Common use of Performance Guarantee and Penalties Clause in Contracts

Performance Guarantee and Penalties. 5.1 The Service Provider shall furnish a performance guarantee for an amount of INR. 20,00,000/- (Twenty Lakh Only) from a Scheduled Commercial Bank other than State Bank of India in a format provided/ approved by the Bank. 5.2 If at any time during performance of the Contract, the Service Provider shall encounter unexpected conditions impeding timely completion of the Services under the Agreement and performance of the services, the Service Provider shall promptly notify the Bank in writing of the fact of the delay, its likely duration and its cause(s). As soon as practicable, after receipt of the Service Provider’s notice, the Bank shall evaluate the situation and may at its discretion extend the Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 5.3 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule specified in this Agreement. 5.4 The Service Provider shall be liable to pay penalty as per Clause 24 and the mutually agreed TAT sheet (annexed hereto and as updated from time to time).in respect of any delay beyond the permitted period in providing the Services and which are solely attributable to the Service Provider. No penalty shall be levied in case of delay(s) in deliverables or performance of the contract for the reasons not attributable to the Service Provider.

Performance Guarantee and Penalties. 5.1 The Service Provider shall furnish a performance guarantee for an amount of INR. 20,00,000/- (Twenty Lakh Only) from a Scheduled Commercial Bank other than State Bank of India in a format provided/ approved by the Bank. 5.2 If at any time during performance of the Contract, the Service Provider Provider) shall encounter unexpected conditions impeding timely completion of the Services under the Agreement and performance of the services, the Service Provider Provider) shall promptly notify the Bank in writing of the fact of the delay, its likely duration and its cause(s). As soon as practicable, after receipt of the Service Provider’s )'s notice, the Bank shall evaluate the situation and may at its discretion extend the Service Provider’s 's time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 5.3 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule specified in this Agreement. 5.4 The Service Provider Provider) shall be liable to pay penalty as per Clause 24 24-and the mutually agreed TAT sheet (annexed hereto and as updated from time to time).in respect of any delay beyond the permitted period in providing the Services and which are solely attributable to the Service Provider. No penalty shall be levied in case of delay(s) in deliverables or performance of the contract for the reasons not attributable to the Service Provider).

Performance Guarantee and Penalties. 5.1 3.5.1 The Service Provider shall has to furnish a performance guarantee for an amount of INRRs. 20,00,000/- (Twenty Lakh Only) from a Scheduled Commercial Bank other than State Bank of India or its Associate Banks in a format provided/ approved by the Bank. 5.2 3.5.2 If at any time during performance of the Contract, the Service Provider shall encounter unexpected conditions impeding timely completion of the Services under the Agreement and performance of the services, the Service Provider Provide shall promptly notify the Bank in writing of the fact of the delay, its it’s likely duration and its cause(s). As soon as practicable, after receipt of the Service Provider’s notice, the Bank shall evaluate the situation and may at its discretion extend the Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 5.3 3.5.3 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule schedule22 specified in this Agreement. 5.4 3.5.4 The Service Provider shall be liable to pay penalty as per Clause 24 and at the mutually agreed TAT sheet (annexed hereto and as updated from time to time).in rate mentioned in Annexure ‘G’ in respect of any delay beyond the permitted period in providing the Services and which are solely attributable Services. 3.5.5 Subject to Clause 17 of this Agreement, any unexcused delay by the Service Provider. Provider in the performance of its Contract obligations shall render this Agreement to be Terminated. 3.5.6 No penalty shall be levied in case of delay(s) in deliverables or performance of the contract for the reasons not attributable to the Service Provider. On reaching the maximum of penalties specified the Bank reserves the right to terminate the contract.

Performance Guarantee and Penalties. 5.1 The Service Provider shall furnish a performance guarantee for an amount of INR. 20,00,000/- 10,00,000/- (Twenty Ten Lakh Only) from a Scheduled Commercial Bank other than State Bank of India in a format provided/ approved by the Bank. 5.2 If at any time during performance of the Contract, the Service Provider shall encounter unexpected conditions impeding timely completion of the Services under the Agreement and performance of the services, the Service Provider shall promptly notify the Bank in writing of the fact of the delay, its likely duration and its cause(s). As soon as practicable, after receipt of the Service Provider’s notice, the Bank shall evaluate the situation and may at its discretion extend the Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 5.3 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule specified in this Agreement. 5.4 The Service Provider shall be liable to pay penalty as per Clause 24 and the mutually agreed TAT sheet (annexed hereto and as updated from time to time).in in respect of any delay beyond the permitted period in providing the Services and which are solely attributable to the Service Provider. No penalty shall be levied in case of delay(s) in deliverables or performance of the contract for the reasons not attributable to the Service Provider.

Performance Guarantee and Penalties. 5.1 The Service Provider shall furnish a performance guarantee for an amount of INR. 20,00,000/- (Twenty Lakh Only) from a Scheduled Commercial Bank other than State Bank of India in a format provided/ approved by the Bank. 5.2 If at any time during performance of the Contract, the Service Provider shall encounter unexpected conditions impeding timely completion of the Services under the Agreement and performance of the services, the Service Provider shall promptly notify the Bank in writing of the fact of the delay, its likely duration and its cause(s). As soon as practicable, after receipt of the Service Provider’s notice, the Bank shall evaluate the situation and may at its discretion extend the Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 5.3 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule specified in this Agreement. 5.4 The Service Provider shall be liable to pay penalty as per Clause 24 and the mutually agreed TAT sheet (annexed hereto and as updated from time to time).in respect of any delay beyond the permitted period in providing the Services and which are solely attributable to the Service Provider. No penalty shall be levied in case of delay(s) in deliverables or performance of the contract for the reasons not attributable to the Service Provider.