Common use of The Bank of Punjab Clause in Contracts

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. Refund of security deposit. a) The amount retained as security deposits 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-in-charge 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-in-charge provide that in case the contractor is required by the Engineer-in-charge to rectify any imperfection, damage, defects or other faults in work, etc. during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under clause 43 and 44 hereof to the satisfaction of the Engineer-in-charge. b) Should the contractor so apply in writing to the Engineer-in-charge the amount of security deposit will be refunded to the contractor three (3) months after the issue of certificate of completion of work by the Engineer-in-charge under clause 40 subject to the production of bank c) guarantee from a scheduled band in Pakistan to the satisfaction of and in the form suitable to the Engineer-in-charge, for the same amount covering the balance of period of maintenance, to the effect that the contractor shall fulfill his obligations under clause 43 and 44 of the contract. d) Subject to the conditions stipulated in sub-clause (a) of this clause, in the case of contracts for maintenance and repair works, the security deposits would be refunded to the contractor after the expiry if three (3) months of the issue of certificate of completion of work by the Engineer-in-charge . The contractor shall on submitting the bill be entitled to receive a monthly payment proportionate to the part thereof then approved and passed by the Engineer-in- charge, subject to the condition laid down in item(s) of the memorandum, whose certificate of such approval and passing of the sum so payable, shall be final and conclusive against the contractor. But all such intermediate payments shall be regarded as payment by way of advance against the final payment only, and not as payment for work actually done and completed and shall not preclude the requiring of bad, unsound, imperfect or unskillful work to be removed and taken away and reconstructed, or re-erected or be considered as an admission of the due performance of the contract, or any part thereof in any respect, or the accruing of any claim: nor shall it conclude, determine, or affect in any way the power of Engineer-in-charge, under these conditions or any of them as to the final settlement and adjustment of the accounts or otherwise, or in any other way vary or affect the contract. The final bill shall be submitted by the contractor within one month of the date fixed for completion of the works, otherwise the Engineer-in-charge’s certificate of the measurement and of the total amounts payable for the works accordingly, shall be final and binding on all parties. Procedure for payment to firms. The department may refuse or suspend payment on account of a work when executed by a firm, or by a contract described in their tender as a firm, unless receipts are signed by all the parties, or one of the partners or some other person producing power of attorney enabling him to give actual receipts on behalf of the firm. All sums payable by way of compensation under any of these conditions, shall be considered as reasonable compensation to be applied to the use of Government, without reference to the actual loss or damage sustained, and whether or not any damage shall have been sustained.

The Bank of Punjab. and pledged in the name of the Executive Chief 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. a) The amount retained as security deposits 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-in-charge 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-in-charge provide that in case the contractor is required by the Engineer-in-charge to rectify any imperfection, damage, defects or other faults in work, etc. during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under clause 43 and 44 hereof to the satisfaction of the Engineer-in-charge. b) Should the contractor so apply in writing to the Engineer-in-charge the amount of security deposit will be refunded to the contractor three (3) months after the issue of certificate of completion of work by the Engineer-in-charge under clause 40 subject to the production of bank c) guarantee Guarantee from a scheduled band in Pakistan to the satisfaction of and in the form suitable to the Engineer-in-charge, for the same amount covering the balance of period of maintenance, to the effect that the contractor shall fulfill his obligations under clause 43 and 44 of the contract. d) Subject to the conditions stipulated in sub-clause (a) of this clause, in the case of contracts for maintenance and repair works, the security deposits would be refunded to the contractor after the expiry if three (3) months of the issue of certificate of completion of work by the Engineer-in-charge . The contractor shall on submitting the bill be entitled to receive a monthly payment proportionate to the part thereof then approved and passed by the Engineer-in- charge, subject to the condition laid down in item(s) of the memorandum, whose certificate of such approval and passing of the sum so payable, shall be final and conclusive against the contractor. But all such intermediate payments shall be regarded as payment by way of advance against the final payment only, and not as payment for work actually done and completed and shall not preclude the requiring of bad, unsound, imperfect or unskillful work to be removed and taken away and reconstructed, or re-erected or be considered as an admission of the due performance of the contract, or any part thereof in any respect, or the accruing of any claim: nor shall it conclude, determine, or affect in any way the power of Engineer-in-charge, under these conditions or any of them as to the final settlement and adjustment of the accounts or otherwise, or in any other way vary or affect the contract. The final bill shall be submitted by the contractor within one month of the date fixed for completion of the works, otherwise the Engineer-in-charge’s certificate of the measurement and of the total amounts payable for the works accordingly, shall be final and binding on all parties. Procedure for payment to firms. The department may refuse or suspend payment on account of a work when executed by a firm, or by a contract described in their tender as a firm, unless receipts are signed by all the parties, or one of the partners or some other person producing power of attorney enabling him to give actual receipts on behalf of the firm. All sums payable by way of compensation under any of these conditions, shall be considered as reasonable compensation to be applied to the use of GovernmentUOP, without reference to the actual loss or damage sustained, and whether or not any damage shall have been sustained.

