Common use of VALIDITY OF CONTRACT Clause in Contracts

VALIDITY OF CONTRACT. The contract, if awarded shall be valid for an initial period of 1 (one) year from the date of commencement of work subject to the renewal for two years of one block each after expiry of initial period of three years subject to satisfactory performance. In case of breach of contract or in the event of not fulfilling the minimum requirements/statuary requirement/satisfactory services etc., the SBI shall have the right to terminate the contract forth with at any time in addition to forfeiting the performance security amount deposited by the contractor and initiating necessary action as deemed fit including de-paneling your firm etc. solely at the discretion of the SBI.

VALIDITY OF CONTRACT. The contract, if awarded shall be valid for an initial period of 1 (oneOne) year from the date of commencement of work subject to the renewal for two years of one block each similar terms after expiry of initial period of three years one-year subject to satisfactory performance. In case of breach of contract or in the event of not fulfilling the minimum requirements/statuary requirement/satisfactory services etc., the SBI SBIIMS shall have the right to terminate the contract forth with at any time in addition to forfeiting the performance security amount deposited by the contractor and initiating necessary action as deemed fit including de-paneling your firm etc. solely at the discretion of the SBIIMS/SBI.