Performance Bank Guarantee (PBG) as security deposit. On award of the work, the successful tenderer shall furnish an amount equal to 10% (Ten percent) of the contract value in the form of a Bank Guarantee (BG) from any scheduled Bank in the form prescribed by the Bank as per Annexure towards security deposit for the due fulfilment of the Contract. This Performance Guarantee towards security deposit shall be valid for the entire contract period Plus 3 months. During renewal of contract fresh PBG for an amount equal to 10% of renewal contract amount shall be submitted 15 days prior to AMC renewal contract. The Bank reserves the right to enforce the Bank Guarantee in case of unsatisfactory performance of the terms, conditions set out in the tender at any time during the Contract. I/We hereby declare that I/We have read and understood the above instructions/scope of work for the guidance of the quotation/tender. I/we hereby agree to abide and fulfill the above terms & conditions/instructions. Place: Date: Signature of the Tenderer with Seal.