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. Refund of security deposit. a) The amount retained as security deposits 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-in-charge 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-in-charge provide that in case the contractor is required by the Engineer-in-charge to rectify any imperfection, damage, defects or other faults in work, etc. during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under clause 43 and 44 hereof to the satisfaction of the Engineer-in-charge. b) Should the contractor so apply in writing to the Engineer-in-charge the amount of security deposit will be refunded to the contractor three (3) months after the issue of certificate of completion of work by the Engineer-in-charge under clause 40 subject to the production of bank c) guarantee from a scheduled band in Pakistan to the satisfaction of and in the form suitable to the Engineer-in-charge, for the same amount covering the balance of period of maintenance, to the effect that the contractor shall fulfill his obligations under clause 43 and 44 of the contract. d) Subject to the conditions stipulated in sub-clause (a) of this clause, in the case of contracts for maintenance and repair works, the security deposits would be refunded to the contractor after the expiry if three (3) months of the issue of certificate of completion of work by the Engineer-in-charge . The contractor shall on submitting the bill xxxx be entitled to receive a monthly payment proportionate to the part thereof then approved and passed by the Engineer-in- charge, subject to the condition laid down in item(s) of the memorandum, whose certificate of such approval and passing of the sum so payable, shall be final and conclusive against the contractor. But all such intermediate payments shall be regarded as payment by way of advance against the final payment only, and not as payment for work actually done and completed and shall not preclude the requiring of bad, unsound, imperfect or unskillful work to be removed and taken away and reconstructed, or re-erected or be considered as an admission of the due performance of the contract, or any part thereof in any respect, or the accruing of any claim: nor shall it conclude, determine, or affect in any way the power of Engineer-in-charge, under these conditions or any of them as to the final settlement and adjustment of the accounts or otherwise, or in any other way vary or affect the contract. The final bill xxxx shall be submitted by the contractor within one month of the date fixed for completion of the works, otherwise the Engineer-in-charge’s certificate of the measurement and of the total amounts payable for the works accordingly, shall be final and binding on all parties. Procedure for payment to firms. The department may refuse or suspend payment on account of a work when executed by a firm, or by a contract described in their tender as a firm, unless receipts are signed by all the parties, or one of the partners or some other person producing power of attorney enabling him to give actual receipts on behalf of the firm. All sums payable by way of compensation under any of these conditions, shall be considered as reasonable compensation to be applied to the use of Government, without reference to the actual loss or damage sustained, and whether or not any damage shall have been sustained.

