Common use of SECURITY DEPOSIT (INTEREST FREE Clause in Contracts

SECURITY DEPOSIT (INTEREST FREE. प्रनर्तभनू र ् त (ब्र्ाज रहिर्त): (a) Successful bidder will deposit an amount equivalent to 5% of the total contract value as interest free S.D. in the form of Pay Order/D.D/Bank Guarantee (as per GRSE format) on any schedule bank other than Co-operative bank payable at Kolkata, duly crossed favouring Garden Reach Shipbuilders & Engineers Limited., within 15 days from the date of site clearance and valid for sixty days beyond the tenure of the contract (in case of BG). In case of non submission of SD as per schedule, penal interest will be changed for delayed period of submission of SD beyond 15 days at the prevailing cash credit rate on the amount of SD to be submitted. (b) If S.D is submitted in the form of B.G then same is to be forwarded directly to our Gen. Mgr. (Finance) in Banker’s sealed envelope failing which same will not be accepted. Details of B. G. should also be confirmed to Sub – Contract Cell.

SECURITY DEPOSIT (INTEREST FREE. प्रनर्तभनू र ् त (ब्र्ाज रहिर्ति ि ( ा ह ): (a) i. Successful bidder will deposit an amount equivalent to 5% the declared per cent of the total contract value as interest free S.D. Security Deposit (SD) in the form of Pay Order/D.D/Bank Guarantee (with validity of sixty days beyond contract period as per GRSE format) on any schedule bank other than Co-operative bank payable at Kolkata, duly crossed favouring Garden Reach Shipbuilders & Engineers Limited., within 15 days from the date of site clearance and valid for sixty days beyond the tenure of the contract (in case of BG)clearance. In case of non non-submission of SD as per schedule, penal interest will be changed for delayed period of submission of SD beyond 15 days at the prevailing SBI cash credit rate on the amount of SD to be submitted. (b) ii. If S.D is submitted in the form of B.G then same is to be forwarded directly to our Gen. Mgr. (Finance) in Banker’s sealed envelope failing which same will not be accepted. Details of B. G. should also be confirmed to Sub – Contract CellOrdering Department, GRSE.

SECURITY DEPOSIT (INTEREST FREE. प्रनर्तभनू र ् प्तभ्ू त (ब्र्ाज रहिर्तबयाज र त): (a) Successful bidder will deposit an amount equivalent to 5% of the total contract value as interest free S.D. in the form of Pay Order/D.D/Bank Guarantee (as per GRSE format) on any schedule bank other than Co-operative bank payable at Kolkata, duly crossed favouring Garden Reach Shipbuilders & Engineers Limited., within 15 days from the date of site clearance and valid for sixty days beyond the tenure of the contract (in case of BG). In case of non submission of SD as per schedule, penal interest will be changed for delayed period of submission of SD beyond 15 days at the prevailing cash credit rate on the amount of SD to be submitted. (b) If S.D is submitted in the form of B.G then same is to be forwarded directly to our Gen. Mgr. (Finance) in Banker’s sealed envelope failing which same will not be accepted. Details of B. G. should also be confirmed to Sub – Contract Cell.