Performances Guarantee / Bid Security. The Performance Guarantee will be 5% of the contract amount. The performance Guarantee shall be deposited in the shape of Pay Order / Bank Draft / Deposit at Call / Irrevocable Bank Guarantee from any scheduled bank. In case of the breach of the contract the performance guarantee / security will be forfeited. The Performance guarantee will be retained till the completion of contract period.
Performances Guarantee / Bid Security. The Performance Guarantee will be 5% of the contract amount. The performance Guarantee shall be deposited in the shape of irrevocable Bank Guarantee preferably / CDR (Deposit at call) from any scheduled bank. The Performance guarantee will be retained till the completion of contract period.The successful bidder is bound to provide the defined performance guarantee within 07 days. However case of failure the procuring agency on valid reasons may extend period for a specified period of time. Failure to provide a performance guarantee by the bidder will be sufficient ground for annulment of the award and initiation of legal action / debarring of firm by the procuring agency. In such event the procuring agency may award contract to the next lowest evaluated bidder or call for new bid. In case of the breach of the contract the performance guarantee / security will be forfeited.