The Bank of Punjab. and pledged pledge in the name of the Executive Estate Engineer concerned, concerned and on the maturity the amount of security is retrieved back in the Public Account public account and refunded to the contractor in prescribed manner. Refund of security deposit. (a) The amount retained as security deposits deposit shall not be refunded to the contractor before the expiry of six(6six (6) months in the deposit, case of original works valuing upto Rs.5 Rs. 5 million and twelve (12) months or even more, as may be determined by the Engineer-in-charge Engineer Incharge with the prior approval of the Chief Estate Engineer, in the case of works valuing above Rs.5 Rs. 5 million, after the issue of the certificate of completion of the work under clause Clause 40 hereof by the Engineer-in-charge provide Engineer Incharge provided that in case the contractor is required by the Engineer-in-charge Engineer Incharge to rectify any imperfection, damage, defects Defects or other Other faults in on work, etc. , during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under clause Clauses 43 and 44 hereof to the satisfaction of the Engineer-in-chargeEngineer Incharge. (b) Should the contractor so apply in writing to the Engineer-in-charge Engineer Incharge, the amount of security deposit will be refunded to the contractor three (3) months after the issue of certificate of completion of work by the Engineer-in-charge Engineer incharge under clause Clause 40 subject Subject to the production Production of bankBank. (c) guarantee Guarantee from a scheduled band in Pakistan to the satisfaction of and in the form from suitable to the Engineer-in-in- charge, for the same amount covering the balance of period of maintenance, to the effect that the contractor shall fulfill his obligations under clause 43 and 44 of the contract. (d) Subject to the conditions stipulated in subSub-clause Clause (a) of this clauseClause, in the 35 case of contracts for maintenance and repair works, the security deposits is would be refunded to the contractor after the expiry if of three (3) months of the issue of certificate of completion of work by the Engineer-in-charge Engineer Incharge. Clause 51: The contractor shall shall, on submitting the bill be entitled Entitled to receive a monthly payment proportionate to the part thereof then approved and passed by the Engineer-in- chargeEngineer Incharge, subject to the condition laid down in item(sitem (1) of the memorandumMemorandum, whose certificate of such approval and passing of the sum so payable, shall be final and conclusive against the contractor. But all such intermediate payments shall shaiJ be regarded as payment by way of advance against the final payment only, and not as payment for work actually done and completed and shall not preclude the requiring of bad, unsound, imperfect or unskillful work to be removed and taken away and reconstructed, or re-erected or be considered as an admission of the due performance of the contract, or any part thereof in any respect, or the accruing of any claim: claim nor shall it conclude, determine, or affect in any way of the power of Engineer-in-chargeEngineer Incharge, under these conditions or any of them as to the final settlement and adjustment of the accounts or otherwise, or in any other way vary or affect the contract. The final bill shall be submitted by variation in the contractor within one month cost of the date fixed for completion of the works, otherwise the Engineer-in-charge’s certificate of the measurement and of the total amounts payable for the works accordingly, shall be final and binding on all parties. Procedure for payment to firms. The department may refuse or suspend payment on account of a work when executed by a firm, or by a contract described in their tender as a firm, unless receipts are signed by all the parties, or one of the partners or some other person producing power of attorney enabling him to give actual receipts on behalf of the firm. All sums payable by way of compensation under any of these conditions, shall be considered as reasonable compensation to be applied to the use of Government, without reference to the actual loss or damage sustained, and whether or not any damage shall have been sustaineditem concerned.

The Bank of Punjab. and pledged in the name of the Executive Chief 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. a) The amount retained as security deposits 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-in-charge 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-in-charge provide that in case the contractor is required by the Engineer-in-charge to rectify any imperfection, damageda mage, defects or other faults in work, etc. during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under clause 43 and 44 hereof to the satisfaction of the Engineer-in-charge. b) Should the contractor so apply in writing to the Engineer-in-charge the amount of security deposit will be refunded to the contractor three (3) months after the issue of certificate of completion co mpletion of work by the Engineer-in-charge under clause 40 subject to the production of bank c) guarantee Guarantee from a scheduled band in Pakistan to the satisfaction of and in the form suitable to the Engineer-in-charge, for the same amount a mount covering the balance of period of maintenance, to the effect that the contractor shall fulfill his obligations under clause 43 and 44 of the contract. d) Subject to the conditions stipulated in sub-clause (a) of this clause, in the case of contracts for maintenance and repair works, the security deposits would be refunded to the contractor after the expiry if three (3) months of the issue of certificate