Common use of Performance Guarantee and Penalties Clause in Contracts

Performance Guarantee and Penalties. 3.5.1 The Service Provider has to furnish a performance guarantee for an amount of Rs. from a Scheduled Commercial Bank other than State Bank of India or its Associate Banks in a format provided/ approved by the Bank. 3.5.2 The performance guarantee is required to protect the interest of the Bank against delay in supply/installation and or the risk of unsuccessful implementation of the project, or performance of the material or services sold, which may warrant invoking of performance guarantee. In case any act of the Service Provider results in imposition of liquidated damages then also the Bank reserves the right to invoke the performance guarantee. 3.5.3 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, 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 10 Please determine the applicability of the taxes. Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 3.5.4 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule 11 specified in this Agreement. 3.5.5 The Service Provider shall be liable to pay penalty at the rate mentioned in Annexure-E in respect of any delay beyond the permitted period in providing the Services. 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. 3.5.1 The Service Provider has to furnish a performance guarantee for an amount of Rs. _ from a Scheduled Commercial Bank other than State Bank of India or its Associate Banks in a format provided/ approved by the Bank. 3.5.2 The performance guarantee is required to protect the interest of the Bank against delay in supply/installation and or the risk of unsuccessful implementation of the project, or performance of the material or services sold, which may warrant invoking of performance guarantee. In case any act of the Service Provider results in imposition of liquidated damages then also the Bank reserves the right to invoke the performance guarantee. 3.5.3 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, 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 10 Please determine the applicability of the taxes. Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 3.5.4 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule 11 schedule11 specified in this Agreement. 3.5.5 The Service Provider shall be liable to pay penalty at the rate mentioned in Annexure-E in respect of any delay beyond the permitted period in providing the Services. 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. 3.5.1 The Service Provider has to furnish a performance guarantee for an amount of Rs. 50 Lakh from a Scheduled Commercial Bank other than State Bank of India or its Associate Banks in a format provided/ approved by the Bank. 3.5.2 The performance guarantee is required to protect the interest of the Bank against delay in supply/installation and or the risk of unsuccessful implementation of the project, or performance of the material or services sold, which may warrant invoking of performance guarantee. In case any act of the Service Provider results in imposition of liquidated damages then also the Bank reserves the right to invoke the performance guarantee. 3.5.3 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, 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 10 Please determine the applicability of the taxes. 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. 3.5.4 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule 11 specified in this Agreement. 3.5.5 The Service Provider shall be liable to pay penalty at the rate mentioned in Annexure-E in the RFP respect of any delay beyond the permitted period in providing the Services. 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. 3.5.1 The Service Provider has to furnish a performance guarantee for an amount of Rs. from a Scheduled Commercial Bank other than State Bank of India or its Associate Banks in a format provided/ approved by the Bank. 3.5.2 The performance guarantee is required to protect the interest of the Bank against delay in supply/installation and or the risk of unsuccessful implementation of the project, or performance of the material or services sold, which may warrant invoking of performance guarantee. In case any act of the Service Provider results in imposition of liquidated damages then also the Bank reserves the right to invoke the performance guarantee. 3.5.3 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, it’s it‟s likely duration and its cause(s). As soon as practicable, after receipt of the Service Provider’s Provider‟s notice, the Bank shall evaluate the situation and may at its discretion extend the 10 Please determine the applicability of the taxes. discretion extend the Service Provider’s Provider‟s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 3.5.4 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule 11 specified in this Agreement. 3.5.5 The Service Provider shall be liable to pay penalty at the rate mentioned in Annexure-E Annexure -E in respect of any delay beyond the permitted period in providing the Services. 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. 3.5.1 The Service Provider has to furnish a performance guarantee for an amount of Rs. from a Scheduled Commercial Bank other than State Bank of India or its Associate Banks in a format provided/ approved by the Bank(Annexure-H of RFP) provided . 3.5.2 The performance guarantee is required to protect the interest of the Bank against delay in supply/installation and or the risk of unsuccessful implementation of the project, or performance of the material or services sold, which may warrant invoking of performance guarantee. In case any act of the Service Provider results in imposition of liquidated damages then also the Bank reserves the right to invoke the performance guarantee. 3.5.3 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, 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 10 Please determine the applicability of the taxes. Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 3.5.4 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule 11 schedule9 (timelines as per Section 4 for transition, and for other SLAs as defined in Section 6.6 of Annexure-E of RFP) specified in this Agreement. 3.5.5 The Service Provider shall be liable to pay penalty at the rate rate(s) mentioned in Annexure-E I of RFP in respect of any delay beyond the permitted period / non-performance, etc. in providing the Services. 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 to, terminate the contract. 9 Please ensure that the time scheduled is suitably incorporated in the Agreement.

Performance Guarantee and Penalties. 3.5.1 3.2.1 The Service Provider has to furnish a performance guarantee for an amount of Rs. 10% of the total contract value from a Scheduled Commercial Bank other than State Bank of India or its Associate Banks in a format provided/ approved by the Bank. 3.5.2 3.2.2 The performance guarantee is required to protect the interest of the Bank against delay in supply/installation and or the risk of unsuccessful implementation of the project, or performance of the material or services sold, which may warrant invoking of performance guarantee. In case any act of the Service Provider results in imposition of liquidated damages then also the Bank reserves the right to invoke the performance guarantee. 3.5.3 3.2.3 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, 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 10 Please determine the applicability of the taxes. Service Provider’s time for performance, in which case the extension shall be ratified by the Parties by amendment of the Agreement. 3.5.4 3.2.4 Performance of the obligations under the Agreement shall be made by the Service Provider in accordance with the time schedule 11 specified in this Agreement.. ?? 3.5.5 3.2.5 The Service Provider shall be liable to pay penalty at the rate mentioned in Annexure-E RFP NO. SBI/GITC/CTO/WS&INB/MMS/ 466 dated 20.02.2018 in respect of any delay or non-performance beyond the permitted period in providing the Services. 3.5.6 3.2.6 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.