adjusting the outstanding dues subject to fulfillment of all handover requirements by the Licensee to the satisfaction of DMRC. h.) DMRC shall have the havethe right for deduction of DMRC dues from Licensee’s Interest Free Security Deposit at any stage of agreement i.e. currency/ completion/ termination/ surrender, against - 1.) Any amount imposed as a penalty and adjustment for all loses/damages suffered by DMRC for any nonconformity with the Agreement terms & condition by the Licensee. 2.) Any amount which DMRC becomes liable to the Government/Third party due to any default of the Licensee or any of his servant/ agent. 3.) Any payment/ fine made under the order/judgment of any court/consumer forum or law enforcing agency or any person working on his behalf. 4.) Any other outstanding DMRC’s dues/ claims, which remain outstanding after completing the course of action as per this License Agreement. i.) Once an amount is debited from the Interest Free Security Deposit, the Licensee shall replenish the Interest Free Security Deposit to the extent the amount is debited, within 15 (fifteen) days period failing which it shall be treated as a Licensee’s event of default and may result in termination of License Agreement with forfeiture of interest free security deposit after adjustment of payable dues.