Common use of Xxxxxxx Money (Security Deposit) Clause in Contracts

Xxxxxxx Money (Security Deposit). 5.1 While submitting commercial bid, the BIDDER shall deposit an amount Rs.……………………. (to be specified in RFP/Tender ) as Xxxxxxx Money as applicable/Security Deposit, with the BUYER through any of the following instruments: (i) Bank Draft of Pay Order in favour of LIC. (ii) A confirmed guarantee by an Indian Nationalized Bank, promising payment of the guaranteed sum to the BUYER on demand within three working days without any demur whatsoever and without seeking any reasons whatsoever. The demand for payment by the BUYER shall be treated as conclusive proof of payment. (iii) Any other mode or through any other instrument (to be specified in the RFP/Tender ).

Xxxxxxx Money (Security Deposit). 5.1 While submitting commercial bid, the BIDDER shall deposit an amount Rs.……………………. NIL (to be specified in RFP/Tender ) as Xxxxxxx Money as applicable/Security Deposit, with the BUYER PRINCIPAL through any of the following instruments: (i) Bank Draft of Pay Order in favour favor of LICCSL. (ii) A confirmed guarantee by an Indian Nationalized Bank, promising payment of the guaranteed sum to the BUYER PRINCIPAL on demand within three working days without any demur whatsoever and without seeking any reasons whatsoever. The demand for payment by the BUYER PRINCIPAL shall be treated as conclusive proof of payment. (iii) Any other mode or through any other instrument (to be specified in the RFP/Tender ).