Performance Security definition

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.

Performance Security means monetary amount or financial guarantee to be furnished by the successful bidder for due performance of the contract placed on it. Performance Security is also known as Security Deposit.

Performance Security means the security (or securities, if any) under Sub-Clause 4.2 [Performance Security].

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.

More Definitions of Performance Security

Performance Security means monetary or financial guarantee to be furnished by the successful bidder for due performance of the contract placed on it.

Performance Security and “Additional Performance Security” shall have the meaning set forth in Clause 7.1;

Performance Security means the irrevocable and unconditional bank guarantee provided by the Consultant from a scheduled Indian bank as guarantee for the performance of its obligations in respect of the Contract;

Performance Security means the Bank Guarantee to be submitted by Successful Bidder in accordance with Clause 8.3 of this RFP Document

Performance Security shall have the meaning set forth in Clause 4.4;

Performance Security means the Demand Draft submitted to the Authority by the Developer for due performance of its obligations under this Agreement, in accordance with Clause 5.1.

Performance Security means the security to be provided by the Service Provider in pursuant with corresponding clause for the due performance of the contract.