Common use of Performance Bank Guarantee Clause in Contracts

Performance Bank Guarantee. Payment on Order Instrument 3.2.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until (insert validity period as per RfS conditions), submitted for a value of Rs. (in words) under this Agreement, shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. 3.2.2 The failure on the part of the WPD to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the WPD. 3.2.3 If the WPD fails to commence supply of power from SCSD specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per penalty applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ POI, upon the default of the WPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.

Performance Bank Guarantee. Payment on Order Instrument 3.2.1 3.3.1 The Performance Bank Guarantee (PBG)/ PBG) / Payment on Order Instrument (POI) having validity from the date of submission of PBG/PBG / POI until Twenty-Seven (insert validity period as per RfS conditions), submitted for a value 27) months from the Effective Date and of Rs. (in words) 8 Lakh/MW to be furnished under this Agreement, Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/21. 3.2.2 3.3.2 The failure on the part of the WPD SPD to furnish and maintain the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument shall be a material breach of the term of this Agreement on the part of the WPDSPD. 3.2.3 3.3.3 If the WPD SPD fails to commence supply of power from SCSD the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument equivalent to the amount calculated as per penalty liquidated damages applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ PBG/POI, upon the default of the WPD SPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.

Performance Bank Guarantee. Payment on Order Instrument 3.2.1 3.3.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until (insert validity period as per RfS conditions)12 months after the SCD, submitted for a value of Rs. (in words) 12 Lakh/MW under this Agreement, shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. 3.2.2 3.3.2 The failure on the part of the WPD to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the WPD. 3.2.3 3.3.3 If the WPD fails to commence supply of power from SCSD the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per penalty liquidated damages applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ POI, upon the default of the WPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.

Performance Bank Guarantee. Payment on Order Instrument 3.2.1 3.3.1 The Performance Bank Guarantee (PBG)/ PBG) / Payment on Order Instrument (POI) having validity from the date of submission of PBG/POI until (insert validity period as per RfS conditions), submitted for a value ) and of Rs. (in words) 10 Lakh/MW to be furnished under this Agreement, Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. 3.2.2 3.3.2 The failure on the part of the WPD RPD to furnish and maintain the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument shall be a material breach of the term of this Agreement on the part of the WPDRPD. 3.2.3 3.3.3 If the WPD RPD fails to commence supply of power from SCSD the Scheduled Commercial Operation Date specified in this Agreement or any further extension thereof duly granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument equivalent to the amount calculated as per penalty liquidated damages applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the The damages/dues recovered by SECI by encashing the PBG/ PBG/POI, upon the default of the WPD RPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPASECI.

Performance Bank Guarantee. Payment on Order Instrument 3.2.1 3.3.1 The Performance Bank Guarantee (PBG)/ PBG) / Payment on Order Instrument (POI) having validity from the date of submission of PBG/PBG / POI until Twenty-Seven (insert validity period as per RfS conditions), submitted for a value 27) months from the Effective Date and of Rs. (in words) 8 Lakh/MW to be furnished under this Agreement, Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. 3.2.2 3.3.2 The failure on the part of the WPD SPD to furnish and maintain the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument shall be a material breach of the term of this Agreement on the part of the WPDSPD. 3.2.3 3.3.3 If the WPD SPD fails to commence supply of power from SCSD the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument equivalent to the amount calculated as per penalty liquidated damages applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ PBG/POI, upon the default of the WPD SPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.

Performance Bank Guarantee. Payment on Order Instrument 3.2.1 3.3.1 The Performance Bank Guarantee (PBG)/ PBG) / Payment on Order Instrument (POI) having validity from the date of submission of PBG/PBG / POI until Twenty-Four (insert validity period as per RfS conditions), submitted for a value 24) months from the Effective Date and of Rs. (in words) 8 Lakh/MW to be furnished under this Agreement, Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/21. 3.2.2 3.3.2 The failure on the part of the WPD SPD to furnish and maintain the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument shall be a material breach of the term of this Agreement on the part of the WPDSPD. 3.2.3 3.3.3 If the WPD SPD fails to commence supply of power from SCSD the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI Guarantee / Payment on Order Instrument equivalent to the amount calculated as per penalty liquidated damages applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ PBG/POI, upon the default of the WPD SPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.

Performance Bank Guarantee. Payment on Order Instrument 3.2.1 3.3.1 The Performance Bank Guarantee (PBG)/ Payment on Order Instrument (POI) having validity from the date of submission of PBG/PBG/ POI until Thirty-Three (insert validity period as per RfS conditions), submitted for a value 33) months from the Effective Date and of Rs. (in words) 12 Lakh/MW to be furnished under this Agreement, Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1/2. 3.2.2 3.3.2 The failure on the part of the WPD to furnish and maintain the Performance Bank Guarantee/ POI shall be a material breach of the term of this Agreement on the part of the WPD. 3.2.3 3.3.3 If the WPD fails to commence supply of power from SCSD the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee/ POI equivalent to the amount calculated as per penalty liquidated damages applicable under Article 4.6 as on the date of encashment without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG/ POI, upon the default of the WPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.