Terms and Conditions for payment a. Payment would be settled on the completion (sign off) of each milestone as per the schedule given below Sr No Particulars % age of the Contract Value 1 Completion of Phase I for each assignment i.e, ‘Preparation and implementation of Risk Assessment & Monitoring Framework for Bank’s NBFC portfolio’. 30% 2 Completion of Phase II for each assignment i.e, ‘Preparation and implementation of Risk Assessment & Monitoring Framework for Bank’s NBFC 30% portfolio’. 3 Completion of Phase III for each assignment i.e, ‘Preparation and implementation of Risk Assessment & Monitoring Framework for Bank’s NBFC portfolio’. 40% b. Payments will be made by the SIDBI within thirty days of its approval of the quality of the deliverable as specified in Clause 6.3 above, from the consulting agency against each milestone scheduled mentioned at Clause no 8.5.3 (a) and receipt of the corresponding invoice from the Consulting Agency specifying the amount due. c. First payment to the consulting agency will be payable only after submission of Performance Bank Guarantee for an amount equivalent to 8% of the contract value. d. Subsequent payments will be released on submission of deliverables and acceptance of the same by SIDBI. e. All the payments will be made by SIDBI, Mumbai electronically through RTGS/NEFT. Bidder is required to submit Bank Mandate form along with cancelled cheque in original with technical bid. f. The Bidder must accept the payment terms proposed by the Bank. The financial bid submitted by the Bidder must be in conformity with the payment terms proposed by the Bank. Any deviation from the proposed payment terms would not be accepted. The Bank shall have the right to withhold any payment due to the Bidder, in case of delays or defaults on the part of the Bidder. Such withholding of payment shall not amount to a default on the part of the Bank. g. TDS, if any, will be deducted while releasing the payment h. All payments will be made to the Bidder in Indian Rupee only i. No advance payment will be made in any case. j. Performance Bank Guarantee a. The Agency shall provide an unconditional and irrevocable Performance Bank Guarantee (“PBG”) in the form and manner provided by the SIDBI equivalent to 8% of the Contract Price from a scheduled commercial bank having its office in Mumbai. The performance guarantee will be valid till Completion Date with claim period of (1 year). b. The PBG is to be submitted after the issue of the Offer Letter and before release of first ...
