Common use of Performance Bank Guarantee Clause in Contracts

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 is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released to the PMC.

Performance Bank Guarantee. a) Within fifteen 24.1 The Contractor shall, within 15 (15fifteen) days of the Effective Date, the Project Management Consultant (PMC) shall furnish provide to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch Owner an unconditional and irrevocable performance bank guarantee of an International Bank acceptable amount equivalent to Employer 10% (ten percent) of the Contract Price for due performance of its obligations under this Contract, with an amount initial validity of Rs…………..(Rupees………………..). The PMC shall procure up to 90 (ninety) Days beyond the Performance Bank Guarantee in the form set out in (Annexure-….) Warranty Period, a format of which is attached as Annexure 5 (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 concernedGuarantee"). b) If 24.2 If, at the time of discharge of Performance Bank Guarantee is or becomes invalid for Guarantee, the Warranty Period has been extended on 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 part of the PMC under sub-clause Services, pursuant to Clause 23.5 or if a dispute has been referred for resolution pursuant to Article 40.0 (aSettlement of Disputes), the Contractor shall, on or before 21 (twenty one) 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 issue an extension of the validity of such existing Performance Bank Guarantee or issue a separate security in the form of an unconditional and irrevocable bank guarantee for an amount proportionate to the Contract Price for such part, valid till the extended Warranty Period pursuant to Clause 23.5 or until final resolution of the dispute and payment of any amount due as a result thereof, as the case may be. 24.3 The Performance Bank Guarantee to be submitted by Contractor shall be from an Acceptable Bank and in the form acceptable to the Owner and as prescribed under Annexure 5 (Form of Performance Bank Guarantee). 24.4 The Contractor acknowledges and agrees that the Performance Bank Guarantee shall be held by the Owner as security for the period sated satisfactory completion of the obligations of the Contractor in such request by accordance with this Contract, including recovery of any amounts due to the Engineer In charge Owner from the Contractor. The Owner shall have the unconditional option under the Performance Bank Guarantee to invoke and provide a copy of such renewed security. If encash the PMC fails same and shall be entitled to extend recover from the Performance Bank Guarantee, any amounts which may become due to the Employer shall be entitled to receive Owner from the undrawn amount thereunder pending Contractor. 24.5 In the completion event the credit rating of the project Acceptable Bank which has 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 falls below AA+ by Credit Rating and Information Services India Limited or below AA by ICRA Limited or below AA+ by Credit Analysis and Research Limited or below BBB by Fitch Ratings, 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 Contractor shall provide a fresh Performance Bank Guarantee is invoked either partially from an Acceptable Bank which has a credit rating equal to or fully, higher than the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under credit ratings mentioned in this Agreement, be duly discharged and released to the PMCClause 24.5.

Performance Bank Guarantee. a) Within fifteen 23.1 The Contractor shall, within 15 (15fifteen) days of the Effective Date, the Project Management Consultant (PMC) shall furnish provide to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch Owner an unconditional and irrevocable performance bank guarantee of an International Bank acceptable amount equivalent to Employer 10% (ten percent) of the Contract Price for due performance of its obligations under this Contract, with an amount initial validity of Rs…………..(Rupees………………..). The PMC shall procure up to 90 (ninety) Days beyond the Performance Bank Guarantee in the form set out in (Annexure-….) Warranty Period, a format of which is attached as Annexure 5 (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 concernedGuarantee"). b) If 23.2 If, at the time of discharge of Performance Bank Guarantee is or becomes invalid for Guarantee, the Warranty Period has been extended on 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 part of the PMC under sub-clause Services, pursuant to Clause 22.5 or if a dispute has been referred for resolution pursuant to Article 45.0 (aSettlement of Disputes), the Contractor shall, on or before 21 (twenty one) 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 issue an extension of the validity of such existing Performance Bank Guarantee or issue a separate security in the form of an unconditional and irrevocable bank guarantee for an amount proportionate to the Contract Price for such part, valid till the extended Warranty Period pursuant to Clause 22.5 or until final resolution of the dispute and payment of any amount due as a result thereof, as the case may be. 23.3 The Performance Bank Guarantee to be submitted by Contractor shall be from an Acceptable Bank and in the form acceptable to the Owner and as prescribed under Annexure 5 (Form of Performance Bank Guarantee). 23.4 The Contractor acknowledges and agrees that the Performance Bank Guarantee shall be held by the Owner as security for the period sated satisfactory completion of the obligations of the Contractor in such request by accordance with this Contract, including recovery of any amounts due to the Engineer In charge Owner from the Contractor. The Owner shall have the unconditional option under the Performance Bank Guarantee to invoke and provide a copy of such renewed security. If encash the PMC fails same and shall be entitled to extend recover from the Performance Bank Guarantee, any amounts which may become due to the Employer shall be entitled to receive Owner from the undrawn amount thereunder pending Contractor. 23.5 In the completion event the credit rating of the project Acceptable Bank which has 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 falls below AA+ by Credit Rating and Information Services India Limited or below AA by ICRA Limited or below AA+ by Credit Analysis and Research Limited or below BBB by Fitch Ratings, 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 Contractor shall provide a fresh Performance Bank Guarantee is invoked either partially from an Acceptable Bank which has a credit rating equal to or fully, higher than the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under credit ratings mentioned in this Agreement, be duly discharged and released to the PMCClause 23.5.

