Performance Guarantee/Security. (i) The Supplier shall within one week of issuance of advance acceptance, shall provide to the Purchaser a 0.25% stamp duty of the total contract amount and provide stamp paper along with the challan form of deposited amount. (ii) The supplier shall, within 10 days of issuance of purchase order, provide to the purchaser a Performance Guarantee equivalent to 5% of the total purchase order amount in the shape of Bank Guarantee / CDR, with reference to PPRA letter No. L&M 1-15(SOC)(1)/2023 dated 7th March, 2024. This Performance Guarantee shall be released to the Supplier upon successful completion of the advanced acceptance award. (iii) Supplier’s Bid Security already submitted with the Bid shall only be released upon satisfactory submission of a Performance Guarantee/Security in accordance with sub-clause (i) above. (iv) Failure to submit a Performance Guarantee/Security shall result into forfeiture of Bid Security and Cancellation of Contract.
Appears in 5 contracts
Samples: Framework Contract for Procurement of Therapeutic Goods, Framework Contract for Procurement of Therapeutic Goods, Framework Contract for Procurement of Therapeutic Goods
