Examples of Advance Bank Guarantee in a sentence
Advance Bank Guarantee should be valid up to 60 days beyond the date of work completion.
AN INTEREST RATE OF 11.5% OR SUCH OTHER RATE AS MAY BE DECIDED BY RCF FROM TIME TO TIME WILL BE USED AT THE TIME OF EVALUATION BID.Advance payment, if required can be considered at the sole discretion of RCF to a maximum of 10 % of purchase order value only on submission of Advance Bank Guarantee for 110%of the advance amount & Security Deposit Bank Guarantee as stated in point 5 above.
And as we have been informed, that TKC has already been paid 1st Mobilization Advance (5% of agreement value as amount mention above ) on account of signing the multipartite agreements & submission of Advance Bank Guarantee of any nationalized bank equivalent to 110%.
The Advance Bank Guarantee (ABG) shall be from a Nationalised Bank or a scheduled Commercial Bank in the format as described in Request for proposal Volume- I The Advance Bank Guarantee (ABG) shall be for an amount equivalent to the mobilization advance paid.
The Bidder will be required to furnish an Advance Bank Guarantee by way of Bank Guarantee through a public sector bank or a private sector bank authorized to conduct government business (ICICI Bank Ltd., Axis Bank Ltd or HDFC Bank Ltd.) for a sum equal to 100% of the advance payment prior to collection of the confirmed order.
In case installation and erection gets delayed due to reasons not attributable to the vendor, this payment shall be released after 6 months of receipt at site, against submission of Advance Bank Guarantee of equivalent amount valid initially for 6 months and extendable thereafter (if required).
In case commissioning gets delayed due to reasons not attributable to the vendor, this payment shall be released after 9 months of receipt at site, against submission of Advance Bank Guarantee of equivalent amount valid initially for 6 months and extendable thereafter (if required).
ARTICLE 6 - ADVANCE BANK GUARANTEE The Bidder will be required to furnish an Advance Bank Guarantee by way of Bank Guarantee through a public sector bank or a private sector bank authorized to conduct government business (ICICI Bank Ltd., Axis Bank Ltd or HDFC Bank Ltd.) for a sum equal to 100% of the advance payment prior to collection of the confirmed order.
In case installation and erection gets delayed due to reasons not attributable to the vendor, this payment shall be released after 6 months of completion of delivery at site, against submission of Advance Bank Guarantee of equivalent amount valid initially for 6 months and extendable thereafter (if required).
Up to 20% advance payment of total value excluding taxes may be made to the firm against Advance Bank Guarantee (ABG) of equal amount.