Performance Bank Guarantee (PBG). 19.21.1 The successful Bidder shall provide an unconditional and irrevocable performance bank guarantee from Scheduled Commercial Bank in the form and manner provided by the Bank equivalent to 2% of contract value. The performance guarantee will be valid till at least six months beyond the expiry of the contract period. PBG is to be submitted within ONE month from the date of award of contract as per the format provided by Bank. 19.21.2 In 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. The guarantee should be from a scheduled commercial bank only. 19.21.3 In case of expiry of PBG prior to project completion, the bidder will be required to renew the PBG for further period as per plan. If PBG is not submitted within the time stipulated by SIDBI, the Bank reserves the right to cancel the order and forfeit the EMD / Bid Security. 19.21.4 PBG would be returned to the successful Bidder after the expiry or termination of the contract plus 90 days on satisfaction of the Bank that there are no dues recoverable from the successful Bidder. 19.21.5 Notwithstanding anything to the contrary contained in the contract, SIDBI shall be at liberty to invoke the Performance Bank Guarantee in addition to other remedies available to it under the contract / order or otherwise if the Successful Bidder fails to fulfill any of the terms of contract / order or commits breach of any terms and conditions of the contract. 19.21.6 On faithful execution and completion of contract in all respects to the satisfaction of the Bank, the Performance Guarantee of the Bidder shall be released by SIDBI. 19.21.7 If aggregated shortfall in achieving Service Level requirement mentioned in the scope of work, SIDBI will, inter alia, be at liberty to invoke the performance guarantee in addition to other remedies available to it under the contract or otherwise. 19.21.8 Time shall be the essence of the contract / order, therefore, no extension of time is anticipated, but if untoward or extraordinary circumstances should arise beyond the control of the Bidder, which in the opinion of SIDBI should entitle the Bidder to a reasonable extension of time, such extension may be considered by SIDBI at its sole and absolute discretion, however such extension shall not operate to relieve the Bidder of any of its obligations. SIDBI shall not be liable for any extra...
