Earnest Money (Security Deposit). 5.1 While submitting commercial bid, the BIDDER shall deposit an amount Rs.1,50,000/- as Earnest Money/Security Deposit, with the BUYER through any of the following instrument. (i) Bank Draft or a Pay Order in favour of Small Industries Bank of India, Payable at Chennai. (ii) A confirmed guarantee by an Indian Nationalized Bank, promising payment of the guaranteed sum to the BUYER immediately on demand without any demur whatsoever and without seeking any reasons whatsoever. The demand for payment by the BUYER shall be treated as conclusive proof of payment. 5.2 Earnest Money/Security Deposit shall be valid till the date of bid validity as mentioned in the RfP. 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 provision 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 Earnest Money/Security Deposit for the period of its currency. 6
Earnest Money (Security Deposit). While submitting commercial bid, the BIDDER shall deposit an amount ________ (to be specified in RFP) as Earnest Money/Performance Guarantee/Security Deposit, with the BUYER through any of the following instrument. Bank Draft on a Pay Order in favour of ------ A confirmed guarantee by an Indian Nationalised Bank, promising payment of the guaranteed sum to the BUYER immediately on demand without any demur whatsoever and without seeking any reasons whatsoever. The demand for payment by the BUYER shall be treated as conclusive proof of payment. Any other mode or through any other instrument (to be specified in the RFP) The Earnest Money/Security Deposit shall be valid for a period of five years OR the complete conclusion of the contractual obligation to the complete satisfaction of both the buyer and bidder, including the warranty period, whichever is later. 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 provision 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. No interest shall be payable by the BUYER to the BIDDER on Earnest Money/Security Deposit for the period of its currency.
Earnest Money (Security Deposit). 5.1 While submitting commercial bid, the BIDDER shall deposit an amount towards Earnest Money Deposit in the form, manner and validity as prescribed in the tender document. 5.2 No interest shall be payable by the BUYER to the BIDDER on Earnest Money/Security Deposit for the period of its currency. 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 provision 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. 6