The Bank of Punjab and pledged in the name of the Executive Engineer concerned, and on the maturity the amount of security is retrieved back in the Public Account and refunded to the contractor in prescribed manner. Clause 50: Refund of security deposit.
The Bank of Punjab and pledge in the name of the Estate Engineer concerned and on the maturity the amount of security is retrieved back in the public account and refunded to the contractor in prescribed manner. Refund of security deposit
The Bank of Punjab and pledge in the name of the Executive Engineer concerned and on the maturity the amount of security is retrieved back in the public account and refunded to the contractor in prescribedmanner. Clause 50:(a) The amount retained as security deposit shall not be refunded to the contractor before the expiry of six (6) months in the case of original works valuing upto Rs. 5 million and twelve (12) months or even more, as may be determined by the Engineer Incharge with the prior approval of the Chief Engineer, in the case of works valuing above Rs. 5 million, after the issue of the certificate of completion of the work under Clause 40 hereof by the Engineer Incharge provided that in case the contractor is required by the Engineer Incharge to rectify any imprefection, damage, Deduction of security deposit. Conversion of security desires into credit bearing securities Refund of security deposit. Contractor Executive Engineer Payment only intermediate certificate to be regarded as advances. Final bill to be submitted within one month Procedure for payment to firms Sums payable by way of compensation to be considered as reasonable compensation without reference to actual loss. Defects or other faults on work, etc, during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under Clauses 43 and 44 hereof to the satisfaction of the Engineer Incharge.