Performance Bank Guarantee. a) Within fifteen 12.1 The Contractor shall, within 15 (15fifteen) days of the Effective Date, the Project Management Consultant (PMC) shall furnish provide to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch Owner an unconditional and irrevocable performance bank guarantee of an International Bank acceptable amount equivalent to Employer 10% (ten percent) of the Contract Price for implementation of Total Online monitoring system for Bus Reactor and due performance of its obligations under this Contract, with an amount initial validity of Rs…………..(Rupees………………..). The PMC shall procure up to 90 (ninety) days beyond the Performance Bank Guarantee in the form set out in Warranty Period, a format of which is attached as Annexure 3 (Annexure-….) (Form Format 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 concernedGuarantee"). b) If 12.2 If, at the time of discharge of Performance Bank Guarantee is Guarantee, the Warranty Period has been extended pursuant to Clause 27.5 or becomes invalid if a dispute has been referred for any reason resolution pursuant to Clause 34.0 (other than its expirySettlement of Disputes), the Contractor shall, on or before 21 (twenty one) 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 issue an extension of the validity of such existing Performance Bank Guarantee or issue a separate security in the form of an unconditional and irrevocable bank guarantee for an amount proportionate to the period sated Contract Price for such part, valid till the extended Warranty Period or until final resolution of the dispute and payment of any amount due as a result thereof, as the case may be. 12.3 The Performance Bank Guarantee to be submitted by Contractor shall be from an Acceptable Bank and in such request by the Engineer In charge form acceptable to the Owner and provide a copy as prescribed under Annexure 3 (Format 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 ). 12.4 The Contractor acknowledges and agrees 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 held by the Owner as security for the satisfactory completion of the obligations of the Contractor, in accordance with this Contract, including recovery of any amounts due to the PMC after 3 (Three) months Owner from the expiry of defect liability period. e) If Contractor .The Owner shall have the PMC fails to provide, maintain or renew unconditional option under the Performance Bank Guarantee in accordance with to invoke and encash the contract then same and shall be entitled to recover from such Performance Bank Guarantee, any amounts which may become due to the Employer may, without prejudice to any other rights and remedies to which it may be entitled, by written notice, terminate Owner from the contract forthwithContractor. f) 12.5 In the event the credit rating of the Acceptable Bank which has provided the Performance Bank Guarantee is invoked either partially falls below AA+ by Credit Rating and Information Services India Limited or fullybelow AA by ICRA Limited or below AA+ by Credit Analysis and Research Limited or below BBB Fitch Ratings, then the same Contractor shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than provide a PMC’s default, the fresh Performance Bank Guarantee, if subsisting, as of Guarantee from an Acceptable Bank which has a credit rating equal to or higher than the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under credit ratings mentioned in this Agreement, be duly discharged and released to the PMCClause 12.5.

Performance Bank Guarantee. a) Within fifteen 25.1 The O&M Operator shall, within 15 (15fifteen) days of the Effective Date, the Project Management Consultant (PMC) shall furnish provide to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch Owner an unconditional and irrevocable performance bank guarantee of an International Bank acceptable amount equivalent to Employer 10% (ten percent) of the Contract Price for due performance of its obligations under this Contract for due performance of its obligations under this Contract, with an amount initial validity of Rs…………..(Rupees………………..). The PMC shall procure up to 90 (ninety) Days beyond the Performance Bank Guarantee in the form set out in (Annexure-….) Warranty Period, a format of which is attached as Annexure 4 (Form of Performance Bank Guarantee). The PMC shall maintain the ) ("Performance Bank Guarantee at its own expenseGuarantee").In case the Parties agree to extend the Contract for the Renewed Term, 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 for the Employer may require if Renewed Term. 25.2 If, at the Completion is delayed beyond time of discharge of Performance Bank Guarantee, the Time for Completion and/or the Final Completion delayed beyond the scheduled date of Final Completion and Warranty Period has been extended on any extension thereof as per directions part of the Engineer-in-Charge/ Services, pursuant to Clause 24.5, 24.6 or if a dispute has been referred for resolution pursuant to Clause 46.0 (Authority concernedSettlement of Disputes). b, the O&M Operator shall, on or before 21 (twenty one) 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 issue an extension of the validity of such existing Performance Bank Guarantee or issue a separate security in the form of an unconditional and irrevocable bank guarantee for an amount proportionate to the Contract Price for such part, valid till the extended Warranty Period pursuant to Clause 24.5, 24.6 or until final resolution of the dispute and payment of any amount due as a result thereof, as the case may be. 25.3 The Performance Bank Guarantee to be submitted by O&M Operator shall be from an Acceptable Bank and in the form acceptable to the Owner and as prescribed under Annexure 4 (Form of Performance Bank Guarantee). 25.4 The O&M Operator acknowledges and agrees that the Performance Bank Guarantee shall be held by the Owner as security for the period sated satisfactory completion of the obligations of the O&M Operator in such request by accordance with this Contract, including recovery of any amounts due to the Engineer In charge Owner from the O&M Operator. The Owner shall have the unconditional option under the Performance Bank Guarantee to invoke and provide a copy of such renewed security. If encash the PMC fails same and shall be entitled to extend recover from the Performance Bank Guarantee, any amounts which may become due to the Employer shall be entitled to receive Owner from the undrawn amount thereunder pending O&M Operator. 25.5 In the completion event the credit rating of the project Acceptable Bank which has 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 falls below AA+ by Credit Rating and Information Services India Limited or below AA by ICRA Limited or below AA+ by Credit Analysis and Research Limited or below BBB by Fitch Ratings, 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 O&M Operator shall provide a fresh Performance Bank Guarantee is invoked either partially from an Acceptable Bank which has a credit rating equal to or fully, higher than the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under credit ratings mentioned in this Agreement, be duly discharged and released to the PMCClause 25.5.

