Supply of Contracted Grade of Coal by Rail. 12.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII (“Financial Coverage Bank Guarantee” or “Financial Coverage BG”) for an amount equal to the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 (one) rake-load, as indicated in the notice by the Seller (“Financial Coverage”). 12.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term and for a further period of 180 (one hundred and eighty) days thereafter, and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 11, the amount of the Financial Coverage BG shall be increased commensurately within 7 (seven) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-load of the Contracted Grade of Coal. 12.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s cheque at least 3 (three) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 (forty eight) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1. 12.2.4 The Financial Coverage BG in terms of Clause 12.2.1 shall be initially valid for a minimum period of 1 (one) year. The Purchaser shall ensure renewal at least 1 (one) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG. 12.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 (one) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove. 12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned above, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 4 contracts
Samples: Fuel Supply Agreement, Fuel Supply Agreement, Fuel Supply Agreement
Supply of Contracted Grade of Coal by Rail. 12.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII (“Financial Coverage Bank Guarantee” or “Financial Coverage BG”) for an amount equal to the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 (one) rake-load, as indicated in the notice by the Seller (“Financial Coverage”).
12.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term and for a further period of 180 (one hundred and eighty) days thereafter, and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 11, the amount of the Financial Coverage BG shall be increased commensurately within 7 (seven) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-load of the Contracted Grade of Coal.
12.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s cheque at least 3 (three) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 (forty eight) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1.
12.2.4 The Financial Coverage BG in terms of Clause 12.2.1 shall be initially valid for a minimum period of 1 (one) year. The Purchaser shall ensure renewal at least 1 (one) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.
12.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 (one) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove.
12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned above, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 3 contracts
Samples: Fuel Supply Agreement, Fuel Supply Agreement, Fuel Supply Agreement
Supply of Contracted Grade of Coal by Rail. 12.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII (“Financial Coverage Bank Guarantee” or “Financial Coverage BG”) for an amount equal to the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 (one) rake-load, as indicated in the notice by the Seller (“Financial Coverage”).
12.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term or Extended Term, as applicable and for a further period of 180 (one hundred and eighty) days thereafter, and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 11, the amount of the Financial Coverage BG shall be increased commensurately within 7 (seven) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-rake- load of the Contracted Grade of Coal.
12.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s cheque at least 3 (three) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 (forty eight) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1.
12.2.4 The Financial Coverage BG in terms of Clause 12.2.1 shall be initially valid for a minimum period of 1 (one) year. The Purchaser shall ensure renewal at least 1 (one) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.
12.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 (one) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove.
12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned above, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 2 contracts
Samples: Fuel Supply Agreement, Fuel Supply Agreement
Supply of Contracted Grade of Coal by Rail. 12.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII (“Financial Coverage Bank Guarantee” or “Financial Coverage BG”) for an amount equal to the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 (one) rake-load, as indicated in the notice by the Seller (“Financial Coverage”).
12.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term and for a further period of 180 (one hundred and eighty) days thereafter, and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 11, the amount of the Financial Coverage BG shall be increased commensurately within 7 (seven) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-load of the Contracted Grade of Coal.
12.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s cheque at least 3 (three) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 (forty eight) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1.
12.2.4 The Financial Coverage BG in terms of Clause 12.2.1 shall be initially valid for a minimum period of 1 (one) year. The Purchaser shall ensure renewal at least 1 (one) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.
12.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 (one) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove.
12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned aboveabove or any other method of payment, if applicable, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 1 contract
Samples: Fuel Supply Agreement
Supply of Contracted Grade of Coal by Rail. 12.2.1
13.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s banker‘s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII ANNEXURE VI (“Financial Coverage Bank Guarantee” or “Financial Coverage BG”) for an amount equal to the estimated As Delivered Price of Coal for 30 thirty (thirty30) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 one (one1) rake-load, as indicated in the notice by the Seller (“Financial Coverage”).Coverage”).
12.2.2 13.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term Term, and for a further period of 180 (one hundred and eightyeighty (180) days thereafter, thereafter and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 1112, the amount of the Financial Coverage BG shall be increased commensurately within 7 seven (seven7) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 thirty (thirty30) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-load of the Contracted Grade of Coal.
12.2.3 13.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s cheque at least 3 three (three3) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 forty-eight (forty eight48) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1.13.2.1.
12.2.4 13.2.4 The Financial Coverage BG in terms of Clause 12.2.1 13.2.1 shall be initially valid for a minimum period of 1 one (one1) year. The Purchaser shall ensure renewal at least 1 one (one1) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 Clause
13.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.
12.2.5 13.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 one (one1) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove.
12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned above, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 1 contract
Samples: Fuel Supply Agreement
Supply of Contracted Grade of Coal by Rail. 12.2.1 13.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s banker‘s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII ANNEXURE VI (“Financial Coverage Bank Guarantee” or “Financial Coverage BG”) for an amount equal to the estimated As Delivered Price of Coal for 30 thirty (thirty30) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 one (one1) rake-load, as indicated in the notice by the Seller (“Financial Coverage”).
