Forfeiture of performance security. The Bank shall be at liberty to set off/adjust the proceeds of the performance guarantee towards the loss, if any, sustained due to the supplier’s failure to complete its obligations under the contract. This is without prejudice to the Bank’s right to proceed against the Supplier in the event of the security being not enough to fully cover the loss/damage.
Forfeiture of performance security. 19.22.1The Bank shall be at liberty to set off/adjust the proceeds of the performance guarantee towards the loss, if any, sustained due to the bidder’s failure to complete its obligations under the contract. This is without prejudice to the Bank’s right to proceed against the Bidder in the event of the security being not enough to fully cover the loss/damage. 19.22.2In the event of non-performance of obligation or failure to meet terms of this RfP/Contract, the Bank shall be entitled to invoke the performance guarantee without notice or right of demur to the Bidder.