Performance Bank Guarantee. a4.15.1 The provisions of this clause shall be applicable only in those cases wherein the Service Provider is required to furnish a performance bank guarantee as per the terms and conditions of this Agreement. 4.15.2 The Service Provider shall furnish, within 7 days of execution of this Agreement, and irrevocable Performance Bank Guarantee of such value as may be mutually agreed between the parties. The Performance Bank Guarantee so furnished by the Service Provider shall be released upon successful completion of the obligations of the Service Provider in terms of the Agreement after the Company duly submits a certificate to the effect that there are no claims against the Company from any of its vendors, subcontractors and/or any other third party, including but not limited to the Service Provider’s employees, engaged in performance of the obligations of the Service Provider under the Agreement. If requested by the Company, the Service Provider agrees to extend the validity period of the Performance Bank Guarantee or to issue a further Performance Bank Guarantee in the event that the duration of this Agreement is for any reason extended beyond such validity date. 4.15.3 The Service Provider shall renew the Performance Bank Guarantee fifteen (15) Within days prior to the date the Performance Bank Guarantee expires (“Expiry Date”) in case of any extension to the Term. If the Service Provider does not submit to the Company a renewed Performance Bank Guarantee fifteen (15) days prior to the Expiry Date, the Company shall have the right to immediately draw down complete Performance Bank Guarantee amount and shall reserve the right to retain such amounts till such time the Service Provider provides a replacement Performance Bank Guarantee for the equivalent amount. 4.15.4 The Service Provider shall renew the Performance Bank Guarantee or otherwise submit an additional Performance Bank Guarantee, as duly required by the Company, on account of change in the Agreement value pursuant to a variation or amendment to the Agreement, within fifteen (15) days of being so notified by the Effective DateCompany. If the Service Provider does not submit to the Company a renewed Performance Bank Guarantee or an additional performance bank guarantee, as the case may be, within the said period of ten (10) days, the Project Management Consultant (PMCCompany shall have the right to immediately draw down complete Performance Bank Guarantee amount and shall reserve the right to retain such amounts till such time the Service Provider provides a replacement performance bank guarantee(/s) shall furnish for the equivalent amount. 4.15.5 In addition to the Employerright contained in the preceding clause, the Company shall further have an unqualified right under the Agreement to draw on the Performance Bank Guarantees under the following circumstances: i) failure by the Service Provider to supply the Services in accordance with the Agreement resulting in termination; or ii) failure by the Service Provider to duly perform any of its obligations under this Agreement; or iii) Any valid claim made by the Company accruing due to any acts/omission of the Service Provider and the Service Provider fails to pay the Company for such a claim immediately upon such demand. 4.15.6 The provision and maintenance of the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch by the Service Provider in accordance with the terms 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 Agreement shall be extended a condition precedent to any payment by such period as the Employer may require if Company to 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)Service Provider. b) 4.15.7 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 Service Provider fails to provide, maintain or renew the Performance Bank Guarantee in accordance with the contract terms of the Agreement, then the Employer Company may, without prejudice to any other rights and remedies to which it may be entitledentitled to, by written notice, terminate the contract forthwith. f) In the event invoke the Performance Bank Guarantee is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if and/or terminate the Agreement is terminated due forthwith by written notice. 4.15.8 In addition to any event the other than a PMC’s defaultcircumstances specified in this Agreement, Company has the right to draw down all or part of the value of the Performance Bank GuaranteeGuarantee and, if subsistingat Company’s discretion, as apply the proceeds in remedying any breach by Service Provider of this Contract. Such recourse against the Performance Bank Guarantee shall be without limitation to any other right or remedy of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released Company in relation to the PMCrelevant Service Provider breach.

Performance Bank Guarantee. a) Within fifteen 12.1 The Contractor shall, within 15 (15fifteen) days of the Effective Date, the Project Management Consultant (PMC) shall furnish provide to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch Owner an unconditional and irrevocable performance bank guarantee of an International Bank acceptable amount equivalent to Employer 10% (ten percent) of the Contract Price for implementation of Total Supply and Installation of New Battery Cells and due performance of its obligations under this Contract, with an amount initial validity of Rs…………..(Rupees………………..). The PMC shall procure up to 90 (ninety) days beyond the Performance Bank Guarantee in the form set out in Warranty Period, a format of which is attached as Annexure 3 (Annexure-….) (Form Format 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 concernedGuarantee"). b) If 12.2 If, at the time of discharge of Performance Bank Guarantee is Guarantee, the Warranty Period has been extended pursuant to Clause 27.5 or becomes invalid if a dispute has been referred for any reason resolution pursuant to Clause 34.0 (other than its expirySettlement of Disputes), the Contractor shall, on or before 21 (twenty one) 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 issue an extension of the validity of such existing Performance Bank Guarantee or issue a separate security in the form of an unconditional and irrevocable bank guarantee for an amount proportionate to the period sated Contract Price for such part, valid till the extended Warranty Period or until final resolution of the dispute and payment of any amount due as a result thereof, as the case may be. 12.3 The Performance Bank Guarantee to be submitted by Contractor shall be from an Acceptable Bank and in such request by the Engineer In charge form acceptable to the Owner and provide a copy as prescribed under Annexure 3 (Format 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 ). 12.4 The Contractor acknowledges and agrees 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 held by the Owner as security for the satisfactory completion of the obligations of the Contractor, in accordance with this Contract, including recovery of any amounts due to the PMC after 3 (Three) months Owner from the expiry of defect liability period. e) If Contractor .The Owner shall have the PMC fails to provide, maintain or renew unconditional option under the Performance Bank Guarantee in accordance with to invoke and encash the contract then same and shall be entitled to recover from such Performance Bank Guarantee, any amounts which may become due to the Employer may, without prejudice to any other rights and remedies to which it may be entitled, by written notice, terminate Owner from the contract forthwithContractor. f) 12.5 In the event the credit rating of the Acceptable Bank which has provided the Performance Bank Guarantee is invoked either partially falls below AA+ by Credit Rating and Information Services India Limited or fullybelow AA by ICRA Limited or below AA+ by Credit Analysis and Research Limited or below BBB Fitch Ratings, then the same Contractor shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than provide a PMC’s default, the fresh Performance Bank Guarantee, if subsisting, as of Guarantee from an Acceptable Bank which has a credit rating equal to or higher than the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under credit ratings mentioned in this Agreement, be duly discharged and released to the PMCClause 12.5.