12.2.2 13.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term Term, and for a further period of 180 (one hundred and eightyeighty (180) days thereafter, thereafter and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 1112, the amount of the Financial Coverage BG shall be increased commensurately within 7 seven (seven7) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 thirty (thirty30) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-load of the Contracted Grade of Coal.
12.2.3 13.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s cheque at least 3 three (three3) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 forty-eight (forty eight48) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.113.2.1.
12.2.4 13.2.4 The Financial Coverage BG in terms of Clause 12.2.1 13.2.1 shall be initially valid for a minimum period of 1 one (one1) year. The Purchaser shall ensure renewal at least 1 one (one1) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance SecuritySecurity and additional performance security, if applicable without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 13.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.
12.2.5 13.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 one (one1) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove.
12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned above, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 1 contract
Samples: Fuel Supply Agreement
Supply of Contracted Grade of Coal by Rail. 12.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s banker‘s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII (“Financial ―Financial Coverage Bank Guarantee” Guarantee‖ or “Financial ―Financial Coverage BG”BG‖) for an amount equal to the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 (one) rake-load, as indicated in the notice by the Seller (“Financial Coverage”―Financial Coverage‖).
12.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term or Extended Term, as applicable and for a further period of 180 (one hundred and eighty) days thereafter, and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 11, the amount of the Financial Coverage BG shall be increased commensurately within 7 (seven) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-rake- load of the Contracted Grade of Coal.
12.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s banker‘s cheque at least 3 (three) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s banker‘s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 (forty eight) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1.
12.2.4 The Financial Coverage BG in terms of Clause 12.2.1 shall be initially valid for a minimum period of 1 (one) year. The Purchaser shall ensure renewal at least 1 (one) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s banker‘s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 and the Purchaser has not deposited any payment (by banker’s banker‘s cheque/ demand draft) in lieu of such Financial Coverage BG.
12.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 (one) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove.
12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned above, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 1 contract
Samples: Fuel Supply Agreement
Supply of Contracted Grade of Coal by Rail. 12.2.1 The Purchaser shall submit a financial coverage in the form of a banker’s cheque/ demand draft or a bank guarantee issued by an Acceptable Bank in the format set out in Annexure VIII (“Financial Coverage Bank Guarantee” or “Financial Coverage BG”) for an amount equal to the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As delivered Price of Coal of 1 (one) rake-load, as indicated in the notice by the Seller (“Financial Coverage”).
12.2.2 The Financial Coverage BG shall be kept operative and valid by the Purchaser for the Term or Extended Term, as applicable and for a further period of 180 (one hundred and eighty) days thereafter, and shall be encashable at [insert place]. In case of any increase in the As Delivered Price of Coal pursuant to Clause 11, the amount of the Financial Coverage BG shall be increased commensurately within 7 (seven) days of such increase. The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for 30 (thirty) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-load of the Contracted Grade of Coal.
12.2.3 The Seller shall, by way of a notice to be put up on the notice board at its registered office, inform the Purchaser of the value to be paid through demand draft / banker’s cheque at least 3 (three) working days in advance before the expected date of offer to the railways for allotment of xxxxx. The Purchaser shall accordingly be required to deposit demand draft / banker’s cheque along with a debit advice issued by the drawee bank to the tune of the value of the Contracted Grade of Coal in rake loads to be offered as per the notice, within 48 (forty eight) hours of such notice. The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 12.2.1.
12.2.4 The Financial Coverage BG in terms of Clause 12.2.1 shall be initially valid for a minimum period of 1 (one) year. The Purchaser shall ensure renewal at least 1 (one) month prior to the expiry of the Financial Coverage BG. In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry. The Purchaser shall be entitled to a refund of such payment on providing due replacement through a valid bank guarantee. The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security, without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 12.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.
12.2.5 Notwithstanding anything to the contrary contained herein, in the event that the Acceptable Bank issuing the Financial Coverage BG does not permit a partial invocation of the Financial Coverage BG in accordance with the terms of this Agreement, the Seller shall be entitled to invoke the whole Financial Coverage BG and recover thereunder, the amounts due to it and the balance amount, if any, shall be refunded immediately to the Purchaser within 1 (one) day of replenishment of the Financial Coverage BG to the Seller, in the manner as stipulated hereinabove.
12.2.6 In case the MSQ less than one(1) rake quantity(i.e. ACQ less than 12 xxxxx), the bidder may opt for the following additional method of payment in place of keeping ‘Financial Coverage’ mentioned above, in consultation with coal companies: ▪ Payment of 110% of coal value in cash / banker’s cheque/ demand draft coal value in advance along with submission of Rail program to coal company
Appears in 1 contract
Samples: Fuel Supply Agreement
