Common use of of ITB Clause in Contracts

of ITB. 6.2. The proceeds of the Performance Guarantee shall be payable to the Procuring Agency as compensation for any loss resulting from the Service Provider’s failure to complete its obligations under the Contract. 6.3. As per Rule-56 of PPR-14, the performance guarantee shall be denominated in the currency of the Contract acceptable to the Procuring Agency and shall be in one of the following forms: (a) a bank guarantee or an irrevocable letter of credit issued by a reputable bank located in the Procuring Agency’s country, in the form provided in the Bidding documents or another form acceptable to the Procuring Agency; or (b) a cashier’s or certified cheque or CDR. 6.4. The performance guarantee will be discharged by the Procuring Agency and returned to the Service Provider not later than thirty (30) days following the date of completion of the Service Provider’s performance obligations under the Contract, including any warranty obligations, unless specified otherwise in SCC.