Examples of Performance Security in a sentence
The validity of the Bank Guarantee, if submitted by the Contractor, in lieu of Performance Security / Security Deposit shall be extended in pursuant to Clause No. 4.3 taking into consideration the period of extension.
Or If the Tenderer having been notified of the acceptance of his Tender by the Employer during the period of tender validity fails or refuses to execute the Agreement Form in accordance with the instructions to bidders or fails or refuses to furnish the Performance Security, in accordance with the Instruction to Bidders.
Such Additional Performance Security (APS) shall be applicable if the bid price is below 15% of the updated/justified cost Finalized by the Owner as on the last date of Bid submission.
Performance Security (1stpart of security deposit) shall be refunded within 60 days of the completion of the work.
Failure to submit such Additional Performance Security shall result into cancellation of the contract with forfeiture of xxxxxxx money.