Performance Bank Guarantee. aThe successful Bidder shall provide a Performance Bank Guarantee for ₹ 2,00,000/- (Rupees Two Lakhs Only) Within fifteen (15) valid for the entire contract period within 15 days from the notification of award of contract. PBG is provided in Annexure M with a claim period of 3 months and such other extended period as ReBIT may decide based on performance of the Effective DateBidder and project obligations. The PBG should be provided from any scheduled Commercial Bank only. If the Performance bank guarantee is not submitted within the stipulated time, ReBIT reserves the right to cancel the order / contract and the xxxxxxx money deposit shall be forfeited from the successful Bidder. ReBIT reserves the right to cancel the order and/or initiate the process for invocation of Performance Bank Guarantee (PBG) in the event of one or more of the following circumstances: • Breach by the tenderers of any of the terms and conditions of the tender. • If the Vendor goes into liquidation voluntarily or otherwise; • Exceptionally long, delay in support / replacement / services of the products, without any satisfactory reason. • Failure of the successful Bidder to agree with the terms and conditions of this RFP shall constitute sufficient grounds for the annulment of the award, in which event, ReBIT reserves the right to invoke the Performance Bank Guarantee. For reasons as specified above, ReBIT shall be entitled to invoke the performance guarantee without notice or right of demur to the successful Bidder. In case of any Contract violations penalties have to deducted from the invoice’s payments. Otherwise, the Project Management Consultant (PMC) shall furnish penalty amount will be adjusted from PBGs. ReBIT reserves the right to recover any dues payable by the selected Bidder from any amount outstanding to the Employercredit of the selected Bidder, including the pending bills and/or invoking Performance Guarantee, if any. Any amount pending for payment due to non-achieving of milestone/s set under the agreement or any other reason solely attributable to the successful Bidder should be included in the pending bills / remaining amount of the contract value. All incidental charges whatsoever such as premium, commission, etc. with respect to the Performance Bank Guarantee from any Indian Nationalized shall be borne by the Bidder. If the project implementation / Scheduled Bank / Indian branch of an International Bank acceptable to Employer for an amount of Rs…………..(Rupees………………..). The PMC shall procure go-live is delayed, 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 the Bidder for 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 additional duration. 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 may be discharged / returned by ReBIT upon being satisfied that there has been due performance of the PMC obligations of the Bidder under sub-clause (a) above not later than 30 (Thirty) business days before the expiry of contract. No interest shall be payable on 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 is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released to the PMC.

Performance Bank Guarantee. a) Within fifteen 13.1 The Contractor shall, within 15 (15fifteen) days of the Effective Date, the Project Management Consultant (PMC) shall furnish provide to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch Owner an unconditional and irrevocable performance bank guarantee of an International Bank acceptable amount equivalent to Employer 10% (ten percent) of the Contract Price for due performance of its obligations under this Contract, with an amount initial validity of Rs…………..(Rupees………………..). The PMC shall procure up to 90 (ninety) days beyond the Performance Bank Guarantee in the form set out in Warranty Period, a format of which is attached as Annexure 3 (Annexure-….) (Form Format 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 concernedGuarantee"). b) If 13.2 If, at the time of discharge of Performance Bank Guarantee is Guarantee, the Warranty Period has been extended pursuant to Clause 44.5 or becomes invalid if a dispute has been referred for any reason resolution pursuant to Article 52.0 (other than its expirySettlement of Disputes), the Contractor shall, on or before 21 (twenty one) 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 issue an extension of the validity of such existing Performance Bank Guarantee or issue a separate security in the form of an unconditional and irrevocable bank guarantee for an amount proportionate to the period sated Contract Price for such part, valid till the extended Warranty Period or until final resolution of the dispute and payment of any amount due as a result thereof, as the case may be. 13.3 The Performance Bank Guarantee to be submitted by Contractor shall be from an Acceptable Bank and in such request by the Engineer In charge form acceptable to the Owner and provide a copy as prescribed under Annexure 3 (Format 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 ). 13.4 The Contractor acknowledges and agrees 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 held by the Owner as security for the satisfactory completion of the obligations of the Contractor, in accordance with this Contract, including recovery of any amounts due to the PMC after 3 (Three) months Owner from the expiry of defect liability period. e) If Contractor. The Owner shall have the PMC fails to provide, maintain or renew unconditional option under the Performance Bank Guarantee in accordance with to invoke and encash the contract then same and shall be entitled to recover from such Performance Bank Guarantee, any amounts which may become due to the Employer may, without prejudice to any other rights and remedies to which it may be entitled, by written notice, terminate Owner from the contract forthwithContractor. f) 13.5 In the event the credit rating of the Acceptable Bank which has provided the Performance Bank Guarantee is invoked either partially falls below AA+ by Credit Rating and Information Services India Limited or fullybelow AA by ICRA Limited or below AA+ by Credit Analysis and Research Limited or below BBB Fitch Ratings, then the same Contractor shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than provide a PMC’s default, the fresh Performance Bank Guarantee, if subsisting, as of Guarantee from an Acceptable Bank which has a credit rating equal to or higher than the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under credit ratings mentioned in this Agreement, be duly discharged and released to the PMCClause 12.5.

Performance Bank Guarantee. a) Within fifteen (15) days The successful Bidder shall provide a Performance Bank Guarantee for 10% of the Effective DatePurchase Order value valid for the Warranty period within 15 days from the date of delivery of products as per format for the PBG is provided in Annexure L with a claim period of 3 months and such other extended period as ReBIT may decide based on performance of the Bidder and project obligations. The PBG should be provided from any scheduled Commercial Bank only. If the Performance bank guarantee is not submitted within the stipulated time, ReBIT reserves the right to cancel the order / contract and the xxxxxxx money deposit shall be forfeited from the successful Bidder. ReBIT reserves the right to cancel the order and/or initiate the process for invocation of Performance Bank Guarantee (PBG) in the event of one or more of the following circumstances: • Breach by the tenderers of any of the terms and conditions of the tender. • If the Vendor goes into liquidation voluntarily or otherwise; • Exceptionally long, delay in support / replacement / services of the products, without any satisfactory reason. • Failure of the successful Bidder to agree with the terms and conditions of this RFP shall constitute sufficient grounds for the annulment of the award, in which event, ReBIT reserves the right to invoke the Performance Bank Guarantee. For reasons as specified above, ReBIT shall be entitled to invoke the performance guarantee without notice or right of demur to the successful Bidder. In case of any Contract violations penalties have to deducted from the invoice’s payments. Otherwise, the Project Management Consultant (PMC) shall furnish penalty amount will be adjusted from PBGs. ReBIT reserves the right to recover any dues payable by the selected Bidder from any amount outstanding to the Employercredit of the selected Bidder, including the pending bills and/or invoking Performance Guarantee, if any. Any amount pending for payment due to non-achieving of milestone/s set under the agreement or any other reason solely attributable to the successful Bidder should be included in the pending bills / remaining amount of the contract value. All incidental charges whatsoever such as premium, commission, etc. with respect to the Performance Bank Guarantee from any Indian Nationalized shall be borne by the Bidder. If the project implementation / Scheduled Bank / Indian branch of an International Bank acceptable to Employer for an amount of Rs…………..(Rupees………………..). The PMC shall procure go-live is delayed, 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 the Bidder for 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 additional duration. 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 may be discharged / returned by ReBIT upon being satisfied that there has been due performance of the PMC obligations of the Bidder under sub-clause (a) above not later than 30 (Thirty) business days before the expiry of contract. No interest shall be payable on 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 is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released to the PMC.

