Common use of Performance Security Deposit Clause in Contracts

Performance Security Deposit. a) Prior to execution of agreement, Performance security shall be solicited from all successful bidders except the departments of the State Government and undertakings, corporations, autonomous bodies, registered societies, co-operative societies which are owned or controlled or managed by the State Government and undertakings of the Central Government. However, a performance security declaration shall be taken from them. The State Government may relax the provision of performance security in particular procurement or any class of procurement. b) The amount of performance security shall be 5%, or as may be specified in the bidding document, of the amount of supply order in case of procurement of goods and services. In case of Small Scale Industries (SSI) of Rajasthan, it shall be 1% of the amount of quantity ordered for supply of goods and in case of sick industries, other than SSI, whose cases are pending before the Board of Industrial and Financial Reconstruction (BIFR), it shall be 2% of the amount of supply order. c) The bidder is required to submit. 2% of total bid value as the performance security against the bid within 15 days of issue of Letter of Intent (LoI) and thereafter, the bidder shall be responsible for submitting additional performance security of 3% of the amount of respective Work Order/s issued during the rate contract period. d) Performance security shall be furnished in any one of the following forms: - a. Bank Draft or Banker’s Cheque of a scheduled bank; b. National Savings Certificates and any other script/ instrument under National c. Savings Schemes for promotion of small savings issued by a Post Office in Rajasthan, if the same can be pledged under the relevant rules. They shall be accepted at their surrender value at the time of bid and formally transferred in the name of procuring entity with the approval of Head Post Master; d. Bank guarantee/s of a scheduled bank, in case the amount of PSD is more than 10 lakhs. It shall be got verified from the issuing bank. Other conditions regarding bank guarantee shall be same as mentioned in the bidding document for bid security;

Performance Security Deposit. After receiving the work order, the bidder shall be responsible to deposit the requisite Performance Security Deposit (PSD) within the prescribed time period as specified in each work order: a) Prior to execution of agreement, Performance security deposit (PSD) shall be solicited from all successful bidders except the departments of the State Government and undertakings, corporations, autonomous bodies, registered societies, co-operative societies which are owned or controlled or managed by the State Government and undertakings of the Central Government. However, a performance security declaration shall be taken from them. The State Government may relax the provision of performance security in particular procurement or any class of procurement. b) The amount of performance security shall be 5%, or as may be specified in the bidding document, 10% of the amount of work/ supply order in case of procurement of goods and services. In case of Small Scale Industries (SSI) of Rajasthan, it shall be 1% of the amount of quantity ordered for supply of goods and in case of sick industries, other than SSI, whose cases are pending before the Board of Industrial and Financial Reconstruction (BIFR), it shall be 2% of the amount of supply order. c) The bidder is required to submit. 2% of total bid value as the performance security against the bid within 15 days of issue of Letter of Intent (LoI) and thereafter, the bidder shall be responsible for submitting additional performance security of 3% of the amount of respective Work Order/s issued during the rate contract period. d) Performance security shall be furnished in any one of the following forms: - a. deposit though eGRAS; b. Bank Draft or Banker’s 's Cheque of a scheduled bank; b. c. National Savings Certificates and any other script/ instrument under National c. National Savings Schemes for promotion of small savings issued by a Post Office in Rajasthan, if the same can be pledged under the relevant rules. They shall be accepted at their surrender value at the time of bid and formally transferred in the name of procuring entity with the approval of Head Post Master; d. Bank guarantee/s of a scheduled bank, in case the amount of PSD is more than 10 lakhs. It shall be got verified from the issuing bank. Other conditions regarding bank guarantee shall be same as mentioned in the bidding document for bid security;

Performance Security Deposit. After receiving the individual work order(s), the bidder shall be responsible to deposit the requisite Performance Security Deposit (PSD) within the prescribed time period as specified in each work order(s): a) Prior to execution of agreement, Performance security deposit (PSD) shall be solicited from all successful bidders except the departments of the State Government and undertakings, corporations, autonomous bodies, registered societies, co-operative societies which are owned or controlled or managed by the State Government and undertakings of the Central Government. However, a performance security declaration shall be taken from them. The State Government may relax the provision of performance security in particular procurement or any class of procurement. b) The amount of performance security shall be 5%, or as may be specified in the bidding document, 10% of the amount of work/ supply order in case of procurement of goods and services. In case of Small Scale Industries (SSI) of Rajasthan, it shall be 1% of the amount of quantity ordered for supply of goods and in case of sick industries, other than SSI, whose cases are pending before the Board of Industrial and Financial Reconstruction (BIFR), it shall be 2% of the amount of supply order. c) The bidder is required to submit. 2% of total bid value as the performance security against the bid within 15 days of issue of Letter of Intent (LoI) and thereafter, the bidder shall be responsible for submitting additional performance security of 3% of the amount of respective Work Order/s issued during the rate contract period. d) Performance security shall be furnished in any one of the following forms: - a. deposit though eGRAS; b. Bank Draft or Banker’s Cheque of a scheduled bank; b. c. National Savings Certificates and any other script/ instrument under National c. National Savings Schemes for promotion of small savings issued by a Post Office in Rajasthan, if the same can be pledged under the relevant rules. They shall be accepted at their surrender value at the time of bid and formally transferred in the name of procuring entity with the approval of Head Post Master; d. Bank guarantee/s of a scheduled bank, in case the amount of PSD is more than 10 lakhs. It shall be got verified from the issuing bank. Other conditions regarding bank guarantee shall be same as mentioned in the bidding document for bid security;

Performance Security Deposit. aAfter receiving the individual work order(s), the bidder shall be responsible to deposit the requisite Performance Security Deposit (PSD) Prior to execution within the prescribed time period as specified in each work order(s): Rate Contract for IEC of agreement, GoR Initiatives/Schemes and Events 2018 (i) Performance security deposit (PSD) shall be solicited from all successful bidders except the departments of the State Government and undertakings, corporations, autonomous bodies, registered societies, co-operative societies which are owned or controlled or managed by the State Government and undertakings of the Central Government. However, a performance security declaration shall be taken from them. The State Government may relax the provision of performance security in particular procurement or any class of procurement. b(ii) The amount of performance security shall be 5%, or as may be specified in the bidding document, % of the amount of work/ supply order in case of procurement of goods and services. In case of Small Scale Industries (SSI) of Rajasthan, it shall be 1% of the amount of quantity ordered for supply of goods and in case of sick industries, other than SSI, whose cases are pending before the Board of Industrial and Financial Reconstruction (BIFR), it shall be 2% of the amount of supply order. c) The bidder is required to submit. 2% of total bid value as the performance security against the bid within 15 days of issue of Letter of Intent (LoI) and thereafter, the bidder shall be responsible for submitting additional performance security of 3% of the amount of respective Work Order/s issued during the rate contract period. diii) Performance security shall be furnished in any one of the following forms: - a. 1) Bank Draft or Banker’s Cheque of a scheduled bank; b. 2) National Savings Certificates and any other script/ instrument under National c. National Savings Schemes for promotion of small savings issued by a Post Office in Rajasthan, if the same can be pledged under the relevant rules. They shall be accepted at their surrender value at the time of bid and formally transferred in the name of procuring entity with the approval of Head Post Master; d. 3) Bank guarantee/s of a scheduled bank, in case the amount of PSD is more than 10 lakhs. It shall be got verified from the issuing bank. Other conditions regarding bank guarantee shall be same as mentioned in the bidding document for bid security;