Common use of Performance Guarantee/Security Clause in Contracts

Performance Guarantee/Security. (i) The Supplier, within 07 days of signing of this contract, shall provide to the Purchaser a Performance Security in the form of Call Deposit Receipt to 02%of the total Contract amount having validity of one year from its date of issuance (extendable for three months) from any scheduled bank on the prescribed format and in prescribed manner. This Performance Guarantee/Security shall be released to the Supplier upon successful completion of the Contract.

Performance Guarantee/Security. (i) The Supplier, within 07 days of signing of this contract, shall provide to the Purchaser a Performance Security in the form of Call Deposit Receipt an Irrevocable Bank Guarantee equivalent to 02%of 05 % of the total Contract amount having validity of one year from its date of issuance (extendable for three months) from any scheduled bank on the prescribed format and in prescribed manner. This Performance Guarantee/Security shall be released to the Supplier upon successful completion of the Contract.

Performance Guarantee/Security. (i) The Supplier, within 07 10 days of signing of this contract, shall provide to the Purchaser a Performance Security in the form Guarantee equivalent to 10% of Call Deposit Receipt to 02%of the total Contract amount having validity of one year from its date of issuance (extendable for three months) from any scheduled bank price or the prescribed Bank Guarantee on the prescribed format and in prescribed manner. This Performance Guarantee/Security Guarantee shall be released to the Supplier upon successful completion of the Contract. Alternately, the supplier may opt for deduction of 10% performance security/guarantee from the payment to be made to the supplier after delivery of goods/medicines at first order and shall remain valid for the rest of the contract period and all subsequent orders.