Performance Bank Guarantee. a) Within fifteen (15) days of the Effective Date, the Project Management Consultant (PMC) The successful Bidder shall furnish to the Employer, the provide a Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch for 3% 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 Annual Contract Value as arrived at its own expense, and shall ensure it shall remain Annexure I valid for a period of 2 Year 9 Months within 15 days from the date of notification of award in the format as provided in Annexure L with a claim period of 3 months and such other extended period as ReBIT may decide based on performance of the Bidder and project obligations. The PBG should be provided from any scheduled Commercial Bank only. If the Performance bank guarantee is not less than 3 submitted within the stipulated time, ReBIT reserves the right to cancel the order / contract and the xxxxxxx money deposit shall be forfeited from the successful Bidder. ReBIT reserves the right to cancel the order and/or initiate the process for invocation of Performance Bank Guarantee (threePBG) months after in the expiry event of Defects Liability Periodone or more of the following circumstances: • Breach by the tenderers of any of the terms and conditions of the tender; • If the Vendor goes into liquidation voluntarily or otherwise; • Exceptionally long, delay in supply / execution of the project, without any satisfactory reason. • Failure of the successful Bidder to agree with the terms and conditions of this RFP shall constitute sufficient grounds for the annulment of the award, in which event, ReBIT reserves the right to invoke the Performance Bank Guarantee. For reasons as specified above, ReBIT shall be entitled to invoke the performance guarantee without notice or right of demur to the successful Bidder. In case of any Contract violations penalties have to deducted from the invoices payments. Otherwise the penalty amount will be adjusted from PBGs. ReBIT reserves the right to recover any dues payable by the selected Bidder from any amount outstanding to the credit of the selected Bidder, including the pending bills and/or invoking Performance Guarantee, if any. Any amount pending for payment due to non-achieving of milestone/s set under the agreement or any other reason solely attributable to the successful Bidder should be included in the pending bills / remaining amount of the contract value. All incidental charges whatsoever such as premium, commission, etc. with respect to the Performance Bank Guarantee shall be borne by the Bidder. The Performance Bank Guarantee may be discharged / returned by ReBIT upon being satisfied that there has been due performance of the obligations of the Bidder under the contract. No interest 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 payable on 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 is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released to the PMC.

Performance Bank Guarantee. (a) Within fifteen (15) days of the Effective Date, the The Project Management Consultant (PMC) SPV shall furnish submit to the Employer, the Performance Bank Guarantee Authority a bank guarantee from any Indian Nationalized / a Scheduled Bank / Indian with a branch of an International Bank acceptable to Employer for an amount of Rs…………..(Rupees………………..). The PMC shall procure the Performance Bank Guarantee in Bhubaneswar, in the form set out in at Annex 3, payable at Bhubaneswar, to secure the due performance of the Project SPV's obligations under this Agreement during the Term (Annexure-….) (Form of Performance Bank Guarantee). The PMC shall maintain charges for providing 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 be borne by the expiry of Defects Liability PeriodProject SPV. 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 10% of the Engineer-in-Charge/ (Authority concerned)Total Capital Expenditure applicable to the Cluster [●], for a sum equal to INR. [●]. (b) The Project SPV shall maintain the Performance Bank Guarantee in full force and effect till the Transfer Date. 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 scheduled to expire prior to the obligation of Transfer Date, then at least 30 Days prior to the PMC under sub-clause (a) above not later than 30 (Thirty) business days before the scheduled expiry of the Performance Bank Guarantee, the PMC Project SPV shall upon request arrange for an extension or replacement 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 securityGuarantee. If the PMC Project SPV fails to extend or replace the Performance Bank Guarantee, the Employer Authority shall be entitled to receive the undrawn un-drawn amount thereunder pending under the completion of the project provided that the Performance Bank Guarantee. The amount so received shall be treated as a cash cash-retention and to the extent that there are no outstanding claims thereto, shall be released released, without any interest on such amount, upon submission of a new Performance Bank Guarantee accepted acceptable to the EmployerAuthority or upon the scheduled date of expiration of the Performance Bank Guarantee. d(c) The Performance Bank Guarantee Authority shall be returned have the right to the PMC after 3 (Three) months from the expiry of defect liability period. e) If the PMC fails to provide, maintain or renew draw on the Performance Bank Guarantee and claim the amount guaranteed on demand upon the Project SPV's failure to honour any of its obligations, responsibilities or commitments during the Term in accordance with respect of any amount due from the contract then Project SPV to the Employer mayAuthority, without prejudice including any Delay Liquidated Damages or Performance Liquidated Damages that the Project SPV is liable to any other rights and remedies to which it may be entitled, by written notice, terminate the contract forthwithpay under this Agreement. f(d) In If the event the Performance Bank Guarantee is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, Authority draws on the Performance Bank Guarantee, if subsistingin part or in full, as the Project SPV shall immediately, within 7 Days of such withdrawal, restore the value of the termination date Performance Bank Guarantee to the amount stated in Clause 12.1(a). (e) If this Agreement is terminated for any reason other than the occurrence of a Project SPV Event of Default, the Performance Bank Guarantee shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released to the PMCProject SPV, subject to the Authority's right to receive any accrued amounts from the Project SPV before such termination.

