SECURITY DEPOSIT/PERFORMANCE SECURITY Sample Clauses

SECURITY DEPOSIT/PERFORMANCE SECURITY. 4.1. The Licensee shall, for the performance of its obligations hereunder shall prior to the Commencement Date i.e. date of execution of this Agreement, provide to CMRL/LICENSOR, a Demand Draft (DD) for one year License Fee as Security Deposit (the “Security Deposit”). This Security shall not carry any interest. Until such time the Security Deposit is provided by the Licensee pursuant hereto and the same comes into effect, the TENDER SECURITY shall remain in force and effect, and upon such submission of the Security Deposit pursuant hereto, CMRL/LICENSOR shall release the TENDER SECURITY to the Licensee. 4.2. Appropriation of Performance Security/Security Deposit - Upon the CMRL/LICENSOR being of the view that the Licensee has committed any breach or default of this Agreement, CMRL/LICENSOR shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as loss/damages for such breach or default. Upon such encashment and appropriation from the Performance Security, the Licensee shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a new Performance Security, as the case may be, and the Licensee shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which CMRL/LICENSOR shall be entitled to terminate this Agreement and forfeit the remaining amounts of the Performance Security, if any.
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SECURITY DEPOSIT/PERFORMANCE SECURITY. 4.1 Security Deposit shall consist of Performance Security to be submitted within 21 days of generation of GeM Contract by the successful bidder. The Security Deposit shall bear no interest. Performance Security should be 5% of contract value and should be submitted within 21 days of generation of GeM Contract by the successful Bidder in any of the form given below: A Bank Guarantee (BG) in the form given in the bid document from any Scheduled Bank. The BG issued by outstation bank shall be operative at its local branch……. or branch at…………… Govt. Securities, FDR (Scheduled Bank) or any other form of deposit Stipulated by the owner. Demand Draft drawn in favour of ………………. on any Scheduled Bank payable at its Branch at………. However, Company may approve submission of Performance Security beyond 21 days by another 14 days with proper justification on a case to case basis. The Xxxxxxx Money/Bid Security deposited is to be returned to the bidder within 15 days after submission and subsequent confirmation of Performance Security. The Xxxxxxx Money/Bid Security deposited may be adjusted against the Security Deposit (Performance Security) at Bidder’s option. If Performance Security is provided by the successful Bidders in the form of Bank Guarantee it shall be issued either – A) at Bidder’s option by a Scheduled Bank, B) by a Foreign Bank located in India and acceptable to the Employer. C) The validity of the Bank Guarantee shall be for a period of “one year” or “ninety days beyond the period of contract/extended period of contract (if any)”, whichever is more. Bank Guarantee (BG) is to be submitted in the format prescribed by the Company. Bank Guarantee shall be irrevocable and it shall be issued by any Indian Nationalized Bank/Scheduled Bank on Structured Financial Messaging System (SFMS) platform which is payable / enforceable at …….. The paper BG would be delivered by Issuing Bank to the Beneficiary under Speed Post/Registered Post (AD). Original Bank Guarantee shall be accepted from Issuing Bank only. However, the paper BG would be operative only on receipt of a separate advice through SFMS and confirmed by the Advising Bank (i.e. Beneficiary Bank). The confirmation of issuance of BG through SFMS from Advising Bank shall be obtained through electronically as well as print out of the said message from Advising Bank with seal and signature. The details of Beneficiary for issue of BG under SFMS platform is furnished below: Name of Beneficiary & its details Name Ar...
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SECURITY DEPOSIT/PERFORMANCE SECURITY. 4.1. The Licensee shall, for the performance of its obligations hereunder shall prior to the Commencement Date i.e. date of execution of this Agreement, provide to CMRL/LICENSOR , an irrevocable and unconditional Bank Guarantee from a Scheduled Bank for a sum equivalent to sixty percent of the government guideline value (INR 6700 psft) of the land admeasuring 1,742 Sqm. as per Clause 4.9 of RFP in the form set forth in Schedule- [C] (the “Security Deposit / Performance Guarantee/ Performance Security”). This Security Deposit /Performance Guarantee/Performance Security shall not carry any interest. Until such time the Performance Guarantee is provided by the Licensee pursuant hereto and the same comes into effect, the TENDER SECURITY shall remain in force and effect, and upon such submission of the Performance Guarantee pursuant hereto, CMRL/LICENSOR shall release the TENDER SECURITY to the Licensee. 4.2. Appropriation of Performance Security
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Related to SECURITY DEPOSIT/PERFORMANCE SECURITY

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • Appropriation of Performance Security (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default. (ii) Upon such encashment and appropriation from the Performance Security, the Contractor shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Contractor shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate the Agreement in accordance with Article 23. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Contractor shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Contractor’s Default, and in the event of the Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 23.

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

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