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.
Appears in 2 contracts
Samples: Framework Contract, Framework 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.
Appears in 2 contracts
Samples: Framework Contract, Framework Contract