Performance Bank Guarantee. a13.1 The provisions of this clause shall be applicable only in those cases wherein the Service Provider is required to furnish a performance bank guarantee as per the terms and conditions of this Agreement. 13.2 The Service Provider shall furnish, within 7 days of execution of this Agreement, and irrevocable Performance Bank Guarantee of such value as may be mutually agreed between the parties. The Performance Bank Guarantee so furnished by the Service Provider shall be released upon successful completion of the obligations of the Service Provider in terms of the Agreement after the Company duly submits a certificate to the effect that there are no claims against the Company from any of its vendors, subcontractors and/or any other third party, including but not limited to the Service Provider’s employees, engaged in performance of the obligations of the 13.3 The Service Provider shall renew the Performance Bank Guarantee fifteen (15) Within days prior to the date the Performance Bank Guarantee expires (“Expiry Date”) in case of any extension to the Term. If the Service Provider does not submit to the Company a renewed Performance Bank Guarantee fifteen (15) days prior to the Expiry Date, the Company shall have the right to immediately draw down complete Performance Bank Guarantee amount and shall reserve the right to retain such amounts till such time the Service Provider provides a replacement Performance Bank Guarantee for the equivalent amount. 13.4 The Service Provider shall renew the Performance Bank Guarantee or otherwise submit an additional Performance Bank Guarantee, as duly required by the Company, on account of change in the Agreement value pursuant to a variation or amendment to the Agreement, within fifteen (15) days of being so notified bythe Company. If the Effective DateService Provider does not submit to the Company a renewed Performance Bank Guarantee or an additional performance bank guarantee, as the case may be, within the said period of ten (10) days, the Project Management Consultant (PMCCompany shall have the right to immediately draw down complete Performance Bank Guarantee amount and shall reserve the right to retain such amounts till such time the Service Provider provides a replacement performance bank guarantee(/s) shall furnish for the equivalent amount. 13.5 In addition to the Employerright contained in the preceding clause, the Company shall further have an unqualified right underthe Agreement to draw on the Performance Bank Guarantees under the following circumstances: i) failure by the Service Provider to supply the Services in accordance with the Agreement resulting in termination; or ii) failure by the Service Provider to duly perform any of its obligations under this Agreement; or iii) Any valid claim made by the Company accruing due to any acts/omission of the Service Provider and the Service Provider fails to pay the Company for such a claim immediately upon such demand. 13.6 The provision and maintenance of the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch by the Service Provider in accordance with the terms 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 Agreement shall be extended a condition precedent to any payment by such period as the Employer may require if Company to 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)Service Provider. b) 13.7 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 Service Provider fails to provide, maintain or renew the Performance Bank Guarantee in accordance with the contract termsof the Agreement, then the Employer Company may, without prejudice to any other rights and remedies to which it may be entitledentitled to, by written notice, terminate the contract forthwith. f) In the event invoke the Performance Bank Guarantee is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if and/or terminate the Agreement is terminated due forthwith by written notice. 13.8 In addition to any event the other than a PMC’s defaultcircumstances specified in this Agreement, Company has the right to draw down all or part of the value of the Performance Bank GuaranteeGuarantee and, if subsistingat Company’s discretion, as apply the proceeds in remedying any breach by Service Provider of this Contract. Such recourse against the Performance Bank Guarantee shall be without limitation to any other right or remedy of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released Company in relation to the PMCrelevant Service Provider breach.

Performance Bank Guarantee. a) Within fifteen (15) days of 4.4.4.1 On or prior to the Effective Date, the Project Management Consultant (PMC) Developer shall furnish to the Employerprovide BSHB with an irrevocable, the Performance Bank Guarantee from any Indian Nationalized / unconditional, bank guarantee issued by a Nationalised bank, or a Scheduled Bank / Indian branch of an International Bank acceptable to Employer in India for an amount of equal to Rs 3 Cr. (Rs…………..(Rupees………………..). The PMC shall procure Three Crores only) payable by the Performance Developer in accordance with this Agreement, which Bank Guarantee shall remain valid and effective and be maintained in full force until the form set out in date that occurs 3 ½ (Annexure-….three & half) years after the Effective Date (Form of the “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) 4.4.4.2 If the Performance Bank Guarantee is or becomes invalid for any reason Project Completion Date has not occurred within thirty (other than its expiry) the PMC shall immediately notify the Engineer-in-charge/ (Authority concerned) and obtain within 7 (seven30) days a replacement Performance Bank Guarantee in the form appearing in Schedule. c) Without prejudice prior to the obligation of the PMC under sub-clause (a) above not later than 30 (Thirty) business days before the scheduled expiry of the Performance Bank Guarantee, the PMC shall upon request of the Engineer-in-charge obtain Developer will arrange for an 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 or, if Developer fails to extend the Performance Bank Guarantee, the Employer BSHB shall be entitled to receive the undrawn amount thereunder pending the completion of the project Project Completion Date, 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 the submission of a new Performance Bank Guarantee accepted bank guarantee acceptable to BSHB or upon the Employerexpiration of the ninety day (90) period after Project Completion Date whichever is earlier. d) The Performance Bank Guarantee 4.4.4.3 BSHB 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 have an unqualified option under the Performance Bank Guarantee to draw on the guarantee and claim the amount thereunder in accordance with the contract then event of Developer’s failure to honour any of its obligations, responsibilities or commitments under this Agreement including a failure to achieve Project Completion Date by the Employer may, without prejudice to any other rights and remedies to which it may be entitled, by written notice, terminate the contract forthwithdate set out in this Agreement. f) 4.4.4.4 In the event the Performance Bank Guarantee is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, BSHB draws on the Performance Bank Guarantee, if subsistingin part or in full, as to recover the liquidated damages payable under this Article IV, the Developer shall immediately restore the value of the termination date shall subject Performance Bank Guarantee to Employer’s right such value which existed prior to receive amounts, if any, due from drawing of the PMC under this Agreement, be duly discharged and released Performance Bank Guarantee to the PMCrecover liquidated damages payable hereunder.

