Common use of Refund of Performance Guarantee Clause in Contracts

Refund of Performance Guarantee. The Deposit on account of performance guarantee shall be released within 30 days of completion of contract period subject to finalization of final bill whichever is later and no recoveries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor. a) It shall be clearly mentioned that the BG shall be applicable for individual work/ contract and clubbing of various contracts of the said contractor will not be allowed. In case of obtaining Bank Guarantee, it is necessary to mention that the same shall be valid further for minimum 6 months beyond the contract period. b) It shall be the responsibility of the bidder to keep the submitted B.G. “VALID” for the stipulated time period as mentioned in the tender & in case of its expiry it will attract penalization.

Refund of Performance Guarantee. The Deposit on account of performance guarantee shall be released within 30 days of after completion of contract the DLP period subject to finalization of final bill whichever is later and no recoveries recov- eries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor. a) It shall be clearly mentioned that the BG shall be applicable for individual work/ contract and clubbing of various contracts of the said contractor will not be allowedal- lowed. In case of obtaining Bank Guarantee, it is necessary to mention that the same shall be valid further for minimum 6 months beyond the contract periodDefect liability perod. b) It shall be the responsibility of the bidder to keep the submitted B.G. “VALID” for the stipulated time period as mentioned in the tender & in case of its expiry it will attract penalization.

Refund of Performance Guarantee. The Deposit on account of performance guarantee shall be released within 30 days of completion of contract period subject to finalization of final bill whichever is later and no recoveries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor. a) a. It shall be clearly mentioned that the BG shall be applicable for individual work/ contract and clubbing of various contracts of the said contractor will not be allowed. In case of obtaining Bank Guarantee, it is necessary to mention that the same shall be valid further for minimum 6 months beyond the contract period. b) b. It shall be the responsibility of the bidder to keep the submitted B.G. “VALID” for the stipulated time period as mentioned in the tender & in case of its expiry it will attract penalization.