Common use of A SECURITY DEPOSIT Clause in Contracts

A SECURITY DEPOSIT. The successful tenderer whose tender is accepted will have to pay Rs.108800/- towards the Security Deposit Rs. 54400/- is to be deposited in cash or bank guarantee of scheduled bank, F.D.R. of the scheduled bank / National Saving Certificate duly pledged in the name of the Executive Engineer Minor Irrigation Division Zilla Parishad,Akola, towards the initial Security Deposit, valid within the time limit prescribed in clause 1 of B-1 Form, agreement till completion of defect liabilities period failing which his ▇▇▇▇▇▇▇ money will be forfeited to Government. In addition to the above, an amount of Rs. 54400/- will be deducted from the running bills at 2 % of value of the ▇▇▇▇▇ ▇▇▇▇ towards balance security deposit. This is a compulsory deduction.

A SECURITY DEPOSIT. (i) The successful tenderer whose tender is accepted will have to pay Rs.108800/- Rs. 2,84000/- towards the Security Deposit Deposit (ii) Rs. 54400/- 1,42000/- is to be deposited in cash or bank guarantee of scheduled bank, F.D.R. of the scheduled bank / National Saving Certificate duly pledged in the name of the Executive Engineer Minor Irrigation Division Zilla Parishad,AkolaWorld Bank Project Division, Nagpur towards the initial Security Deposit, valid within the time limit prescribed in clause 1 of B-1 Form, agreement till completion of defect liabilities period failing which his ▇▇▇▇▇▇▇ money will be forfeited to Government. . (iii) In addition to the above, an amount of Rs. 54400/- 1,42000/- will be deducted from the running bills at 2 4 % of value of the ▇▇▇▇▇ ▇▇▇▇ towards balance security deposit. This is a compulsory deduction. .