Performance security. 9.1. The Contractor shall, within twenty-eight (28) days of the intimation of award Contract, provide Contract Performance Guarantee (CPG) for the due performance of the Contract in the amount equivalent to Five percent (5%) of the Contract Price.
9.2. CPG shall be in the form of Insurance Surety Bonds from an Insurer as per guidelines issued by Insurance Regulatory and Development authority of India (IRDAI), account payee Demand Draft, Fixed Deposit Receipt or Banker's Cheque or Bank Guarantee from any of the Commercial Banks.
9.3. In case the CPG is submitted in form of a Bank Guarantee/ Insurance Surety Bond, the validity of the Bank Guarantee/ Insurance Surety Bond shall be 26 months.
9.4. The bank details for submission of Contract Performance Guarantee (CPG) are as follows: Name of Bank : State Bank of India Branch Address : Main Branch, IFSC Code : SBIN0000125 Account No. : 00000035993161978
9.5. If the Contractor delays submission of the performance security vis-à-vis the period specified in GCC Sub-Clause 9.1, then without prejudice to any other rights or remedies available with the Employer, following shall also be applicable:
a) An amount @preailing SBI Card Rate applicable for Inland Bank Guarantee +2% per annum of the performance security amount for the period of delay shall be paid by the Contractor to the Employer. The Employer may, without prejudice to any other method of recovery, deduct the amount worked out as above from any monies due or to become due to the Contractor under the Contract.
b) The period of delay for the above purpose shall be the time elapsed between the due date for submission of performance security as per the Contract and the date of performance security.
c) In case the Contractor fails to submit the performance security within 90 days of the intimation of award, the Employer, without prejudice to any other rights or remedies it may possess under the Contract, may forfeit the bid security and/or may terminate the Contract forthwith pursuant to GCC Clause 33
9.6. If during execution of the Contract, the Contractor wishes to change the mode of Performance Security, the same shall be allowed only once during the currency of the Contract. The Performance Security submitted earlier shall be returned back after acceptance of the new Performance Security submitted in different mode.
9.6.1.1. The Employer shall be sole judge in above regard.
Performance security. 11.9.1. The successful bidder(s) shall provide Performance Security in the form of an unconditional Bank Guarantee (BG) from a scheduled commercial Bank for an amount equivalent to 10% of contract value and valid for period of contract + THREE months (invocation period) from the date of acceptance of the services.
11.9.2. The performance guarantee to be submitted within ONE month after acceptance of goods/services and before release of full and final payment of the Contract for indemnifying Bank against any default / failure in execution of contract, as per the format provided by Bank.
11.9.3. Since the validity of the BG is linked to the warranty/ acceptance of the hardware / services, the bidder shall submit the BG only after getting the confirmation from the Bank about the acceptance & warranty period.
11.9.4. The contract value for performance security would be total cost of Table-1 and Table-2 of Commercial bid.
Performance security. 3.4.1 Within 10 days of the Contractor’s receipt of Letter of Intent (LOI)/P.O./WO., the Contractorshall furnish a Performance Security for the amount specified in special condition of the tender in the form of a Bank Guarantee issued by a schedule Bank. 3.4.2The proceeds of the Performance Security shall be payable to the Institute as compensation for any loss resulting from the Contractor’s failure to complete its obligations under the contract.
Performance security. 8.9.1. The successful bidder(s) shall provide Performance Security in the form of an unconditional Bank Guarantee (BG) from a scheduled commercial Bank for an amount equivalent to 10% of contract value and valid for period of contract + SIX months (invocation period) from the date of acceptance of the services.
8.9.2. For the purpose of BG, the contract value is sum of cost of bandwidth charges (Table-1), Router rental charges (Table-2) and DDoS charges (Table-3).
8.9.3. The performance guarantee to be submitted within ONE month after acceptance of services and before release of first quarter payment.
8.9.4. Since the validity of the BG is linked to the acceptance of the services, the bidder shall submit the BG only after getting the confirmation from the Bank about the acceptance.