Common use of Performance Bank Guarantee Clause in Contracts

Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven (27) Months from the Effective Date for an amount of Rs. 20 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement.

Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven Twenty Seven (27) Months months from the Effective Date for an amount and of Rs. 20 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement.

Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven thirty two (2732) Months months from the Effective Date for an amount and of Rs. 20 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1Schedule1. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement.

Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven Twenty Seven (27) Months months from the Effective Date for an amount and of Rs. 20 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement. It is to be noted that the damages/dues recovered by SECI by encashing the PBG, upon the default of the SPD under the PPA, shall be credited to the payment security fund maintained by SECI under the PPA.

Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven Twenty Seven (27) Months months from the Effective Date of PPA and for an amount of Rs. 20 10.5 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECIMAHAGENCO, subject to conditions mentioned in Article 4.5, SECI MAHAGENCO shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI MAHAGENCO under this Agreement.

Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven twenty-one (2721) Months months from the Effective Date for an amount and of Rs. 20 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1Schedule1. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement.

Performance Bank Guarantee. 3.3.1 The Performance Bank Guarantee (PBG) having validity from the date of submission of PBG until twenty seven twenty-four (2724) Months months from the Effective Date of PPA and for an amount of Rs. 20 16 Lakh/MW to be furnished under this Agreement shall be for guaranteeing the commencement of the supply of power up to the Contracted Capacity within the time specified in this Agreement as per format provided in Schedule 1. 3.3.2 The failure on the part of the SPD to furnish and maintain the Performance Bank Guarantee shall be a material breach of the term of this Agreement on the part of the SPD. 3.3.3 If the SPD fails to commence supply of power from the Scheduled Commissioning Date specified in this Agreement or any further extension thereof granted by SECI, subject to conditions mentioned in Article 4.5, SECI shall encash the Performance Bank Guarantee without prejudice to the other rights of SECI under this Agreement.