of completion of work by the Engineer-in-charge . The contractor shall on submitting the bill be entitled to receive a monthly payment proportionate to the part thereof then approved and passed by the Engineer-in- charge, subject to the condition laid down in item(s) of the memorandumme morandum, whose certificate of such approval and passing of the sum so payable, shall be final and conclusive against the contractor. But all such intermediate payments shall be regarded as payment by way of advance against the final payment only, and not as payment pay ment for work actually done and completed and shall not preclude the requiring of bad, unsound, imperfect or unskillful work to be removed and taken away and reconstructed, or re-erected or be considered as an admission of the due performance of the contract, or any part thereof in any respect, or the accruing of any claim: nor shall it conclude, determine, or affect in any way the power of Engineer-in-charge, under these conditions or any of them the m as to the final settlement settle ment and adjustment of the accounts or otherwise, or in any other way vary or affect the contract. The final bill shall be submitted by the contractor within one month of the date fixed for completion of the works, otherwise the Engineer-in-charge’s certificate of the measurement and of the total amounts payable for the works accordingly, shall be final and binding on all parties. Procedure for payment to firms. The department may refuse or suspend payment on account of a work when executed by a firm, or by a contract described in their tender as a firm, unless receipts are signed by all the parties, or one of the partners or some other person producing power of attorney enabling him to give actual receipts on behalf of the firm. All sums payable by way of compensation co mpensation under any of these conditions, shall be considered as reasonable compensation to be applied to the use of GovernmentUOP, without reference to the actual loss or damage da mage sustained, and whether or not any damage da mage shall have been sustained.

The Bank of Punjab. and 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. Refund of security deposit. a) The amount retained as security deposits shall not be refunded to the contractor before the expiry of six(6) months in the case of original works valuing upto up to Rs.5 million and twelve (12) months or even more, as may be determined by the Engineer-in-charge 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-in-charge provide that in case the contractor is required by the Engineer-in-charge to rectify any imperfection, damage, defects or other faults in work, etc. during the period of maintenance, the security deposit shall not be refunded till the contractor has fulfilled his obligations under clause 43 and 44 hereof to the satisfaction of the Engineer-in-charge. b) Should the contractor so apply in writing to the Engineer-in-charge the amount of security deposit will be refunded to the contractor three (3) months after the issue of certificate of completion of work by the Engineer-in-charge under clause 40 subject to the production of bank c) guarantee from a scheduled band in Pakistan to the satisfaction of and in the form suitable to the Engineer-in-charge, for the same amount covering the balance of period of maintenance, to the effect that the contractor shall fulfill his obligations under clause 43 and 44 of the contract. d) Subject to the conditions stipulated in sub-clause (a) of this clause, in the case of contracts for maintenance and repair works, the security deposits would be refunded to the contractor after the expiry if three (3) months of the issue of certificate of completion of work by the Engineer-in-charge . The contractor shall on submitting the bill xxxx be entitled to receive a monthly payment proportionate to the part thereof then approved and passed by the Engineer-in- charge, subject to the condition laid down in item(s) of the memorandum, whose certificate of such approval and passing of the sum so payable, shall be final and conclusive against the contractor. But all such intermediate payments shall be regarded as payment by way of advance against the final payment only, and not as payment for work actually done and completed and shall not preclude the requiring of bad, unsound, imperfect or unskillful work to be removed and taken away and reconstructed, or re-erected or be considered as an admission of the due performance of the contract, or any part thereof in any respect, or the accruing of any claim: nor shall it conclude, determine, or affect in any way the power of Engineer-in-charge, under these conditions or any of them as to the final settlement and adjustment of the accounts or otherwise, or in any other way vary or affect the contract. The final bill xxxx shall be submitted by the contractor within one month of the date fixed for completion of the works, otherwise the Engineer-in-charge’s certificate of the measurement and of the total amounts payable for the works accordingly, shall be final and binding on all parties. Procedure for payment to firms. The department may refuse or suspend payment on account of a work when executed by a firm, or by a contract described in their tender as a firm, unless receipts are signed by all the parties, or one of the partners or some other person producing power of attorney enabling him to give actual receipts on behalf of the firm. All sums payable by way of compensation under any of these conditions, shall be considered as reasonable compensation to be applied to the use of Government, without reference to the actual loss or damage sustained, and whether or not any damage shall have been sustained.