Performance Guarantee Bond (PGB Sample Clauses

Performance Guarantee Bond (PGB a) In the event of offer being accepted, the tenderer shall furnish to NFL within 10 days of issuing Letter of Intent (LOI) / Purchase Order (PO), a Performance Guarantee in the prescribed Proforma attached as Annexure-III through Indian nationalized bank or a schedule bank (except cooperative Bank) in New Delhi. Conditional PG bonds are not acceptable. b) The Performance Guarantee Bond shall be as per category and at rates to which the Tenderer belongs as specified in Clause 7.00 of Part B. c) The Performance Guarantee Bond shall be kept valid for minimum 6(Six) months from date of LOI/PO or To be kept valid till discharge port results in respect of quality are received and or, amount for quantity short landed including the equivalent amount of custom duty and other duties, if any deposited on quantity short landed (recoverable), and amount of penalties and dispatch / demurrage / dead freight / detention charges etc. are settled, whichever is later, as performance would be deemed completed only after that. Supplier in such case has to extend the validity of P/G Bond immediately, as informed by NFL. d) The Bank Guarantee should be submitted by Bankers directly to NFL in a sealed cover through Registered Post AD and not through supplier e) TT transfer in USD may be accepted in lieu of Performance Guarantee Bond. All banking charges and exchange loss if any or any other charges arising while making remittance and any other taxes will be deducted before releasing the bid security and Performance Guarantee Bond to the respective Supplier. No interest will be paid on the bid security amount or Performance Guarantee Amount. Bid Bond/ PGB amount refundable, on successful bid/ completion of successful performances, shall be limited to net of all charges incurred by NFL. f) If, for any reason whatsoever, Supplier has committed breach of the term(s) and/or condition(s) contained in the Purchase Order and/or failed to comply with the terms and conditions as stipulated in the Purchase Order or amendment(s) thereto, the Performance Guarantee Bond shall be invoked. g) The Supplier shall approach their Bank for issuance of Bank Guarantee in favour of NFL. The Vendor/ Contractor shall also arrange to send BG advice (including all BG amendments) by their issuing bank through SFMS platform directly to the NFL Banker, i.e. ICICI Bank Ltd, Kl , Senior Mall, Sector-18, Noida, UP, 201301, IFSC Code ICIC0000031 , as per following details: i. IFN 760 COV for issuance of bank guar...
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Related to Performance Guarantee Bond (PGB

  • Performance Guarantee 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire.

  • Performance Guarantees Contractor agrees to provide the County the performance guarantees specified in Attachment A and to pay any penalties incurred in accordance with the terms of Attachment A.

  • Payment Guarantee 20.1 On Contracts where one hundred (100%) percent performance bonds and payment bonds are executed, this Article 20 does not apply.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Payment and Performance Bonds The Contractor shall comply with the following minimum bonding requirements:

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.

  • Surety Bonds No Trustee, officer, employee or agent of the Trust shall, as such, be obligated to give any bond or surety or other security for the performance of any of his duties, unless required by applicable law or regulation, or unless the Trustees shall otherwise determine in any particular case.

  • Service Guarantee 8.1. All pesticides used by Prokill are approved under the Control of Pesticides Regulations and have been assessed for any hazard under C.O.S.H.H. (Information on request). You are covered by our Unique Service Promise, which means if we do not deliver the minimum contracted annual visits, we {Ref: YCM/00251276-3} will refund 100% of that years’ Service Agreement subject to payment terms being met.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

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