Performance Bank Guarantee/ Security Deposit definition

Performance Bank Guarantee/ Security Deposit means interest free amount to be deposited by the Contractor with NMRC as per terms and conditions of Contract Agreement as a security against the performance of the Contract agreement
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Examples of Performance Bank Guarantee/ Security Deposit in a sentence

  • Contradictory action to this condition shall render the contact liable for termination and the Performance Bank Guarantee (Security Deposit) shall be forfeited.

  • If the Undertaking/ Declaration/ Certificate submitted by the bidder is found to be false, his/her/its tender/ work order will be immediately terminated, and legal action in accordance with law including forfeiting of Earnest Money Deposit/ Performance Bank Guarantee/ Security Deposit may be initiated and the Bank may also debar the bidder from participating in the tenders invited by the Bank in future.

  • The Performance Bank Guarantee (Security Deposit) will be returned to the Vendor/Contractor without any interest at the end of the ‘Retention Period ‘after completion of Contract and on fulfilling contractual obligations throughout the retention period.

  • The Bank shall have the right to forfeit the Performance Bank Guarantee/ Security Deposit.

  • We know and understood that, if this Declaration / Undertaking / Certificate submitted by us is found to be false, the Bank shall free to reject/ terminate our tender/ Work Order and that the Bank shall also be free to initiate any legal action in accordance with law including forfeiting of Earnest Money Deposit/ Performance Bank Guarantee/ Security Deposit and / or debarring us from participating in tenders invited by the Bank in future.

  • The Performance Bank Guarantee (Security Deposit) will be returned to the Vendor/Contractor without any interest at the end of the ‘Retention Period' after completion of contract and on fulfilling contractual obligations throughout the retention period.

  • Performance Bank Guarantee/ Security Deposit vide No. dated: _ _ _ _ Rs.__ _ _ _ _ __Valid till_ _ _ _ _ __ 6.

  • Submission of Performance Bank Guarantee/ Security Deposit in and subject to penalty as mentioned in relevant clauses.2. Supply of the materials as per specification as provided in the tender document3.

  • No claim shall be made against the Bank (Regional Director, Reserve Bank of India, Bhopal) in respect of interest if any due on the Performance Bank Guarantee/ Security Deposit.

  • Without performance guarantee by Contractor, Contract agreement shall not be signed.h. NMRC reserves the right for deduction of NMRC dues from Contractor’s Performance Bank Guarantee/ Security Deposit (interest free) for – Any penalty imposed by NMRC for violation of any terms and conditions of agreement committed by the Contractor.

Related to Performance Bank Guarantee/ Security Deposit

  • Performance Bank Guarantee means the irrevocable unconditional bank guarantee to be submitted by the successful bidder as per the RfS.

  • Interest Free Security Deposit/ Performance Security means interest free amount to be deposited by the Licensee with DMRC as per terms and conditions of License Agreement as a security against the performance of the License Agreement.

  • Performance Bond means the financial security for performance a USF Service Provider must furnish in accordance with section 54 of this RFA;

  • Security Deposit means the deposit to be held by the owner as security for the due performance of the contractual obligations.

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

  • Bank Guarantee means an irrevocable and unconditional undertaking by a trading bank approved by the Council to pay the Development Contribution amount on demand without an expiry or end date and containing terms and conditions acceptable to Council and in accordance with clause 9 of this Agreement;

  • Facility Letter of Credit Fee is defined in Section 2A.8.

  • Security Deposits means all Tenant security deposits in the form of cash and letters of credit, if any, held by Seller, as landlord (together with any interest which has accrued thereon, but only to the extent such interest has accrued for the account of the Tenant).

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Performance Security means monetary guarantee to be furnished by the successful Tenderer for due performance of the contract placed on it. Performance Security is also known as Security Deposit or Performance Bank Guarantee.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Security Deposit Account has the meaning given in Section 5.1.

  • Auto-Reinstatement Letter of Credit has the meaning specified in Section 2.03(b)(iv).

  • Facility Letter means, in relation to any Facilities, such facility letters from Citibank to me or any agreement, document or instrument or arrangement from time to time made between Citibank and me relating to such Facilities, whether they are expressed to be subject to the Terms or otherwise.

  • Guaranteed Cash Management Agreement means any Cash Management Agreement that is entered into by and between any Loan Party and any Cash Management Bank.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Guarantee Fee shall have the meaning given to that term in Section 4.1.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Guaranteed Advance Payment Sum means: The maximum amount of R .........................................................................

  • guarantee contract means a contract entered into by a person as guarantor;

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.