Common use of Xxxxxxx Money and Security Deposits Clause in Contracts

Xxxxxxx Money and Security Deposits. The successful bidder will have to deposit 10% of the work order as Bank Guarantee with the Principal, FOOD CRAFT INSTITUTE, KHAJURAHO before signing of Annual Rate Contract for the period of 12 Months which may be extended to another 12 months with mutual consent which will exclude the amount of EMD. The Bank Guarantee would be retained for 2 years against EMD at the time of installation and successful operation. No interest will be paid on the EMD deposited. The EMD of disqualified tenderers will be returned after 45 days from the date of finalization of the tender. Bank Details for Online EMD & Tender Fees- Name of Account Holder: FOOD CRAFT INSTITUTE KHAJURAHO Account Number: 1186101018039 Type of Account: Saving Account Name of Bank: CANARA BANK Branch Address: NEAR BUS STAND, KHAJURAHO , DIST CHHATARPUR (M P) - 471606 State: MADHYA PRADESH Branch: KHAJURAHO Contact: 00000-000000 IFSC Code: CNRB0001186 (used for RTGS, IMPS and NEFT transactions) MICR Code: 470015999