Performance Bank Guarantee. aThe Operators shall at his own expense deposit with the Client, within ten (10) Within fifteen (15) working days of the Effective Datedate of date of the LoA or prior to signing of this Agreement whichever is earlier, the Project Management Consultant (PMC) shall furnish to the Employer, the an unconditional and irrevocable Performance Bank Guarantee (PBG) from any Indian a Nationalized / Scheduled Bank / Indian branch of an International Bank bank acceptable to Employer Department of Transport, payable on demand, for the due performance and fulfillment of the conditions stipulated in the Agreement by the Operator. The performance bank guarantee can be enchased in Chandigarh, Punjab, on the demand of the department. The performance guarantee shall be denominated in Indian Rupees and shall be in the form of bank guarantee The PBG will be for an amount of Rs…………..(Rupees………………... 5 Crores (Indian Rupees Five Crores only). The PMC All charges whatsoever such as premium; commission etc. with the respect to the PBG shall procure be borne by 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 PeriodOperator. 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 valid until the expiry of six months from the Performance Bank Guaranteedate of termination or expiry of the Term of the Agreement. In the event of the Operator being unable to service the Agreement for whatsoever reason, 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 Client would be entitled to receive invoke the undrawn amount thereunder pending the completion PBG. Notwithstanding and without prejudice to any rights whatsoever of the project provided that Client under the Agreement in the matter, the proceeds of the PBG payable to the Department of Transport in case of Operator's failures to complete its obligations under the Agreement are in addition to any other rights of the Client under law or the Agreement. In case of default by the Operator, the Client will notify the operator in writing ( by fax or email) of the exercise of its right 7 days in advance, indicating the contractual obligation(s) for which the Operator is in default. The Client shall also be entitled to make recoveries from the Operator's bills, performance bank guarantee, or from any other amount so received due to him, the equivalent value of any payment made to him due to inadvertence, error, collusion, misconstruction or misstatement. 8.1 Obligations of the operator 1. The Operator shall be obliged to work closely with the Department of Transport, act within its own authority and abide by directives issued by the authorities of the Client. 2. The Operator shall abide by the job safety measures prevalent in India and will free Department of Transport from all demands or responsibilities arising from accidents or loss of life the cause of which is the Operator's negligence. The Operator will pay all indemnities arising from such incidents and will not hold the Client responsible or obliged. 3. The Operator will treat as confidential all data and information, obtained in the execution of his responsibilities, in strict confidence and will not reveal such information to any other party without the prior written approval of the Client or any official designated by the Client. 4. The Operator shall install and use only the proposed and approved software and hardware in specified quantities during the Term of the Agreement. 5. The set up and the manpower deployed shall be dedicated for the use of Client only. It shall not be used for any other purpose during or after office hours or on holidays. 6. Operator shall be responsible for the maintenance, up keep and up gradation of all the hardware devices, software applications, antivirus etc. installed by during the Term of the Agreement for the fulfillment of service level as agreed. 7. The Operator must handle carefully all the requirements and work. It should not affect the normal working of government office. Right time attendance and work are important. Failure to comply with this requirement shall be treated as a cash retention and non- cooperation to the extent Client and the Client may exercise its right for termination of the Agreement. 8. The Operator shall comply with all rules, regulation, byelaws and directions given from time to time formulated or issued by any local or public authority in connection with the Project and shall pay fees or charges that there are no outstanding claims thereto, shall be released upon submission of new Performance Bank Guarantee accepted levied on him without any extra cost to the EmployerClient. 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 is invoked either partially or fully, the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under this Agreement, be duly discharged and released to the PMC.

Performance Bank Guarantee. a) Within fifteen 7.2.1 Submission of Performance/Bid Security 7.2.1.1 The ISA shall submit to the NHA within 15 (15fifteen) days of on or before the Effective Datedate of execution of this Contract, the Project Management Consultant (PMC) shall furnish to the Employeran irrevocable, the Performance Bank Guarantee unconditional and on-demand bank guarantee from any Indian Nationalized / a Scheduled Bank / Indian branch for a sum of an International Bank acceptable to Employer INR 30,00,000 (INR Thirty Lakhs only) that is payable or confirmed for an amount of Rs…………..(Rupees………………..). The PMC shall procure the Performance Bank Guarantee payment in New Delhi, in the form format set out forth in Schedule 5 (Annexure-….) (Form of the “Performance Security” or “Performance Bank Guarantee” or PBG). The PMC shall maintain , to secure the due performance of the ISA’s obligations and the discharge of the ISA’s liabilities under this Agreement, whether during or after the Term 7.2.1.2 Until such time that the Performance Bank Guarantee at its own expenseSecurity is submitted by the ISA , and the ISA shall ensure that the EMD/Bid Security submitted by it shall remain valid for a period of not less than 3 (three) months after the expiry of Defects Liability Periodin full force and effect. 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 the Bid Security is scheduled to expire prior to submission of Performance Bank Guarantee for Security and the period sated in such request validity of the EMD/Bid Security is not extended or if the EMD/Bid Security is not replaced by the Engineer In charge and provide a copy of ISA at least 15 (fifteen) days prior to such renewed security. If the PMC fails to extend the Performance Bank Guaranteescheduled expiry date, the Employer NHA shall be entitled to receive forfeit and appropriate the undrawn total amount thereunder pending the completion of the project provided that Bid Security as Damages and terminate 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 Contract. 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 Security in accordance with Clause 7.2.1.1 the contract then NHA shall release the Employer mayBid Security to the ISA 7.2.1.3 Notwithstanding anything to the contrary contained in this Contract, 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 if the Performance Bank Guarantee Security is invoked either partially not submitted by the ISA within a period of 15 (fifteen) days from the date of this Contract [Note: in 7.2.1.1- “PS to be submitted on or fullybefore the date of execution of this Contract”], the same NHA may encash the Bid Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the ISA under or arising out of this Contract shall be recouped deemed to have been waived by and to have ceased with the PMC promptly, within 7 (seven) days concurrence of such invocation, failing to whichthe ISA. Further, the contract NHA shall stand terminated. Provided that if the Agreement is terminated due be entitled to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under terminate this Agreement, be duly discharged and released to the PMC.Contract

