Performance Bank Guarantee. 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD.
4.2.2 If the Power Producer fails to commission the project on or before Scheduled Commercial Operation Date, GUVNL shall have the right to encash the Performance Bank Guarantee without prejudice to the other rights of the Power Producer under this Agreement as per Article 3.3.
4.2.3 GUVNL shall release the Performance Bank Guarantee upon successful commissioning of full contracted capacity after adjusting Liquidated Damages (if any) as per Article 3.3.
Performance Bank Guarantee a) Within fifteen (15) days of the Effective Date, the Project Management Consultant (PMC) shall furnish to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch of an International Bank acceptable to Employer for an amount of Rs…………..(Rupees………………..). The PMC shall procure the Performance Bank Guarantee in the form set out in (Annexure-….) (Form of Performance Bank Guarantee). The PMC shall maintain the Performance Bank Guarantee at its own expense, and shall ensure it shall remain valid for a period of not less than 3 (three) months after the expiry of Defects Liability Period. The Performance Bank Guarantee shall be extended by such period as the Employer may require if the Completion is delayed beyond the Time for Completion and/or the Final Completion delayed beyond the scheduled date of Final Completion and any extension thereof as per directions of the Engineer-in-Charge/ (Authority concerned).
b) If the Performance Bank Guarantee is or becomes invalid for any reason (other than its expiry) the PMC shall immediately notify the Engineer-in-charge/ (Authority concerned) and obtain within 7 (seven) days a replacement Performance Bank Guarantee in the form appearing in Schedule.
c) Without prejudice to the obligation of the PMC under sub-clause (a) above not later than 30 (Thirty) business days before the expiry of the Performance Bank Guarantee, the PMC shall upon request of the Engineer-in-charge obtain extension of the validity of such Performance Bank Guarantee for the period sated in such request by the Engineer In charge and provide a copy of such renewed security. If the PMC fails to extend the Performance Bank Guarantee, the Employer shall be entitled to receive the undrawn amount thereunder pending the completion of the project provided that the amount so received shall be treated as a cash retention and to the extent that there are no outstanding claims thereto, shall be released upon submission of new Performance Bank Guarantee accepted to the Employer.
d) The Performance Bank Guarantee shall be returned to the PMC after 3 (Three) months from the expiry of defect liability period.
e) If the PMC fails to provide, maintain or renew the Performance Bank Guarantee in accordance with the contract then the Employer may, without prejudice to any other rights and remedies to which it may be entitled, by written notice, terminate the contract forthwith.
f) In the event the Performance Bank Guarantee...
Performance Bank Guarantee. 6.7.1 The Performance Bank Guarantee furnished by SPV to MSEDCL shall be for guaranteeing the Commissioning/ Commercial Operation Date of the Project and its Unit(s) within Scheduled Commercial Operation Date.
6.7.2 MSEDCL shall release the Performance Bank Guarantee within a period of 30 (thirty) days of Commissioning of the full Contracted Capacity after adjusting Liquidated Damages (if any) as per Article 6.6.
Performance Bank Guarantee. Performance Bank Guarantee (PBG) in prescribed format at Annexure-III of this license agreement shall be submitted separately for each service and service area for the amount as per Annexure-II, subject to a maximum of Rs 220 Crore initially, before signing the License Agreement or subsequent authorization of service(s), as the case may be, valid for one year, from any scheduled bank or public financial institution duly authorized to issue such bank guarantee, to cover violation of license conditions and to ensure the performance under the license agreement including compliance of instructions issued by the Licensor from time to time. The PBGs shall be maintained and kept valid by the licensee during the entire currency of the license agreement. However, the Licensor may increase the value of PBGs whenever any demand is raised for non-compliance of terms and conditions of License/authorization to the extent it remains un-securitized by the existing PBGs, which shall be maintained till clearance of such demand by the licensee.
Performance Bank Guarantee. Payment on Order Instrument
3.2.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until (insert validity period as per RfS conditions), submitted for a value of Rs. (in words) under this Agreement, shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2.
3.2.2 The failure on the part of the WPD to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the WPD.
3.2.3 If the WPD fails to commence supply of power from SCSD specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per penalty applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ POI, upon the default of the WPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.
Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee of Rs 30 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule1.
3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD.
3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall have the right to encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement.
Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven (27) Months from the Effective Date for an amount of Rs. 20 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1.
3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD.
3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement.
Performance Bank Guarantee. PPA or Power Purchase Agreement Project means a group of decentralized / grid connected solar photovoltaic grid interactive power stations to be connected at 11 kV / 22 kV / 33 kV and EHV voltage level of MSEDCL / STU substations to be established by the SPV comprising of multiple Units at single/multiple locations with varying capacities aggregating to Contracted Capacity, and shall include land, buildings, plant, machinery, ancillary equipment, material, switch-gear, transformers, protection equipment, transmission infrastructure and the like necessary to deliver the generated electricity at the Delivery Point. Project Commercial Operation Date Prudent Utility Practices
Performance Bank Guarantee. 4.2.1 The Performance Bank Guarantee furnished by Generator to MSEDCL shall be for guaranteeing the commissioning / commercial operation of the project / unit up to the Exportable Contracted Capacity within SCOD.
4.2.2 If the Generator fails to commission the project / Unit on or before Scheduled Commercial Operation Date, MSEDCL shall have the right to encash the Performance Bank Guarantee without prejudice to the other rights of the Generator under this Agreement as per Clause 3.4.
4.2.3 MSEDCL shall release the Performance Bank Guarantee upon successful commissioning of full contracted capacity after adjusting Liquidated Damages (if any) as per Clause 3.4.
Performance Bank Guarantee. 4.1 The Consultant within15 days from the date of receipt of Letter of Award from PFCCL shall furnish a Performance Guarantee in the form of Bank Guarantee as per Performa attached as Appendix-G, from any Nationalised / Scheduled Bank towards performance of the Contract. The guarantee amount shall be equal to ten percent (10%) of the contract price in accordance with the terms and conditions specified in the contract and in the Bid Documents. The guarantee shall be valid until after expiry of a period nine (9) months from the scheduled date.
4.2 The Contract Performance Guarantee is intended to secure the performance of the entire contract and shall not be construed as limiting the damages stipulated in other clauses in the Bid Documents.
4.3 The Performance Guarantee will be returned to the Contractor without any interest at the end of the Guarantee Period.
