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. 7,87,000/- as Xxxxxxx Monery/ Security Deposit, with the BUYER through any of the following instruments. i. Bank Draft or a Pay Order in favour of NAABRD ii. A confirmed guarantee by an Indian Nationalised Bank, promising payment of the guaranteed sum to the BUYER on demand within three working days without any demur whatsoever and without 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 (as specified in the RFP) 5.2 The Xxxxxxx Money/ Security Deposit shall be valid upto a period of One years or the complete conclusion of the contractual obligations to the complete satisfaction of both the BIDDER and the BUYER, including warranty period, whichever is later. 5.3 In case of the successful BIDDER a clause would also be incorporated in the Article pertaining to Performance Bond in the Purchase Contract that the provisions of Sanctions for Violation shall be applicable for forfeiture of Performance Bond in case of a decision by the BUYER to forfeit the same without assigning any reason for imposing sanction for violation of this Pact. 5.4 No interest shall be payable by the BUYER to the BIDDER on Xxxxxxx Money/ Security Deposit for the period of its currency.

Xxxxxxx Money (Security Deposit). 5.1 4.1 While submitting commercial bid, the BIDDER shall deposit an amount Rs. 7,87,000/- of Rs.5/- lakhs (Rupees five lakhs only) as Xxxxxxx Monery/ Money/Security Deposit, with the BUYER through any of the following instruments.: i. (i) Bank Draft or a Pay Order in favour of NAABRDBank of Baroda (ii. A confirmed guarantee by an Indian Nationalised Bank, promising payment of the guaranteed sum to the BUYER on demand within three working days without any demur whatsoever and without 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 (as to be specified in the RFP). 5.2 4.2 The Xxxxxxx Money/ Money/Security Deposit shall be valid upto a period of One years or the complete conclusion of the contractual obligations to the complete satisfaction of both the BIDDER and the BUYER, including warranty period, whichever is later. 5.3 4.3 In case of the successful BIDDER a clause would also be incorporated in the Article pertaining to Performance Bond in the Purchase Contract that the provisions of Sanctions for Violation shall be applicable for forfeiture of Performance Bond in case of a decision by the BUYER to forfeit the same without assigning any reason for imposing sanction for violation of this Pact. 5.4 4.4 No interest shall be payable by the BUYER to the BIDDER on Xxxxxxx Money/ Money/Security Deposit for the period of its currency.

Xxxxxxx Money (Security Deposit). 5.1 While 6.1. Every BIDDER /SELLER/CONTRACTOR/SERVICE PROVIDER while submitting commercial bid, the BIDDER shall deposit an amount Rs. 7,87,000/- as specified in RFP/Tender Documents as Xxxxxxx Monery/ Security Money/Security, Deposit, with the BUYER through any of the following instrumentsinstruments as detailed in the tender documents. i. Bank Draft or a Pay Order in favour of NAABRD ii. A confirmed guarantee by an Indian Nationalised Bank, promising payment of the guaranteed sum to the BUYER on demand within three working days without any demur whatsoever and without any reasons whatsoever6.2. The demand for payment by the BUYER shall be treated as conclusive proof of payment. iii. Any other mode or through any other instrument (as specified in the RFP) 5.2 The Xxxxxxx Money/ Money/Security Deposit shall be valid upto for a period of One years or till the complete conclusion of the contractual obligations to the complete satisfaction of both the BIDDER and the BUYERor for such period as mentioned in RFP/Contract, including warranty period, whichever is laterlater to the complete satisfaction of BUYER. 5.3 6.3. In the case of the successful BIDDER /SELLER/CONTRACTOR/SERVICE PROVIDER, a clause would also be incorporated in the Article pertaining to Performance Bond in the Purchase Contract that the provisions of Sanctions for Violation violation shall be applicable for forfeiture of Performance Bond in case of a decision by the BUYER to forfeit the same without assigning any reason for imposing sanction for violation of this Pact. 5.4 6.4. No interest shall be payable by the BUYER to the BIDDER on Xxxxxxx Money/ Security Deposit for the period of its currency.BIDDER

Xxxxxxx Money (Security Deposit). 5.1 While 6.1. Every BIDDER/SELLER/CONTRACTOR/SERVICE PROVIDER while submitting commercial bid, the BIDDER shall deposit an amount Rs. 7,87,000/- as specified in RFP/Tender Documents as Xxxxxxx Monery/ Security Money/Security, Deposit, with the BUYER through any of the following instrumentsinstruments as detailed in the tender documents. i. Bank Draft or a Pay Order in favour of NAABRD ii. A confirmed guarantee by an Indian Nationalised Bank, promising payment of the guaranteed sum to the BUYER on demand within three working days without any demur whatsoever and without any reasons whatsoever6.2. The demand for payment by the BUYER shall be treated as conclusive proof of payment. iii. Any other mode or through any other instrument (as specified in the RFP) 5.2 The Xxxxxxx Money/ Money/Security Deposit shall be valid upto for a period of One years or till the complete conclusion of the contractual obligations to the complete satisfaction of both the BIDDER and the BUYERor for such period as mentioned in RFP/Contract, including warranty period, whichever is laterlater to the complete satisfaction of BUYER. 5.3 6.3. In the case of the successful BIDDER BIDDER/SELLER/CONTRACTOR/SERVICE PROVIDER, a clause would also be incorporated in the Article pertaining to Performance Bond in the Purchase Contract that the provisions of Sanctions for Violation violation shall be applicable for forfeiture of Performance Bond in case of a decision by the BUYER to forfeit the same without assigning any reason for imposing sanction for violation of this Pact. 5.4 6.4. No interest shall be payable by the BUYER to the BIDDER BIDDER/SELLER/CONTRACTOR/SERVICE PROVIDER on Xxxxxxx Money/ Money/Security Deposit for the period of its currency.