Performance Bank Guarantee. (a) Within fifteen (15) days of the Effective Date, the Project Management Consultant (PMC) shall furnish to the Employer, the The JV Partner submitted a Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch of an International Bank acceptable to Employer for an amount of Rs…………..(Rupees………………..(“PBG”) of. Rs.------------- /-(Rupees only). The PMC PSD has been given as under: The amount Rs paid in the form of bank guarantee (“PBG”), vide the bank guarantee No. -------------, dt. ------------------ valid upto issued by (Bank), Branch, (b) In the event PBG is invoked by the Corporation for any reason whatsoever, the JV Partner shall procure forthwith and in any event within a period of 15 (fifteen) days from the date of invocation of such PBG, replenish the PBG so as to bring back the guaranteed amount to Rs. (Rupees only). 22.1.2 The Performance Bank Guarantee in (PBG) furnished by the form set out in (Annexure-….) (Form JV Partner to the Corporation as above should be valid for the entire period of Performance Bank Guarantee)the contract. The PMC JV Partner shall maintain initially furnish the Performance Bank Guarantee at its own expense, and shall ensure it shall remain valid PBG for a period of not less than 3 1 (threeone) months after year from the date of issue of LOA, as may be extended by the JV Partner/ APMDC every year, one month before the expiry of Defects Liability Period. the previous PBG till the completion of the agreement with a claim period of 1 year from the date of expiry of its validity. 22.1.3 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 not bear any interest. Any bank charges or commission on account 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 furnishing Performance Bank Guarantee shall be borne by the JV partner only. 22.1.4 The Performance bank guarantee as above will be returned to the PMC after 3 (Three) JV Partner by the Corporation within 12 months from the date of expiry of defect liability periodthis agreement on submission of "No due Certificate" from the chief project officer, Granite Project assigned by APMDC and an unconditional "No claim against Corporation" certificate by the JV Partner. Any conditions stipulated shall be null and void and once the PBG is returned, the contractor shall not have any claims against the Corporation. e) If 22.1.5 The Corporation reserves, the PMC fails right to provide, maintain forfeit or renew adjust the Performance Bank Guarantee amount recoverable as penalty against the PSD in accordance with Clause 9.2 above. The decision of the contract then Corporation is final and binding on the Employer may, without prejudice to any other rights and remedies to which it may be entitled, by written notice, terminate the contract forthwithJV Partner. f) In 22.1.6 The Corporation also reserves the event the Performance Bank Guarantee is invoked either partially or fully, the same shall be recouped right to adjust any sum of Money due and payable by the PMC promptly, within 7 (seven) days of such invocation, failing JV Partner to which, the contract shall stand terminatedCorporation against PSD in case the Corporation is unable to recover the due amount from the JV Partner. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as The decision of the termination date shall subject to Employer’s right to receive amounts, if any, due from Corporation is binding on the PMC under this Agreement, be duly discharged and released to the PMCJV Partner.

Performance Bank Guarantee. a) Within fifteen 22.1 The Contractor shall, within 15 (15fifteen) days of the Effective Date, the Project Management Consultant (PMC) shall furnish provide to the Employer, the Performance Bank Guarantee from any Indian Nationalized / Scheduled Bank / Indian branch Owner an unconditional and irrevocable performance bank guarantee of an International Bank acceptable amount equivalent to Employer 10% (ten percent) of the Contract Price for due performance of its obligations under this Contract, with an amount initial validity of Rs…………..(Rupees………………..). The PMC shall procure up to 90 (ninety) Days beyond the Performance Bank Guarantee in the form set out in (Annexure-….) Warranty Period, a format of which is attached as Annexure 4 (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 concernedGuarantee"). b) If 22.2 If, at the time of discharge of Performance Bank Guarantee is or becomes invalid for Guarantee, the Warranty Period has been extended on 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 part of the PMC under sub-clause services, pursuant to Clause 21.5 or if a dispute has been referred for resolution pursuant to Article 43.0 (aSettlement of Disputes), the Contractor shall, on or before 21 (twenty one) 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 issue an extension of the validity of such existing Performance Bank Guarantee or issue a separate security in the form of an unconditional and irrevocable bank guarantee for an amount proportionate to the Contract Price for such part, valid till the extended Warranty Period pursuant to Clause 21.5 or until final resolution of the dispute and payment of any amount due as a result thereof, as the case may be. 22.3 The Performance Bank Guarantee to be submitted by Contractor shall be from an Acceptable Bank and in the form acceptable to the Owner and as prescribed under Annexure 5 (Form of Performance Bank Guarantee). 22.4 The Contractor acknowledges and agrees that the Performance Bank Guarantee shall be held by the Owner as security for the period sated satisfactory completion of the obligations of the Contractor in such request by accordance with this Contract, including recovery of any amounts due to the Engineer In charge Owner from the Contractor. The Owner shall have the unconditional option under the Performance Bank Guarantee to invoke and provide a copy of such renewed security. If encash the PMC fails same and shall be entitled to extend recover from the Performance Bank Guarantee, any amounts which may become due to the Employer shall be entitled to receive Owner from the undrawn amount thereunder pending Contractor. 22.5 In the completion event the credit rating of the project Acceptable Bank which has 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 falls below AA+ by Credit Rating and Information Services India Limited or below AA by ICRA Limited or below AA+ by Credit Analysis and Research Limited or below BBB by Fitch Ratings, 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 Contractor shall provide a fresh Performance Bank Guarantee is invoked either partially from an Acceptable Bank which has a credit rating equal to or fully, higher than the same shall be recouped by the PMC promptly, within 7 (seven) days of such invocation, failing to which, the contract shall stand terminated. Provided that if the Agreement is terminated due to any event other than a PMC’s default, the Performance Bank Guarantee, if subsisting, as of the termination date shall subject to Employer’s right to receive amounts, if any, due from the PMC under credit ratings mentioned in this Agreement, be duly discharged and released to the PMCClause 22.5.