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. 3.4.3 The successful tenderer will have to deposit a Bank Guarantee of 10 % of the total order value in favour of “ Indian Institute of Management Raipur” payable at Raipur drawn on any Nationalized Bank / Scheduled bank and valid for 60 days beyond the expiry period of contract. 3.5
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. 8.10.
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. 11.10.